Here’s how China became the world’s No. 2 economy and how it plans on being No. 1
China is on the cusp of keeping a big promise — a vow to double its GDP and income in a decade and take the country to the forefront of the global economic power structure. The nation now faces the challenge of keeping the momentum going in the face of mounting challenges. The ascension began in the late 1970s with a move to more open markets. It continued through aggressive central planning, utilizing the advantages of cheap labor, a devalued currency and a robust factory system to spread its products around the world.