From npr.org:
China is experiencing enormous economic growth, Federal Reserve Chairman Benjamin Bernanke says. But “by most measures China remains a developing nation,” according to Bernanke. The Fed chief’s comments came in a speech delivered at the Chinese Academy of Social Sciences in Beijing.
In explaining his observation, Bernanke told the academy that China’s per-capita gross domestic product is “about one-sixth of that of the United States on a purchasing-power-parity basis and about one twenty-fifth that of the United States at current exchange rates.”
Bernanke also noted the rapid progress the country is making. Since it instituted Open Door reforms in 1978, China’s economy has grown at a rate of between 6 and 10 percent each year.[Full Text and the full speech]
