China Growth
INTRODUCTION
Since the opening of economic reforms in 1979, China has become one of the world's fastest-growing economies. From 1979 to 2005 China's real gross domestic product (GDP) grew at an average annual rate of 9.7%. Real GDP grew by 11.1% in 2006, and during the first quarter of 2007, it rose by 11.1% over the same period in 2006. China is expected to continue to enjoy rapid economic growth over the next several years, provided that it continues to implement needed reforms, particularly in regard to its inefficient state-owned enterprises and the state banking system.
Trade and foreign investment continues to play a major role in China's booming economy. In 2006, exports rose by 27% to $969 billion, while imports were up by 20% to $792 billion. This produced a trade surplus of about $177 billion. From 2003 to 2006, the value of total Chinese trade doubled. On the basis of current trends, China could surpass the United States in 2007 to become the second largest......
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