Socio-Economic Development of Tibet in the 9th Five-Year Plan (1996–2000). Part 7

Abstract

The results of the realization of the 9th Five-Year Plan of the PRC turned out to be the closest to those planned since the beginning of the economic reform. China successfully overcame the inflationary processes of the late 1980s and early 1990s. There was a smooth transition from extensive to intensive economic growth. China's average annual GDP growth has exceeded 8 %. The Asian crisis of 1997 was overcome successfully and painlessly. Just then 3 years earlier than planned, there was a 4-fold increase in GDP per capita compared to 1980. The country has taken second place in the world after Japan in terms of gold and foreign exchange reserves. Instead of destructive inflation, signs of deflation appeared in the economy. Trade deficit has gone to the irretrievable past. The transport infrastructure has been noticeably improved. The standard of living has risen significantly. Science and education developed rapidly. The socialist market economy progressed harmoniously. Great success has been made in the cultural sphere. Hong Kong and Macau returned to the bosom of the Motherland. The TAR economy developed at a faster pace than the country. However, Tibet remained an underdeveloped region of China, despite major achievements in all areas.