China Economy

China, as one of the Four Great Ancient Civilizations , was once one of the most advanced and powerful countries in the world for more than a thousand years before the modern era. Even in the nineteenth century it dominated the world economic landscape. And based on Angus Maddison, the famous economic historian, China accounted for a third of the then global GDP (Gross domestic product) in 1820.China, as one of the Four Great Ancient Civilizations , was once one of the most advanced and powerful countries in the world for more than a thousand years before the modern era. Even in the nineteenth century it dominated the world economic landscape. And based on Angus Maddison, the famous economic historian, China accounted for a third of the then global GDP (Gross domestic product) in 1820. But the once largest economy fell when it chose to close its door to the outside world and did not catch up with the Industrial Revolution which happened in the west (Lin 2011, p. 1). The 20th century marked the most difficult time that the Chinese have ever had in the history when key words such as wars, natural disasters, political events, cultural revolutions and class conflicts become frequent in the text book of history, but the once dragon country has been reviving and emerging again in the global arena starting from the reform and opening up in the 1980s. Below we will try to review and discuss the economy history of China since the economy reform.