Chapter 1 Progress

In the past 40 years of China's reform and opening-up, the world has witnessed an economic miracle. In this chapter, China's development history and significant achievements since 1978 are reviewed by among others, Stephen Roach, senior research fellow at Yale University. He says that China's steep economic takeoff was very much a levered play on globalization, global trade, and ultimately the global economy. Chi Wang, co-chair of the US-China Policy Foundation, writes words, such as“unprecedented”, “miraculous” and “historic”, are often used to describe China's decades of rapid growth.