The Rise of China

China's economy has been remarkably successful since market-oriented reforms were introduced in 1979. The growth of its real GDP has averaged over 9% per annum over this period, propelling China to become one of the world's largest economies in the span of a couple of decades. This article first analyses how the 'gradualist' path of economic reform taken by China resulted in its success but also raised challenges for continued development. It then discusses the ways in which China's economic growth will be associated with its successful integration into the global economy. The article concludes with an assessment of the future challenges facing China and its growth prospects.