Growth of an Economic Giant

David S. Kerr, Katherine Taken Smith, Lawrence Murphy Smith and Tian Xu

World Economics, 2025, vol. 26, issue 2, 147-175

Abstract: The economic expansion of the People's Republic of China is the most rapid continuous increase by a major economy in world history. China has become an economic giant, the world's second-largest economy based on GDP and the largest based on purchasing power parity. This study identifies major historical events across millennia relevant to China's continual economic development. For example, early Chinese accounting practices provided basic conceptual benefits that were similar to modern Western practices. Confucius' instructions about benevolence, morality, loyalty, unity, and trustworthiness fashioned a framework to guide individuals on interactions with others, which had a significant and enduring influence on the culture and business environment in China. Findings offer insights into China's history, from ancient origins to the present day, notably, the business and accounting practices that laid the groundwork for China's modern-day economic growth.

Date: 2025
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