China's economic miracle First economic reforms introduced by
Deng Xiaoping Special economic zones set up in five areas, where
private firms allowed 14 coastal cities opened up to foreign
investment Shanghai stock market reopens for first time in 40
years Asian Financial Crisis China joins World Trade
Organisation Private firms contribute more to Chinese economy
than state-run sector China becomes world's second-biggest
economy, with GDP at $7.2tn China's rising GDP and economic
miracle The seeds of China's rapid economic growth since the
1990s were first planted back in 1978 when the Communist Party
started to introduce capitalist market principles, initially in
the agricultural sector. Source: World Bank Economic expansion
accelerated dramatically in the 1990s as a result of mass
privatisations, and the opening up of the country to foreign
investment. Overseas firms rushed to build factories in China to
take advantage of its low labour costs. China's rising energy
consumption and environmental cost China's