THE MIRACLE ISN’T OVER.docVIP

THE MIRACLE ISN’T OVER 　　From the vantage of 2017 we can look back and see that China has followed the path set out by its leadership to create a new and viable economic model， unique to China， and beat the odds to achieve what was unimaginable 40 years ago. Last year， China’s economy continued to be the world’s second largest with a total GDP of $10.8 trillion， trailing only the United States （$18.5 trillion）. This path has led to China lifting roughly half of its 1.3 billion people out of poverty， becoming the worlds most important manufacturing and supply chain hub， producing the most rapid and consequential urbanization （350 million citizens migrating from rural areas to cities） movement in history， creating an advanced and innovative technology sector and ensuring China’s re-emergence as the global economic， cultural， and political power it has been for most of the last 2，000 years. This transformation of China has been cited and touted by economists， the media， politicians， business people and China hands like myself， over the last 10 years as “the miracle” or the “Chinese economic miracle.” The description is apt because no country before with the size， scope， complexity or history of China has risen so fast and so far in so short a time. From a largely stagnant centrally planned economy to a market economy with Chinese characteristics， that for 20 straight years grew at over 10 percent per year and for the last six years has averaged 6 to 9 percent growth， the course for China and the worlds future has been forever altered. So， on the one hand， “miracle” is a welldeserved plaudit and description， because the odds were long and the vision and commitment needed were deep. On the other hand， it， （unintentionally by those， like me who use the term） is selling the Chinese leadership， Chinese business people， Chinese factory workers and entrepreneurs， a bit short. This change was not due to divine intervention or luck， it was the result of hard work