how china

In 1980 China’s GDP per capita was $193. Lower than that of Bangladesh, Chad and Malawi.  This means that average food consumption was below basic nutritional standards.  But 30 years later, China is the world’s second largest economy, the world’s largest exporter and GDP per capita jumped 30-fold to $6,091 – at the same time Malawi’s income grew by $50. How China Escaped the Poverty Trap by Yuen Yuen Ang documents in detail the process of economic development and shows how improving institutions and opening up of markets simultaneously led to economic growth.