Growth in China: The road ahead for a powerhouse

Big impact: A worker operates machines at a texile factory in Nantong, in eastern China. The country’s success in achieving strong and sustainable growth is good for the global economy. — AFP

CHINA’S economic development has been remarkable. Over the past 25 years, China’s real gross domestic product (GDP) grew by more than 8% a year, living standards rose dramatically, and extreme poverty was eradicated.

China is now the world’s second-largest economy in US dollar terms. Developments in China, thus, have a big impact on the world. For example, last year China accounted for one-third of world growth.