ABSTRACT
For a number of reasons, analysts who study the evolution of the "catching up" countries pay special attention to China. The successes achieved by the Chinese economy over the past two decades are indisputable. The gross national product growth rate has averaged over 10 percent a year, with most of the fast-growing exports going to the post-industrial nations and the country becoming self-sufficient in supply food. Today China is successfully becoming an integrate part of the world information economy. The People's Republic of China is turning into a mighty regional super-power rapidly superseding Japan as the leader of the Asia-Pacific Region. The phenomenon of fast economic growth became a distinguishing feature of the Chinese "economic miracle". The bulk of China's industrial production facilities was concentrated in those export-oriented regions the most important of which was the complex of free economic zones located in the immediate vicinity of Hongkong, its economic growth rate averaging 17.3 percent in the period of 1978-1993.
