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International Socialist Review Issue 42, SeptemberOctober 2005
Enter the Dragon
China, Inc.—The rise of a new power
by ASHLEY SMITH
Ashley Smith is on the editorial board of the ISR. He is author of “The Occupation of Japan,” ISR 29, May–June 2003, available at www.isreview.org.
OVER THE past twenty-five years, China has had the fastest growing economy in the world, averaging10 percent growth in the 1980s and 9 percent in the 1990s. Its growth rate of 9.5 percent in 2004 is the highest of all the major economies in the world. In doubling its size in the 1980s, and then again in the 1990s, China has catapulted itself up the world economic hierarchy. China’s GDP exploded from $106 billion in 1970 to $1.4 trillion in 2004, making it the seventh largest economy in the world.