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Print Edition> Business
UPDATED: November 11, 2008 NO. 46 NOV. 13, 2008
30 Years of Development
China has edged into the ranks of lower-middle income countries but still remains a developing nation
By LAN XINZHEN
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RISING UP: Created 18 years ago, Shanghai Pudong New Development Zone is increasingly becoming one of the drivers of the nation's financial development

The National Bureau of Statistics (NBS) started issuing a series of reports on October 27, presenting the achievements the country has made during its 30-year reform and opening-up process.

Li Xiaochao, the NBS spokesman, said the 16 reports contain detailed illustrations and cover all aspects of social life and economic activities. It was the first time that the government has made systematic conclusions about the nation's past achievements.

Strong GDP growth

From 1978 to 2007, China's GDP grew at an average speed of 9.8 percent, far higher than the 3 percent average annual world growth rate during the past three decades.

The economic gap between China and major developed countries is shrinking. China's GDP in 2007 stood at 3.28 trillion yuan ($481 billion), or about 23.7 percent of that of the United States, 74.9 percent of Japan's GDP and 99.5 percent of Germany's, the NBS said.

The per-capita income of Chinese citizens had risen to $2,360 in 2007. According to the World Bank's rankings, China has moved from the category of low-income countries to the category of lower-middle income countries.

China's rapid economic development and ever-expanding scale of business have boosted the nation's wealth. The NBS reports said the government's fiscal income had increased 45 times during the past 30 years.

Li said the buildup in the nation's wealth provided an efficient supply of capital for stimulating economic growth and improving weak links in society and people's lives, effectively reducing all kinds of risks and natural disasters.

Rising export volume

Foreign trade has been an important channel for China to participate in international economic cooperation and competition. The NBS reports indicated that the country has made significant achievements in terms of foreign trade during the last three decades. Its total import and export value soared to $2.17 trillion in 2007 from $20.6 billion in 1978, growing 104 times in three decades.

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