China's Latent Economic Crisis and Potential Risks

Since the beginning of broad ranging economic reform [in 1978], China's economy has been growing at a pace that commands the world's admiration. Entering the 1990s, however, the high-speed growth of the virtual economy has produced a large number of bubbles. Arguably, the major factor contributing to the dramatic growth of our country's economy in the past twenty years has been rapid investment. However, the quality of economic growth produced by this "investment, investment and more …

…Guangdong and Hong Kong Information Daily, August 25, 1998; "No Winner out of A Bloody Battle," China Industrial and Commercial Time, July 7, 1998. [10] "A Spear from the Front While An Arrow from Behind: A Sectoral War," Shenzhen Commercial Daily, August 12, 1998. [11] Southern Weekend, August 28, 1998. [12] China Market Economy Daily, March 18, 1998. [13] In this report, China ranked 6th in R&D resources thanks to its No. 2 position in total human capital and No. 4 position in total number of enterprise employees.