China's 1978 economic reform policy apparently has led to impressive economic growth. As shown in Table 3, China has experienced annual growth rates in the double-digits from 1980 to 1995. In the late 1990s, the dramatic annual growth rates were maintained between 7-8%. This achievement designated China as the fastest growing economy in the world in the past two decades. The percentage of agriculture in total GDP declined continuously over the past two decades, while the percentage of service industries including transportation, postal, telecommunications, wholesale, and retail increased gradually. This trend signals a transition from an agricultural to a service economy.