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Jakarta Post

China’s economic reform and Indonesia’s economy

  • Winarno Zain
    Winarno Zain

    Commissioner in a publicly listed oil and gas service company

Jakarta   /   Wed, January 9, 2019   /  11:05 am
China’s economic reform and Indonesia’s economy Wide open: Chinese President Xi Jinping speaks at the opening ceremony of the first China International Import Expo (CIIE) in Shanghai, China. Xi has vowed to widen access to China’s economy. (Reuters/Aly Song)

China celebrated the 40th anniversary of its historic economic reform in December 2018. It was a reform that had turned China from one of the poorest countries in the world in the 1970s to the economic superpower it is today. Its income per capita reached US$7,300 in 2017 from $400 in 1978, when the reform was started. Its economy has been growing rapidly. 

China overtook Japan as the second-biggest economy in the world in 2010. More than 500 million people have been lifted out of poverty, the biggest poverty reduction the world has ever seen. China has become the “factory of the world”, and by using abundant cheap labor, its products have flooded markets all over the world at low prices. 

In 1978, after decades of economic stagnation and severe drought, then-prime minister Deng Xiao Ping began to reform China’s economy. He eased ...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.