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How Reform Worked in ChinaThe Transition from Plan to Market$
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Yingyi Qian

Print publication date: 2017

Print ISBN-13: 9780262534246

Published to MIT Press Scholarship Online: May 2018

DOI: 10.7551/mitpress/9780262534246.001.0001

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Introduction: A New Perspective on Reform

Introduction: A New Perspective on Reform

(p.1) Introduction: A New Perspective on Reform
How Reform Worked in China

Yingyi Qian

The MIT Press

Starting in 1979, China embarked on a profound economic reform that led to a transformation of the country from a centrally planned economy to a market economy. Over the next 37 years, China produced one of the most spectacular growth records in human history. According to the World Bank, in 2015 the nominal GDP of China was nearly $11 trillion, surpassing 60 percent of U.S. nominal GDP. In comparison, China’s nominal GDP in 1978 was only $148 billion, merely 6 percent of that of the U.S. If measured by Purchasing Power Parity (PPP), in 2015 China’s GDP was $19 trillion, larger than the $18 trillion GDP of the U.S., the world’s largest economy in the last 100 years....

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