China's economic growing pains

China is facing some serious growing pains.

On the world stage, the country has become an economic powerhouse to be reckoned with. But look a little closer to home and there are plenty of reasons why the most populous nation is still trailing far behind the developed world.

After years of untapped potential, economic growth took off shortly after the Chinese government launched major reforms in 1978. It has since grown at an average of around 10% annually.