Since the economic reforms and open-door policies began in the late 1970s, China has become the fastest growing economy in the world. The average annual growth rate of GDP in the past two decades after the reform was close to 10 percent, rivaling the record achieved by the four Small Dragonsthe creators of the East-Asian Miraclein their fast growing period. In particular, in Chinas coastal provinces where the area and population are, respectively, five and four times of those of the four Small Dragons, the annual growth rate reached 12 percent, out performing the records of the four Small Dragons. China is likely to become once again the worlds largest economy in the 21st century.
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