In 1980, the population of the People’s Republic of China numbered close to a billion, and most were among the poorest people on earth. China produced barely a third as much steel as the US. Thirty five years later, it makes more steel in six weeks than the US does in a year, and has engineered the greatest fall in poverty in world history. Set beside the arrival of China into the global economy, no event since the industrial revolution has had a greater impact — not the financial crisis, nor even the collapse of the Soviet Union.
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