ABSTRACT
China’s economy grew rapidly in the past three decades, at about 10 percent per annum. By 2010, two years after the onset of the global financial crisis (GFC), China had already surpassed Japan to become the world’s second-largest economy (in current US dollars) after the United States. China’s gross domestic product GDP is now about US$4.9 trillion – some one-third of the GDP of the United States. China’s per capita gross national income (GNI) in 2009 reached US$3,650, which is close to the threshold level of the upper middle-income country group (US$3,946), according to the World Bank’s (2009) classification.
