China and India have witnessed distinct growth rate trends over the last few decades. In the 1980s, China maintained a near double-digit growth rate of 10.3 per cent, while India was at the bottom with 5.7 per cent. At a time when developed countries struggled to reach 5 per cent, China showed exceptional performance.

However, the trends changed in the subsequent decades. Between 2015–17 and 2022, there has been a decline in China's growth rates, falling from 6.8 per cent to 3.0 per cent. In contrast, India met with a moderate increase in growth rates, recording 7.3 per cent in 2015–17 and 7.0 per cent in 2022. The structural drivers of this growth differ significantly between the two nations. China's growth is mainly contributed by the manufacturing sector, as it followed the classical path of shifting from agriculture to industry. Conversely, India's growth is driven by the service sector, shifting directly from agriculture to services.

In terms of magnitude, China has the second-largest GDP (PPP) in the world, while India's GDP is about 42 per cent of China's. Consequently, China witnessed a rapid increase in GDP per capita compared to India. It is also noted that China introduced reforms on its own initiative, whereas they were forced upon India by international agencies.