ABSTRACT
SinceChinabeganitsgreateconomicexperimentinthelate 1970s,itseconomyhasgrownataspectacularpace.Overthe pastfifteenyears,theChineseeconomyhasgrownatanearly double-digitrate.From1989to1991,Chinaexperienceda briefgrowthslowdownduringwhichtheeconomygrewat onlyabout5.4percent-abouttwoandahalftimestheU.S. growthrateforthelastdecade.Sincethisslowdown,China's annualgrowthreboundedsolidlytodouble-digitrates. 1In1995 and1996,Chinainstitutedsomerestrictiveeconomicpoliciesto dampeninflationandbegantoexperienceaneconomicslowdown.Inspiteofthesedevelopments,growthfor1996heldat over9percent.2
