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China's economic transformation is unprecedented; 60 years ago it was one of the poorest countries in the world. In 1960 its GDP per capita adjusted for the price difference between countries was about $1,000, that is, less than countries like Haiti, the Congo or Zimbabwe; much less than Latin American countries and 17 times less than the United States. By 2016 the difference in GDP per capita compared to the North American country had decreased to only 4 times. If we make the comparison with the same countries but in terms of life expectancy at birth, in 1961 a Chinese person had a very low life expectancy of only 43 years; by 2019 it was 76 years. We could go on with several indicators but these two you can get an idea of China's impressive economic and social transformation. So, how did China get out of poverty?
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#economicsnation #china #capitalism