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From 1998, China's average annual economic growth rate was 9.7 per cent, and the GDP in 1998 has reached 950 billion US Dollars putting it in seventh place in the world rankings after the US, Germany, France, the United Kingdom and Italy. A leading economist from the World Bank has praised China for the tremendous changes that have taken place in the country. In the 50 years since the founding of the People's Republic, China's overall industrial production has doubled. By the end of 1988, China's output of steel had reached115.6 million tons which is a 700-fold increase over the figure in the early period of the People's Republic; the output of raw coal was 1,250 million tons, a 38-fold increase: the output of cement was 536 million tons, an 81-fold increase; the output of oil was 161 million tons, a 1,300-fold increase; and the output of electricity was 1,167 billion kwh, a 270-fold increase.
Approximate Word count = 509
Approximate Pages = 2
(250 words per page double spaced)
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