The transfer of power in China from the outgoing regime led by Hu Jintao to the incoming leadership of Xi Jinping has occurred without a hitch. This is a mark of increased political maturity in China.

In fact, the handover has been described by Citigroup economists as the first complete and orderly transition of power in the 91-year history of the Chinese Communist party.

During President Hu’s decade, China’s real GDP per capita rose at 9.9 per cent per annum. China accounted for 24 per cent of the entire growth in the global economy, and Chinese annual consumption of many basic commodities now stands at about half of the world total. Perhaps the most important question in the world economy today is whether China’s economic miracle can continue in the decade of Xi Jinping. The IMF forecasts shown in the graph above suggest that the miracle will persist, but many western economists disagree. Read more