China's rapid economic growth, brought about by the adoption of
market mechanisms, is quite likely to continue in the coming years,
said a report offered by the Organization for Economic Cooperation
and Development (OECD) during an ongoing anti-corruption conference
in Beijing.
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In the past more than two decades, China's economic growth has
averaged 9.5 percent, a rapid pace which is likely to be sustained
for some time, according to the Economic Survey of China in
2005.
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"Such an increase in output represents one of the most sustained
and rapid economic transformations seen in the world economy in the
past 50 years," it said.
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China started its reform efforts with the agricultural sector about
25 years ago
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It has lately involved sectors including industry and service,
industries that have received enormous vigor and vitality from the
transformation.
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Many Chinese industries have become completely integrated into the
world supply chain and, if current trends persist, China could
become the largest exporter in the world by the beginning of the
next decade, said the report.
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Rapid economic growth has delivered higher incomes and a
substantial reduction in those living in absolute poverty, said
OECD.
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The OECD said China's economy's size has already exceeded that of a
number of major European economies when measured in market prices,
predicting that there may only be three OECD countries able to
surpass China in the coming five years.
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However, the organization said, the average income of the Chinese
people is still below that in some other middle-income
countries.
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"Large parts of China have reached the income levels seen in some
developed East Asian countries one generation ago and are
proceeding along a rapid catch-up path," it said.
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OECD analyzed that it was the great changes in China's economic
policies that have made such an extraordinary economic performance
possible.
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It also highly praised the big changes introduced into China's
constitution in 2004, which stresses that both state and private
assets in China should be protected equally.
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In China, the scope of private ownership has grown into a
substantial part of the country's economy and produced more than
half of the country's gross domestic product and millions of
jobs.
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In 2005, China is expected to allow private ownership enter a fresh
number of economic sectors such as infrastructure, public utilities
and financial services, which will further fuel the private sector
to become more powerful, it said.
(Xinhua News Agency October 1, 2005)