However , even as the government promotes growth as a national priority , it worries about going too far. Inflation has recently climbed back into double digits, and the press is issuing strident warnings ,urging restraint on buyers and sellers alike. Rapid development is overwhelming China's antique transport networks. Energy brownouts are a regular occurrence in Guangdong and Shanghai. Now Beijing has cut this year's growth target from 10 to 8.5 percent , in an effort to keep the economy from careering out of control just as it was cut back in 1989 and 1990 when it overheated. We need a smooth transition into another system," says the head of a research institute in Shanghai. But no one in the world has a design we can use, so we just have to experiment." Even 8.5 percent growth a year doubles an economy in 10 years , China 's “new man” may well find himself astride one of the world s largest economies in the 21st century. And the rest of the world will look foolish if it lets itself be caught by surprise. The inflation rate is as high as 9.9 percent.

However , even as the government promotes growth as a national priority , it worries about going too far. Inflation has recently climbed back into double digits, and the press is issuing strident warnings ,urging restraint on buyers and sellers alike. Rapid development is overwhelming China's antique transport networks. Energy brownouts are a regular occurrence in Guangdong and Shanghai. Now Beijing has cut this year's growth target from 10 to 8.5 percent , in an effort to keep the economy from careering out of control just as it was cut back in 1989 and 1990 when it overheated. We need a smooth transition into another system," says the head of a research institute in Shanghai. But no one in the world has a design we can use, so we just have to experiment." Even 8.5 percent growth a year doubles an economy in 10 years , China 's “new man” may well find himself astride one of the world s largest economies in the 21st century. And the rest of the world will look foolish if it lets itself be caught by surprise. As there is no example for us to follow , China needs to cross the river by feeling the stone underfoot in our reforms.

高工资经济

惩罚性进口关税

生产力

economic heavyweight

preferred status

surplus labor

Now some Western experts are predicting that China could become the world's dominant economy early in the 21st century. Many economists believe a standard estimate of China's per capital gross national product ($370) is already two to three times too low. And former World Bank chief economist Larry Summers recently argued that China could surpass both Japan and the United States to become he world's largest economy by 2020.

Zhangjiagang is a commercial hub of Jiangsu , the fastest-growing province in China. China has the most dynamic economy in the world today. Its boom radiates from Guangdong, its richest province, but it has spread as far west as Xinjiang, where foreign investors are searching for oil and other natural resources. It is creeping inland, from Jiangsu to the cities of Chongqing and Wuhan,where businessmen from Hong Kong and Taiwan are starting to spend billions of dollars to build factories. And it has penetrated the northeast, where the city of Shenyang, long a moribund center of state industry, is bustling with new private business , from trading companies to prostitution. Back in Beijing, officials at China's state council, or cabinet, are giddy with excitement-and exhaustion. “We don't have people,we don't have time, ”says one.”Things are moving too fast.” After a slowdown through 1990, China's economy bounced back mightily, reaching a recent peak of 13 per cent growth last year. Now, some Western experts are predicting that China could become the world's dominant economy early in the 21 st century. What do the phrases “dynamic economy” and“ the world' s dominant economy” mean?