a.
China has seen very high GDP growth over the past three decades, consistently above
8% per annum (Figure 1). This is higher than most of its neighbours and trading
partners. GDP increased from $5101.7billion in 2008 to $13608.15 billion in 2018
(Figure 2). GDP per capita also almost doubled during the same period (source: Trading
Economics).
Figure 1: China’s GDP Growth Rate, 2008-2018
Figure 2: China’s GDP, 2008-2018
Inflation in China between 2012 to 2017 has been between 1%-3%. But China inflation
has also exceeded 5% in some years. After the 2007 Global Financial Crisis, China had
deflation. Its inflation in 2010 is positive — over 3% (World Bank 2018).
Unemployment in China fell from about 4.3% in 2008 to below 4% in 2018. Wage rates
in some parts of the country remain low (Chun 2003).
. References (Harvard Style)
Chun, Lin. “What Is China’s Comparative Advantage?.” Chinese Economy 36,
no. 2 (2003): 3-20.
World Bank 2018, World Development Indicators, viewed 11 March 2019,