China's Recent Economic Performance in International Comparison

Abstract

Since the introduction of gradual economic reform in 1978, China's economy
has grown continuously and China is emerging as a world economic
power. In this context, there have recently been lively discussions and controversies
among academics and practitioners about two important issues:
• to what extent is the Chinese-style gradual transformation superior to
the so-called "shock therapy" applied in the eastern part of Europe, and
• where does China now stand in the "catching-up" process of the other
rapidly growing Asian economies.
This study attempts to analyse these two critical topics by investigating the
changes in the (real) GDP level and the level of (real) GDP per capita in a
number of selected transformation and Asian countries (including China)
for the period 1960-92. For the purpose of this type of multilateral comparison
the GDP data expressed in the so-called Geary-Khamis International
Dollars in 1990 are applied.