How the authorities will respond if those risks come to pass is beyond the scope of my presentation today. But I’ll ask you to keep in mind that the authorities will respond so as to help promote strong and stable growth in China. Let me start with a brief review of China’s development up till now.
China’s pattern of development China experienced GDP growth of almost 10 per cent per annum on average over the past 20 years. This resulted in a seven-fold increase in real GDP per capita (Graph 1). Growth of that magnitude is impressive, particularly for such a large economy.