Market liberalization has transformed the Chinese Economy. In the last 30 years the rate of Chinese economic growth has been almost miraculous, averaging 8% growth in Gross Domestic Product (GDP) per annum. The economy has grown more than 10 times during that period, with Chinese GDP reaching 3.42 trillion US dollars by 2007. In Purchasing Power Parity GDP, China already has the biggest economy after the United States. However, rural China still remains poor, even as its cities increase in affluence. The per capita income of China is only about 2,000 US dollars, 107th out of 179 countries. The Purchasing Power Parity figure for China is only slightly better at 7,800 US dollars. [1]
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