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This year marks the 40th anniversary of China’s reform and opening up. Over the past four decades， the country has managed remarkable average annual GDP growth of 9.6 percent， a feat unprecedented in the history of human economic development.
Based on the exchange rate 40 years ago， China’s GDP per capita was a mere $155 in 1978， while the figure for sub-Saharan Africa， widely considered the poorest region in the world， was in places as high as $499. In terms of global ranking， China’s GDP per capita was the third lowest among more than 200 countries prior to reform and opening up.
Yet now， China’s annual GDP growth has reached 7.2 percent， a goal set by Deng Xiaoping， the architect of China’s reform and opening up， back in the early days of the policy. Such rapid and sustained growth was beyond the wildest imagination of myself and many others.
China’s contribution
I feel lucky to have been witness to the economic miracle and transformation that China has undergone over the past 40 years. The country’s GDP per capita surged from $155 in 1978 to $8，836 in 2017， higher than the global average. In 2009， China surpassed Japan in terms of economic aggregate to become the world’s second largest economy. In 2010， China overtook Germany as the world’s biggest exporter， and three years later it replaced the United States to become the world’s largest trading nation. During this time， more than 700 million Chinese people rose out of poverty.
I was appointed senior vice president and chief economist of the World Bank in 2008， a position widely considered the pinnacle for economists worldwide. I became the ninth chief economist of the World Bank， and those who came before me were leaders in their field who not only contributed to economics， but many of whom also had rich political experience. Yet one of the most important factors which qualified me for the job was China’s economic development and its huge contribution to worldwide poverty alleviation.
China’s biggest contribution to the world is its fast and stable economic growth， especially in times of global economic uncertainty over the past 40 years. East Asia， generally considered the best performing region economically in the post-World War II（WWII） era， was hit by a sudden financial crisis in 1997. Many observers thought that the regional economy would take 10 to 20 years to recover， but it bounced back after 2000 and continued to grow afterward. The countermeasures that China took in the wake of the crisis played an important role. As a responsible country， China made sure that the renminbi would not be devalued， so as to prevent countries hit by the crisis from suffering the competitive devaluation of their currencies. In this way the economy of East Asia stabilized and China’s 8-percent economic growth throughout the rehabilitation period also helped stimulate the recovery of other national economies in the region.
Eleven years later， 2008 saw the first major financial crisis since the end of WWII and the most severe global economic incident since the Stock Market Crash of 1929. Many were convinced that the consequences would be felt for a long time after. Now， 10 years have passed and some developed countries are still trying to pull themselves together， while others saw a stabilized but still fragile economy as early as 2009 and 2010.
The key to recovery was China. In 2009， the country introduced proactive fiscal measures which led to economic resurgence from the first quarter of the year. China suffered recession only in the last quarter of 2008， and the positive trend of its economy triggered the recovery of other emerging markets. Now， China’s contribution to global economic growth exceeds 30 percent each year.
Policy works wonders
Average annual GDP growth of 9.6 percent for 40 years was hitherto unheard of. An increase in revenue is not equal to the accumulation of currency， but the strengthening of consumption. The prerequisite to this real form of growth is the improvement of labor productivity， which requires upgrading existing industrial technology and products. This is one way to guarantee an increase in revenue.
The emergence of new， higher valueadded industries and the reallocation of labor from low value-added industries to these new ones is also necessary for the sustainable increase of revenue. Simply put， scientific and technological advancement can stimulate economic development. Both developed and developing countries can follow such a mechanism to facilitate long-term growth.
However， there is a difference between developed and developing countries in this regard. Following industrialization， the income and technology of developed countries remained high， and innovation and invention were necessary to achieve technological and industrial upgrading， breakthroughs which are hard to guarantee. The yearly increase of income in developed countries is around 2 percent， or 3 percent if increases in population are accounted for.
Based on the exchange rate 40 years ago， China’s GDP per capita was a mere $155 in 1978， while the figure for sub-Saharan Africa， widely considered the poorest region in the world， was in places as high as $499. In terms of global ranking， China’s GDP per capita was the third lowest among more than 200 countries prior to reform and opening up.
Yet now， China’s annual GDP growth has reached 7.2 percent， a goal set by Deng Xiaoping， the architect of China’s reform and opening up， back in the early days of the policy. Such rapid and sustained growth was beyond the wildest imagination of myself and many others.
China’s contribution
I feel lucky to have been witness to the economic miracle and transformation that China has undergone over the past 40 years. The country’s GDP per capita surged from $155 in 1978 to $8，836 in 2017， higher than the global average. In 2009， China surpassed Japan in terms of economic aggregate to become the world’s second largest economy. In 2010， China overtook Germany as the world’s biggest exporter， and three years later it replaced the United States to become the world’s largest trading nation. During this time， more than 700 million Chinese people rose out of poverty.
I was appointed senior vice president and chief economist of the World Bank in 2008， a position widely considered the pinnacle for economists worldwide. I became the ninth chief economist of the World Bank， and those who came before me were leaders in their field who not only contributed to economics， but many of whom also had rich political experience. Yet one of the most important factors which qualified me for the job was China’s economic development and its huge contribution to worldwide poverty alleviation.
China’s biggest contribution to the world is its fast and stable economic growth， especially in times of global economic uncertainty over the past 40 years. East Asia， generally considered the best performing region economically in the post-World War II（WWII） era， was hit by a sudden financial crisis in 1997. Many observers thought that the regional economy would take 10 to 20 years to recover， but it bounced back after 2000 and continued to grow afterward. The countermeasures that China took in the wake of the crisis played an important role. As a responsible country， China made sure that the renminbi would not be devalued， so as to prevent countries hit by the crisis from suffering the competitive devaluation of their currencies. In this way the economy of East Asia stabilized and China’s 8-percent economic growth throughout the rehabilitation period also helped stimulate the recovery of other national economies in the region.
Eleven years later， 2008 saw the first major financial crisis since the end of WWII and the most severe global economic incident since the Stock Market Crash of 1929. Many were convinced that the consequences would be felt for a long time after. Now， 10 years have passed and some developed countries are still trying to pull themselves together， while others saw a stabilized but still fragile economy as early as 2009 and 2010.
The key to recovery was China. In 2009， the country introduced proactive fiscal measures which led to economic resurgence from the first quarter of the year. China suffered recession only in the last quarter of 2008， and the positive trend of its economy triggered the recovery of other emerging markets. Now， China’s contribution to global economic growth exceeds 30 percent each year.
Policy works wonders
Average annual GDP growth of 9.6 percent for 40 years was hitherto unheard of. An increase in revenue is not equal to the accumulation of currency， but the strengthening of consumption. The prerequisite to this real form of growth is the improvement of labor productivity， which requires upgrading existing industrial technology and products. This is one way to guarantee an increase in revenue.
The emergence of new， higher valueadded industries and the reallocation of labor from low value-added industries to these new ones is also necessary for the sustainable increase of revenue. Simply put， scientific and technological advancement can stimulate economic development. Both developed and developing countries can follow such a mechanism to facilitate long-term growth.
However， there is a difference between developed and developing countries in this regard. Following industrialization， the income and technology of developed countries remained high， and innovation and invention were necessary to achieve technological and industrial upgrading， breakthroughs which are hard to guarantee. The yearly increase of income in developed countries is around 2 percent， or 3 percent if increases in population are accounted for.