China's economy has experienced great changes since economic reform began in the late 1970s, and was followed by the "open door" policy in early 1980s. The economy grew rapidly in the past decade, as GNP grew more than 10 percent per year, far outstripping any other country in the world (Reynolds, 1988), China's economic performance made the covers of The Economist ((Nov. 28, 1992) and Business Week (May 17, 1993). "With the economy booming at a 12% annual clip and hitting 14% for the first quarter of 1993, China's emergence is already shaking the world." (Business Week, special report, May 17, 1993).
Jiang, Bingrong and Hayenga, Marvin L., "Economic Reform and the Agricultural Marketing System in the People's Republic of China" (1993). Economic Staff Paper Series. 245.