China’s economic growth patterns in recent years have been nothing less than remarkable. Mainly as a result of economic reforms in the last 30 years or so, China has stepped up its game by a few notches higher than the big boys already in the game.

The United Kingdom took more than 40 years to improve its living standard by 50 percent, as a result of the industrial revolution. Living standards in China on the other hand is rising at 100-fold or 10,000 percent, at its current growth level.

Between 1978 and 2007, China’s real GDP grew annually at an average of 9.8 percent, increasing more than 13 times in real terms, while per capita GDP rose from 381 yuan to 15,973 yuan.

Budget revenue grew at an average annual rate of 13.45 percent, from 113.226 billion yuan to 5.13 trillion yuan, an increase of more than 700 percent after adjusting for inflation. Over the same period, United States’ federal revenue only doubled in real terms.

In addition to this, enrollment in primary schools, number of students who pursue higher education, life expectancy, health and poverty reduction indicators show, incredibly positive results in the recent few decades.

China’s remarkable success in hosting the 2008 Beijing Olympics was a symbol of its economic progress which amazed the millions of people who witnessed it. Not only the performances, but also the level of organization and hospitality were commendable by anyone’s standards.

In spite of the fact that China still has a long way to go, in order to get itself on the list of advanced economies like the United States, Japan and Australia etc, China has truly shown to the world that it is the new emerging giant, who will eventually climb to the top of the ladder!

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