The Yuan is even older than the People´s Republic of China. On December the first 1948, the People´s Bank of China was set up in Shi Jiazhuang, about 320 kilometers south of Beijing. The bank then issued the first RMB notes.
The rise of the private sector is certainly meteoric. It drew considerable support from government policies. Just as a flourishing private sector would have helped determine what direction the economy would take.
60 years ago, China was one of the poorest countries in the world, with 60 percent of the population living in poverty. Looking at the country today, its achievements have to be considered no less than an economic miracle.