I am very glad to be here today speaking to this group. China's success over the past two decades has been spectacular. Its prospects over the next two decades are also very bright, particularly if the Chinese authorities continue their progress in facing the challenges that still confront the Chinese economy. I am optimistic about the general principles adopted at the recent 15th Party Congress and I look forward to the emergence of the detailed program of reform that will be guided by the Congress's pronouncements.
Continued reform is essential for China's future success.
In my remarks today I will first discuss China's recent development. Second I will discuss its potential for the future. In order to realize this potential, however, China must face several challenges, which is the third part of my talk today. I want to start by briefly reviewing China's stunning success over the last decades. Since its reforms began in 1978, China has been the fastest growing economy in the world, probably in world history.