By Shuijie Yao and Dan Luo - Policy Paper Series, Issue 59, February 2010
On 1 October 2009, with a massive display of military hardware, China celebrated the 60th anniversary of the founding of the People’s Republic. The 60th birthday is of great significance in Chinese culture, representing the culmination of a complete astrological cycle. This thereby marks the year 2010 as a new beginning. In the past two years, amid the world’s most serious financial crisis since the great Depression in the 1930s, China’s economic performance had been respectable. This demonstrates that China will be able to become the world’s biggest economy in the foreseeable future.
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