China's Economy Has Bulk, but Not Sophistication

The "rise of China" is a misnomer; recovery is more accurate. China was the world's largest economy until it was overtaken by Europe and America in the past two centuries as a result of the industrial revolution. After Deng Xiaoping's market reforms in the early 1980s, China's high annual growth rates of 8 to 10 percent led to a remarkable tripling of its GDP in the last two decades of the 20th century, and many believe it will soon regain its place as the world's largest economy.