The emergence of China as an economic superpower

A quarter-century ago, the private economy in China was somewhat unpopular, and was regarded merely as a minor supplement of the state owned economy. “We can terminate the private ownership by one night if necessary.” A high ranking Shanghai City official told me at that time.

Based on the data from the National Bureau of Statistics, the private sector now accounted for about 65 percent of China’s GDP, and the ratio is expected to rise to 75 percent by 2010.

The data also showed that in many regions, the private sectors have contributed 80 percent of tax revenue to the local government, and also provided eight out of ten new jobs in non-agricultural sectors.

Honestly, I had never expected this to happen so soon.