China has had an enormous increase in economic growth. The increase in growth has lifted hundreds of millions of people out of poverty, reshaped the global economy and given China new power on the international level. The growth has however caused a number of problems, including a large wealth gap, environmental problems, widespread corruption, a growing imperative to innovate and pressure for political reforms. A 5- year development plan, set to begin next year, is supposed to make "major breakthroughs in economic restructuring" to "maintain stable and relatively fast economic growth,” according Xinhua, the state-run news agency. This new phase of China's economic development is called China 2.0. China 2.0 involves several new policies to remake the Chinese economy in hopes that the economy will continue growing. To address the possibility of instability from the growth, the next five-year plan incorporates reforms to keep the economy moving in the right direction.
http://www.msnbc.msn.com/id/39545160/ns/business-world_business
Posted by Christine Steinbeiss
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