Economic Reforms and Global Integration
T. N. Srinivasan
In the last two decades of the twentieth century, China and India enjoyed historically unprecedented average annual rates of real income growth— around 10 percent and 6 percent, respectively.1 Although still very poor, with their large populations (still mostly rural) and rapid growth of gross domestic product (GDP), both countries constitute large domestic markets for a variety of agricultural and industrial products and services (table 7.1).
The first three main sections draw on T. N. Srinivasan, Agriculture and Trade in China
and India (San Francisco International Center for Economic Growth, 1994), chapter 1.
This is a revised version of a paper presented at seminars in Beijing, New Delhi, and
Shanghai. I thank my discussants, Zhan Minqiu and Wen Fude at Beijing, V. S. Seshadri
at New Delhi, and Huang Renwei at Shanghai, and participants of these three seminars
for their valuable comments. Thanks are also due to the editors, Harry Harding and
Francine Frankel, for their valuable substantive and editorial suggestions. I thank the
Center for Research on Economic Development and Policy Reform at Stanford Univer-
sity for research support, and Jessica Seddon Wallack for research assistance.