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Over the past five decades China’s unprecedented rise is one of the rare economic success stories of a country opening up its economy to world markets. China initiated market reforms in 1978 with a major shift to a market-based economy from a centrally planned economy. The move resulted in an unprecedented economic growth and social impact. The GDP growth averaged close to double digit for most of the times since then and created a major economy at the fastest pace in history. It has made a major contribution to global growth since the financial crisis of 2008. In 2015, China was ranked number
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