Gdp Growth in China

Only available on StudyMode
  • Download(s) : 107
  • Published : December 5, 2011
Open Document
Text Preview
GDP growth in China 1952-2009
Sharp increase in GDP during the reform period
GDP has risen from Rmb362.4 billion in 1978, at the start of the reform period, to Rmb30 trillion in 2008 (both figures at current prices).

Structural change in the Chinese economy
during the reform period
The share of primary industry in GDP has fallen from 28% in 1978, at the beginning of the reform period, to 11% in 2008.
This fall occurred because agricultural output grew more slowly than output of other economic sectors.
At the same time, the share of tertiary industry grew from 24% to 40% as services sectors proliferated.
The share of the secondary sector has stayed level at around 48% over the period as a whole.

GDP Index in real termsGDP Rmb billion at current prices GDP per head RmbReal annual growth rate (%) 1952100.067.9119
1953115.682.414215.6
1954120.585.91444.2
1955128.691.01506.8
1956147.9102.816515.0
1957155.5106.81685.1
1958188.6130.720021.3
1959205.2143.92168.8
1960204.6145.7218-0.3
1961148.7122.0185-27.3
1962140.4114.9173-5.6
1963154.7123.318110.2
1964183.0145.420818.3
1965214.2171.624017.0
1966237.1186.825410.7
1967223.6177.4235-5.7
1968214.4172.3222-4.1
1969250.6193.824316.9
1970299.3225.327519.4
1971320.2242.62887.0
1972332.4251.82923.8
1973358.6272.13097.9
1974366.9279.03102.3
1975398.8299.73278.7
1976392.4294.4316-1.6
1977422.2320.23397.6
1978471.6362.437911.7
1979507.5403.84177.6
1980547.1451.84607.8
1981575.5486.24895.2
1982629.0529.55259.1
1983698.9593.558010.9
1984805.8717.169215.2
1985912.1896.485313.5
1986989.71,020.29568.8
19871,103.51,196.31,10411.6
19881,228.21,492.81,35511.3
19891,279.81,690.91,5124.1
19901,333.51,854.81,6343.8
19911,454.92,161.81,8799.2
19921,660.02663.82,28714.2
19931,877.53,463.42,93913.5
19942,114.04,675.93,92312.6
19952,304.35,847.84,85410.5
19962,530.16,788.55,5769.6
19972,745.27,446.36,0548.8
19982,959.37,834.56,0387.8
19993,169.48,206.87,1597.1
20003,422.98,946.87,8588.0
200110,965.58,6228.3
200212,033.39,3989.1
200313,582.310,54210.0
200415,987.812,33610.1
200518,386.814,0409.9
200621,087.116,08411.1
200724,661.911.4
200831,404.59.6
200933,535.38.7
1st qtr 2010

How China's GDP rose and fell from 1952 to 2009

1953 Hyperinflation conquered; civil war and land reform ended: GDP up 15.6% in real terms.

1958-59 So-called "Great Leap Forward" devastated agriculture: result was falling GDP in 1960-62. (Figures for 1958-59 highly suspect, as the statistical network was largely destroyed in the "Leap", when absurdly high increases in output were reported by frightened local officials.)

1963-66 Partial restoration of market economy in the countryside promoted faster growth of agriculture.

1967-68 Production undermined by the so-called "Great Proletarian Cultural Revolution", that was initiated by Mao in mid-1966 and effectively ended by People's Liberation Army intervention in 1968.

1969-70 High growth rates followed the restoration of order after the "cultural revolution". 1976 Widespread earthquakes, including the worst ever at Tangshan, hit industrial centres, while agricultural output was hit by drought; policy paralysis resulted from the anti-Deng campaign, followed by Mao's death and the arrest of the Gang of Four. GDP fell.

1978-1982 Smashing the communes and restoring family farming jacked up agricultural (especiallygrain) output.

1983-85 Double-digit real GDP growth accompanied the first wave of foreign investment into China, and non-state enterprises started to develop.

1989-91 Growth slowed after the government braked the overheating economy following an aborted effort at wholesale price reform in 1988 which resulted in panic buying and...
tracking img