TAILIEUCHUNG - China’s Economic Rise: History, Trends, Challenges, and Implications for the United States

While there is much to learn about these risks, the temperatures that may result from unabated climate change will take the world outside the range of human experience. This points to the possibility of very damaging consequences. The impacts of climate change are not evenly distributed - the poorest countries and people will suffer earliest and most. And if and when the damages appear it will be too late to reverse the process. Thus we are forced to look a long way ahead. | China s Economic Rise History Trends Challenges and Implications for the United States Wayne M. Morrison Specialist in Asian Trade and Finance March 4 2013 Congressional Research Service 7-5700 RL33534 CRS Report for Congress------------- Prepared for Members and Committees of Congress China s Economic Rise History Trends Challenges and Implications for the . Summary Prior to the initiation of economic reforms and trade liberalization 34 years ago China maintained policies that kept the economy very poor stagnant centrally-controlled vastly inefficient and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979 China has been among the world s fastest-growing economies with real annual gross domestic product GDP averaging nearly 10 through 2012. In recent years China has emerged as a major global economic and trade power. It is currently the world s second-largest economy largest merchandise exporter second-largest merchandise importer second-largest destination of foreign direct investment FDI largest manufacturer largest holder of foreign exchange reserves and largest creditor nation. The global economic crisis that began in 2008 greatly affected China s economy. China s exports imports and FDI inflows declined GDP growth slowed and millions of Chinese workers reportedly lost their jobs. The Chinese government responded by implementing a 586 billion economic stimulus package loosening monetary policies to increase bank lending and providing various incentives to boost domestic consumption. Such policies enabled China to effectively weather the effects of the sharp global fall in demand for Chinese products while several of the world s leading economies experienced negative or stagnant economic growth. From 2008 to 2011 China s real GDP growth averaged although it slowed to in 2012. Some economic forecasters project that China will overtake the United States .

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