sp;to submit to a fate of agony and woe, the Chinese people fought back persistently and finally built up a New China under the leadership of the Chinese Communist Party. Since 1949, when the New China was proclaimed, and particularly since the implementation of reform and opening-up program pioneered by Mr. Deng Xiaoping in 1978, China has undergone a profound transformation never seen in the country before. In a short span of 26 years from 1978 to 2004, China’s GDP increased from 147.3 billion US dollars to 1.6494 trillion US dollars with an average annual growth rate of 9.4 percent. Its foreign trade rose from 20. 6 billion US dollars to 1.1548 trillion US dollars, averaging an annual growth rate of over 16 percent. China’s foreign exchange reserve increased from 167 million US dollars to 609.9 billion US dollars. The number of rural poor has dwindled from some 250 million to 26 million. The overall national strength of China has increased remarkably and the texture of life of its people improved steadily. While inheriting and carrying forward their proud past, the 1.3 b
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