ABSTRACT
Things began to change in the wake of the massive stimulus programme launched by China in response to the international financial crisis of 2008. In some ways the urban housing privatization of 1998-2003 dominated economic developments in China during the first decade of this century, like the de-collectivization of agriculture from the late 1970s had influenced development in the 1980s. Beijing's policy response to developing housing bubble was markedly different from Washington's in the years leading up to the financial crisis of 2007/08. Factor underlying China's increasingly important role in the global economy is the rapid growth of China's outward foreign direct investment. China's contribution to global growth in 2009 and 2010 was about 50%. Its share for the period 2013-2018 is projected to be about one-third, falling to a little under 30% thereafter, until 2025.
