“China has been said to now lead globally in the number of homeowners, internet users, college graduates and billionaires,” according to Punch, summarizing a special report in the New York Times.
“A New York Times special report claims that extreme poverty has fallen to less than one percent, in China; while an isolated, impoverished backwater has ‘evolved into the most significant rival to the United States since the fall of the Soviet Union.’
“The Times noted that the Chinese economy has grown so fast for so long now that it is easy to forget how unlikely its metamorphosis into a global powerhouse was, how much of its ascent was improvised and born of desperation.
“’The proposal that one of the students and researchers attending the Academic Symposium of Middle-Aged and Young Economists in 1984, Mr. Xu Jing’an, took from the mountain retreat, was soon adopted as government policy, and was a pivotal early step in this astounding transformation,’ the report said.”
The Times’ special report is here.