![Military vehicles carrying DF-15B short-range ballistic missiles drive past the Tiananmen Gate during a military parade to mark the 70th anniversary of the end of World War Two, in Beijing, China, September 3, 2015.](https://www.brookings.edu/wp-content/uploads/2024/07/2015-09-03T120000Z_1782281989_GF10000190986_RTRMADP_3_WW2-ANNIVERSARY-CHINA.jpg?quality=75&w=500)
![Military vehicles carrying DF-15B short-range ballistic missiles drive past the Tiananmen Gate during a military parade to mark the 70th anniversary of the end of World War Two, in Beijing, China, September 3, 2015.](https://www.brookings.edu/wp-content/uploads/2024/07/2015-09-03T120000Z_1782281989_GF10000190986_RTRMADP_3_WW2-ANNIVERSARY-CHINA.jpg?quality=75&w=500)
Research
BPEA | 1996 No. 21996, No. 2
ONE EAST ASIAN country after another has taken off from a stagnant state to achieve an annual economic growth rate of 10 percent or more. The fact that such high economic growth rates are being sustained, along with observation based on growth convergence regressions that prior economic and social conditions do not seem to have warranted such rapid growth, has led many to call the East Asian growth a miracle.