China keeps up the pace in per capita GDP rankings
Shift from manufacturing- based economy to services- driven one has helped
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CHINA'S transformation from rags to riches is not over quite yet.
Thanks to economic reforms put in place by Deng Xiaoping from the 1970s that set off rapid industrialisation and urbanisation, the China miracle is set to continue with its per capita gross domestic product (GDP) seen rising to 64th out of 166 countries by 2022, up from being the 133rd poorest in 1992 - on a par with Haiti and with over half its population living on less than US$2 a day.
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