The book describes several individuals and events that the author encountered while living in China between 20. That only leaves us asking: Why?Ĭhina’s economic jump-start came from its peasants – not from some clever political plan.Age of Ambition: Chasing Fortune, Truth, and Faith in the New China by Evan Osnos is a depiction of current Chinese society and the changes it is undergoing following the country’s rapid economic growth. However, a mere decade later China had launched itself into first place.Ĭlearly, China’s economy is booming. In addition, China has become increasingly important as an exporter over the years.īack in 1999, China’s exports amounted to less than a third of those of the world’s largest exporter, the United States, placing it at number nine on the list of top global exporters.
What’s more, wages, just like China’s overall economic conditions, continue to improve.
In contrast, the average Chinese citizen today brings home 30 times that amount – around $6,000.
Between 19, China’s annual GDP growth rate averaged an astonishing nine percent, while the United States’ grew only three percent during the same period.Ĭoupled with China’s amazing GDP growth is an equally impressive rise in income – one that continues to soar today.Ĭonsider, for example, that in 1978 the average Chinese per capita income was a meager $200 per year. That makes China the fastest-growing economy worldwide. In other words, it has doubled in size every seven to eight years! In fact, over the last 30 years China’s economy has grown at a rate of approximately eight percent per year in terms of GDP. The Chinese economy has become an incredible success story: over the course of only a few decades, the country has leapt from poverty to economic domination, and become one of the biggest players in the world – its rapid growth continues to this day.
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