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The Effects of China's Rapid Growth on the US Economy Since the initiation of economic reforms in 1979, China has become one of the world's biggest and fastest growing economies. Between 1979 and 2003, the growth rate of real gross domestic product (GDP) averaged 9.3 percent per annum (Figure 1). Trade and investment reforms in the early 1990s opened the Chinese economy to large flows of foreign direct investment (FDI) and established China as the fourth-largest trader in the world. China's continued emergence as an economic power in Asia has posed a number of complex questions to US policy makers over the effects of China's rapid growth on the American and global economies: What opportunities will the growth and liberalization of Chinese markets likely bring to developed and developing countries? How will the increase in the export competitiveness of Chinese products affect world markets? Who will gain? Who will lose?...

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