Summary: The cradle of one of the oldest civilizations on earth is the scene of the most extraordinary economic and financial transformation in history. In the last 30 years, the People's Republic of China has been home to the fastest growing major economy the world has ever seen. This is a country where change is taking place on an unprecedented scale and at an unprecedented rate, where people are living lives unimaginable just a few years ago. This communist nation has learned how to cash in on capitalism and private enterprise. China and its people are growing richer and more powerful every day. It is impossible to ignore the economic growth phenomenon that has unfolded in China over the past three decades. In 1978, Chairman Deng Xiaoping, the architect of "The New Socialist Market Economy", initiated an unprecedented social and economic transformation that ended Chairman Mao Zedong's devastating Cultural Revolution. The successful implementation of this ambitious and revolutionary social experiment laid the foundation for what has become the world’s most dynamic economy. With average annual growth rates of approximately 10% since 1992 (hailed by The Economist in 2005 as "The Great Leap Forward” and “A Model of Reform”), China has emerged as an economic powerhouse. It has grown faster for longer than any country in history. The People's Republic now accounts for 13% of global gross domestic product (GDP), based on purchasing power parity (PPP) exchange rates, and most economists agree that soon, China will surpass Japan in GDP making it the second largest economy on earth behind the United States. China's economy is already second when evaluated based on purchasing power and it has been suggested that China could reach parity with the U.S. by 2020. China's accession to the World Trade Organization and the overwhelming success of the 2008 Olympics attest to China's growing importance on the world economic stage.
