The dynamic growth of the Chinese economy over the past 50 years under the policies and administrative management of the People's Republic of China must rank among the most important developments of the 20th century. When I began my serious study of China's economy in the early 1950s, Western economists were preoccupied with a single question, “how are they ever going to feed all those Chinese?” Today, after 50 years in power, we must respect and even admire not only their ability to feed a population that has more than doubled in size, but also to provide the Chinese consumer with watches, washing machines, sewing machines, colour television sets, and tape and video recorders. A small, but significant and rapidly expanding, share of China's consumers is using mobile phones, computers and even private cars.
