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BEIJING, Dec. 20-- Lawrence Lau, former vice president of the Chinese University of Hong Kong, still vividly remembers his trip to the Chinese mainland in 1979. "I saw fried dough sticks and baked sesame seed cakes along the streets. They looked fairly tasty and were only five cents each," Lau recalled. "But the vendors wouldn't allow me to buy them because I didn't have any food coupons." For some decades, ration coupons were needed for many necessities and household items in China as the country suffered a shortage of food and materials. With progress from the reform and opening-up, they have gradually become part of history. Lau said China's fast growth since the reform and opening-up is unexpected. "I once estimated the annual GDP increase to be 8 percent, but it turned out to be above 10 percent in many years. This is extraordinary." A senior economist, Lau was among 40 global politicians, scholars, and entrepreneurs who attended the third Understanding China Conference in Beijing this week. Reform and opening-up is a focal point of discussion as this year's conference coincided with a key gathering to celebrate the 40th anniversary of the drive that has changed the destiny of China and hundreds of millions of its people. DEVELOPMENT MIRACLE Graham Allison, founding dean of Harvard's John F. Kennedy School of Government, used the word "miracle" to describe China's poverty reduction efforts. | 
