ABSTRACT

China’s growth rate has been at least 3 percentage points higher than in the prereform period from the early 1950s to 1978.1 Various estimates have put China’s per annum compound growth at between 7.5 per cent and 9.7 per cent since the reforms began in 1978 (SSB 1999; World Bank 1997; Maddison 1998; Meng and Wang 2000).