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With a total population of over a billion people, China requires vast supplies of energy for industrial and economic development. Indeed, in absolute terms, the country ranks third to the United States and the former Soviet Union as a producer and consumer of energy resources. Nevertheless, its per capita energy consumption remains extremely low even for a developing country.
In 1981 the Chinese leadership set the goal of quadrupling China's 1980 per capita GNP by the year 2000 in order to raise the people's standard of living to a “relatively comfortable level.” But apart from sustained growth, the Chinese planners are also very much concerned with economic efficiency and price stability. The new development strategy to attain these goals is economic reform and opening to the outside world Over a decade has now elapsed since these goals were set. This article addresses the issues of how far the Chinese economy has advanced toward those objectives, the major challenges that lie ahead and China's economic prospects in the 1990s.
In February 1985, Hui Tong Urban Co-operative Bank, China's first new private bank since 1949, opened for business in Chengdu City in Sichuan Province. The bank was set up by a group of young economists from the Sichuan Academy of Social Sciences and university teachers in Chengdu City.