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Article

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In 1980, China was among the world’s poorest countries with 80 percent of the population having incomes less than $1 per day and only a third of all adults able to read or write. Its per capita income was identical to that of India. By the year 2000, the proportion of the poor (income less than $1 per day) had declined to around 16 percent. Between 2008 and 2018, China ‘s GDP rose four-fold from $4.6 trillion to $18 trillion making it the second largest economy in the world (in nominal dollar terms) and today its per capita of 10,000 dollars is five times that of India. More remarkable is its achievement in lifting an astounding 700 million of population out of poverty with 500 million enjoying middle-class lifestyles. China is today the world’s largest exporting nation with the highest foreign exchange reserves in the world of $3.2 trillion – equivalent to 13 months imports.

Publication Source

The News

Publication Date

3-4-2022

Pages

1-4

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Economics Commons

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