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For more than 20 years, China’s GDP has sustained an annual growth rate of 9.5 percent. This is unprecedented, and is regarded as a miracle in world economic history. Despite severe unemployment, income inequality and other problems, there is no doubt in the minds of most observers about the speed, health and stability of China’s economic growth. However, following the initiative of both Chinese and Western economists who questioned the GDP growth figures published by National Bureau of Statistics (NBS), the debates have expanded to a doubt as to whether China’s growth is really that fast, and whether it is sustainable into the new century. This paper tries to answer those questions by portraying “the big picture” of China’s economy, while omitting some technical matters of
For more than 20 years, China’s GDP has sustained an annual growth rate of 9.5 percent. This is unprecedented, and is regarded as a miracle in world economic history. Despite severe unemployment, income inequality and other problems, there is no doubt in the minds of the observers about the speed, health and stability of China’s economic growth. However, following the initiative of both Chinese and Western economists who questioned the GDP growth figures published by National Bureau of Statistics (NBS), the debates have expanded to a doubt as to whether China’s growth is really that fast, and whether it is sustainable into the new century. This paper tries to answer those questions by portraying “the big picture ” of China’s economy, while omitting some technical matters of