The world's second-largest economy, China, is en route to achieving great things in the next decade and a half. Projections suggest that by 2032, the Chinese Republic will overtake the United States and become the largest economy in the world. This is a far cry from the China of the '70s before which it was a largely agrarian society. After the introduction of economic reforms in 1978 by Deng Xiaoping and the reopening of Shanghai Stock Market in 1990, China evolved into an industrial powerhouse and its economy started expanding at a brisk pace, averaging growth rates of nearly 10 per cent for almost three decades. Though the benefits of growth in GDP did trickle down to the public as wages and subsequently living standards received a considerable bump, it was largely the Communist Party-controlled state machinery and the People's Liberation Army (PLA) that enjoyed the fruits of China's meteoric growth.
Mar-22-2018, 11:13:05 GMT