Passage 2
China is reaping the rewards of reforms first Iaunched by Deng Xiaoping in 1979. Foreign investment is now welcome. Special Economic Zones are booming, The opening of securities and real-estate markets have created new opportunities . Clearly, China's economy is a work in progress, nowhere near realizing the potential of its billion-plus population. Its gross domestic product last year was, according to the official measure, $ 420 billion-no more than that of southern California. China remains primarily a nation of farmers, and the transition to an industrial free market is much like the traffic on Highway 204-unpredictable. Few state-owned firms have been sold, and most are laggard behemoths. Growth is driven by new joint ventures, collectives and private businesses, which now account for more than 50% of China's industrial production .
What is China's GDP last year?