This chapter assesses the achievements of China, after three decades post the 1978 reforms. The most obvious result of the reform was the phenomenal growth rate of income. This led to certain remarkable social outcomes, like a dramatic fall in income poverty, increase in the road network and electricity, and rise in China’s relative share in world GDP. The chapter discusses the transformation of the Chinese economy through increase in urbanization, restructuring of the shares of industry and agriculture in GDP, the expansion of the role of the private sector, and the consequences of the much-debated one-child policy norm. The lesser noticed consequences of rising inequality, challenges of environmental sustainability, and the impending problem of the demography skewing towards an older population are also analysed.
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