China Travel News and China Business News

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Financial centers with varied cores promoted
China's central bank will encourage local governments to create financial centers and will guide them to develop the centers which will have different focuses, a spokesman said...

Google in new tie-up
Google Inc and Chinese software company Kingsoft have announced a co-branding initiative to tap China's booming online market by launching a Web-based dictionary. The new ap...

China, Japan sign joint statement on promoting strategic, mutually beneficial ties
Chinese President Hu Jintao and Japanese Prime Minister Yasuo Fukuda signed in Tokyo Wednesday a six-point Sino-Japanese joint statement on all-round promotion of their strategic a...

Interview: China-EU trade talks promotes trust and concrete progress
Both China and the EU regard the first high level economic and trade dialogue (HED) as an extraordinary success politically and practically. More talks at various levels will be he...

Russia's new President Dmitry Medvedev to visit China
Russia's new President Dmitry Medvedev will pay a state visit to China from May 23 to 24, at the invitation of Chinese President Hu Jintao. Foreign Ministry spokesman Qin G...

China's hand-foot-mouth infections rise to 22,240
China has reported 22,240 hand-foot-mouth disease (HFMD) cases so far this year by Thursday, resulting in 30 deaths, according to a Xinhua tally of local official figures. The ...

Chinese president meets former Japanese PMs, attends youth exchange year inauguration
Visiting Chinese President Hu Jintao met here on Thursday with four former Japanese prime ministers and attended the inauguration of the China-Japan Friendly Exchange Year of Youth...

China, Costa Rica vow to enhance bilateral ties
Visiting Chinese Vice Premier Hui Liangyu and Costa Rican President Oscar Arias vowed Tuesday to further strengthen bilateral relations. Hui said Arias had promoted the forging...

Fund management companies get nod for setting up branches in HK
The China Securities Regulatory Commission (CSRC) has approved fund management companies in the mainland to establish branches in Hong Kong, as part of efforts to further fulfill t...

US firms eyeing Shanghai
An increasing number of US companies want to list in Shanghai and work with the Chinese authorities on the feasibility of doing so is ongoing, NYSE Euronext Inc CEO Duncan Niederau...



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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'.