For three decades, since the late 1970s, the marching order in China has focused on five priorities, namely, “move, work hard, leverage your network, invest and get rich”. The result is impressive. Whereas China’s share of global GDP was roughly one third in the early XIX° century, and only 5% in the 1950s, China is now back to 14% and growing quickly. China’s economic curve might cross that of the US around 2020. Four hundred million Chinese have been lifted out of poverty, and the average income per capita stands at $8000, a two-fold increase since 2004. Despite Cassandra’s warning of the bursting of upcoming bubbles, China has navigated through the pitfalls of the global financial crisis with caution and responsiveness. And the soft landing of China’s economy, with a sustainable GDP growth rate of 8%, means that the inflation-driven overheating threat has receded.
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