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Bank of China to open office in Brazil in 2009
The Bank of China, one of the four state-owned commercial banks in China, will start its business in Brazil in March 2009, the bank's general manager ZhangJianhua said Thursday...

China makes policies to address difficulties of enterprises, promote economic growth
China's State Council, or the Cabinet, said on Wednesday that more efforts would be made to encourage enterprises to upgrade technology and engage in independent innovation. ...

China central bank cuts interest rates to spur growth
China's central bank slashes the lending and deposit rates by 1.08 percentage points as of Thursday in the latest strong effort to stimulate economy. The People's Bank o...

NDRC: Total investment to surpass 18t yuan next year
China's total social investment is predicted to reach 18 trillion yuan ($2.64 trillion) in 2009, National Development and Reform Committee (NDRC), the country's top economi...

China local gov'ts competing for investment to prevent slowdown
WUHAN, Nov. 22 (Xinhua) -- China is rich, at least when you look at its world's largest two-trillion-U.S. dollar foreign exchange reserve and its fiscal revenue that has mainta...

Air China reports $454 mln of fuel hedging loss by Oct.
Air China, the country's largest international carrier, said its loss in the fair value of fuel hedging contracts jumped to 3.1 billion yuan (454 million U.S. dollars) by the e...

China economy to grow 8.6 pct in 2009, says Galaxy Securities
China's economy is forecast to expand at a slower annual rate of 8.6 percent next year, China Galaxy Securities said in its latest research report on Saturday. The economy ...

Top economist suggest China "slightly increase" dollar reserve
What China can do for the world is not to sell out its massive dollar reserve, but slightly increase its hold of the currency to give reasonable support to the U.S. effort to save ...

Chinese shares end mixed as investors await rate cut
Chinese shares ended mixed on Friday amid a mostly positive day for regional markets. The benchmark Shanghai Composite Index fell 0.72 percent to 1,969 points, while the Shenzhe...

Chinese gov't mulls to impose fuel tax
China has been studying a fuel tax reform to replace the current road tolls imposed upon vehicles, the National Development and Reform Commission (NDRC), the country's top econ...



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China Business & Economy

Since the implementation of the Open Door Policy and economic reforms, economic growth in the PRC has been rapid. Graph 1 depicts economic growth in the PRC since the 1950s, and presents a corresponding view of Australia's economic growth patterns.

Fluctuations in the growth rate of the PRC's national income are closely related to domestic political conditions and campaigns. Graph 1 illustrates clearly the effects on the PRC's economy of the Great Leap Forward from 1958 to the early 1960s - with a negative economic growth of over 20% for the year 1962 alone. Also dramatically illustrated are the effects of the Cultural Revolution, with 1968 showing a negative growth of almost 8%. The 1962 and 1968 represent times of particularly serious political and economic turmoil within the PRC. Although negative growth in the PRC's economy also occurred during other periods, the declines in economic activity were never as serious as these two years.

Graph 1 also illustrates clearly the effects of Deng Xiaoping's economic reforms and the Open Door Policy, with a dramatic increase in activity especially during 1978. The only other year where such considerable economic activity was evident - apart from the years following the Great Leap Forward and the Cultural Revolution - was in 1984.

1984 showed particularly high growth and was a year in which the PRC's economy went into overdrive. As a reaction to the increases in spending during 1984, a tightening of monetary policy in an effort to slow down economic growth followed 1985. 1988 was another year in which the PRC's economy went into overdrive, and was followed yet again by a tightening of monetary policy that has continued until present day.

Since the implementation of the new policies in 1978, the PRC's growth rate of national income and national income per capita has accelerated at an annual average of 8.7% per year. Such high economic growth has offered Australia and the world many opportunities for trade and investment. However, the low economic base from which they began underscores the PRC's economic achievements of the past decade. The high level of economic growth in the PRC, therefore, has really been a process of 'catching up'.