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Thursday, October 29, 2009

China Rising to New Heights In Modern Age of Growth and Prosperity

"An article to ponder"

Great achievements
Rising living standards

In the early years of the People’s Republic, per-capita national income was a mere $10 to $20, the same as the level of the Western developed countries in the mid-18th century. From 1949 to 1978, Chinese people’s livelihoods gradually improved along with economic development. In 1978, per-capita national income rose to $190. After China adopted the policy of reform and opening up in 1978, its national economy secured steady and fast growth, leading to rapid improvement in people’s living standards. In 2008, the country’s per-capita gross domestic product (GDP) soared to around $2,500, making China a lower middle-income nation.
The more than 30 years after the reform and opening-up policy was implemented has been a period of progressive growth, when citizens enjoyed the fastest increase of income and benefits. Per-capita disposable income of urban residents jumped from 343 yuan ($50) in 1978 to 15,781 yuan ($2,310) in 2008. The per-capita net income of farmers grew to 4,761 yuan ($697) in 2008 from 134 yuan ($19) in 1978. The per-capita housing space and household wealth have also witnessed a significant growth with remarkable improvements in living conditions. The shortage of goods that plagued the country before the launch of the reform and opening-up has finally been resolved.
The Engel Coefficient—the proportion of income spent on food—of rural households dropped to 43.1 percent in 2007 from as high as 67.7 percent in 1978. The Engel Coefficient of urban households fell to 36.3 percent in 2007 from 57.5 percent in 1978. The proportion of money spent on culture, education, entertainment and services per capita in rural and urban households rose to 9.5 percent and 13.3 percent, respectively, in 2007 and went up from 5.1 percent and 8.4 percent respectively in 1980.

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