Since initiating market reforms in 1978, China has shifted from a centrally planned to a market based economy and experienced rapid economic and social development. GDP growth averaging about 10 percent a year has lifted more than 500 million people out of poverty.
With a population of 1.3 billion, China recently became the second largest economy and is increasingly playing an important and influential role in the global economy.
Yet China remains a developing country （its per capita income is still a fraction of that in advanced countries）and its market reforms are incomplete. Official data shows that about 98.99 million people still lived below the national poverty line of RMB 2,300 per year at the end of 2012. With the second largest number of poor in the world after India, poverty reduction remains a fundamental challenge.
Singapore may be implicated since many of us will move to China to do business because of China's economy growth. This will cause us to have less business people in Singapore.