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In 1986, as the first citizen of the People's Republic of China to receive a Ph.D. in economics from an overseas country, Fengbo Zhang headed Chinese Macroeconomic Research - the key research project of the seventh five-year plan, as well as completing and publishing the Chinese GDP data according to China's own research and calculations.
The economic stimulus plan was seen as a success: While China's economic growth fell to almost 6% by the end of 2008, it had recovered to over 10% by in mid-2009. Critics of China's stimulus package have blamed it for causing a surge in Chinese debt since 2009, particularly among local governments and state-owned enterprises .
The top three airlines in China are Air China, China Southern Airlines, and China Eastern Airlines, [419] which collectively made up 71% of the market in 2018, are all state-owned. Air travel has expanded rapidly in the last decades, with the number of passengers increasing from 16.6 million in 1990 to 551.2 million in 2017. [ 420 ]
Since the Reform and Opening Up period, China has evolved into a backbone of the world economy. [2] China has been the fastest growing economy in the world since the 1980s, with an average annual growth rate of 10% from 1978 to 2005, based on government statistics. Its GDP reached US$2.286 trillion in 2005. [3]
The economy of the People's Republic of China is a developing mixed socialist market economy, incorporating industrial policies and strategic five-year plans. [29] China is the world's second largest economy by nominal GDP and since 2016 has been the world's largest economy when measured by purchasing power parity (PPP).
In May 2020, Chinese Premier Li Keqiang announced that, for the first time in history, the central government would not set an economic growth target for 2020, with the economy having contracted by 6.8% compared to 2019 and China facing an "unpredictable" time. However, the government also stated an intention to create 9 million new urban jobs ...
The new regulations affected Evergrande Group, China's second-largest property developer, and the Chinese real estate market as a whole. [5] In addition, the Chinese shadow banks, such as Sichuan Trust , have been greatly effected by the property sector crisis due to over lending and a crackdown on regulations.
China has been one of the fastest growing economies in the world since the implementation of its reform policies in the late 1970s. This economic growth has been accompanied by a rapid increase in income inequality that China's Gini coefficient increased from 0.310 in 1981 to 0.468 in 2018. [1]