Abstract
Unlike her neighboring countries in East Asia, China’s economic reform programs are relatively recent, attributed to the closed-door policy and centrally planned economic system of the 1950s to the 1970s. However, the affluent human capital and economic resources have provided China the new impetus to reinvigorate the economic reforms since 1978, and the economic progress of this economy is eye-catching. Within three decades, China has transformed itself from a rigid central-planning system to an increasingly open and market-oriented economy, with the achievement of an average 9.7 per cent real GDP growth per annum. As of November 2007, China recorded a nominal GDP of US$3.42 trillion and has the fourth largest economy after the United States, Japan and Germany. China’s GDP officially overtook Japan in the second quarter of 2010, although the per capita GDP ($8,394) is still significantly lower than that of Japan ($39,731) and the United States ($46,380).
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© 2013 Tze-Haw Chan and Ahmad Zubaidi Baharumshah
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Chan, TH., Baharumshah, A.Z. (2013). Financial Integration between China and Asia Pacific. In: Hooy, CW., Ali, R., Rhee, S.G. (eds) Emerging Markets and Financial Resilience. Palgrave Macmillan, London. https://doi.org/10.1057/9781137266613_5
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DOI: https://doi.org/10.1057/9781137266613_5
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