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 Last year, a census in China - a gargantuan operation involving 10 million staff - uncovered what many people had long suspected: that the Chinese economy was actually far bigger than earlier data suggested.
China's GDP, it appeared, was about a sixth bigger than previously thought - a difference of $300 billion or so. The result was that, in 2005, China replaced the UK as the world's fourth largest economy. These growth statistics make impressive reading: China now accounts for about 5% of the world's total output and is growing at a phenomenal rate. The most recent growth figures showed the economy growing by over 11% a year, in spite of a range of efforts by the authorities to rein in investment before the economy overheats.
Perhaps the most significant fact about the revision was that the hidden growth was mainly in the services sector - new businesses that have sprung up to meet the demands of a new generation of consumers.
For specialist investors in the region, this came as no surprise. China is, to most Westerners, an exporter of cheap manufactured goods. But the fact is that the local economy is going through a remarkable transformation that has led to mass urbanisation and the creation of several hundred million new consumers. They are becoming a force that cannot be ignored by investors. This is the rationale behind the launch of the Jupiter China Fund.
In mature markets, there is a balance between the three facets of the economy - government spending, corporate spending and consumer activity. In a centrally controlled economy the state dominates economic life, but China's transformation has already seen a dramatic shift away from state-run enterprises towards new, entrepreneurial businesses.
In 1985, the state employed nearly half the population, compared to less than a fifth now. Similarly, the urban population is now about 40% of the total, compared to 13% in 1950, and that level continues to rise. Hundreds of millions of people now live in cities, their incomes are rising and they need access to services, whether it is supermarkets, banks, transport and so on.
I have been investing in emerging markets for over 16 years and I have seen this pattern of development many times before, but never on this kind of scale. China's nascent middle classes are a significant regional economic force and will increasingly become a global force, in much the same way as the US consumer is currently so important to the global economy.
For investors in this market, the trick is to identify rapidly growing, modestly valued companies that will evolve into dominant players in their respective sectors, while avoiding the pitfalls associated with rapidly emerging economies, such as corporate governance issues and less rigorous accounting standards.
Significantly, there are many ways to invest in China's growth, with Hong Kong, being the principal entry point. The advantages of investing through a market such as Hong Kong are manifold. This is a well-researched, liquid market in which there is a lot expertise. Likewise, there is also a higher quality of corporate governance.
For example, the packaging sector is highly exposed to consumer growth and there are two companies - Lee & Man and Nine Dragons - that are emerging as market leaders. Both of these are well-managed, highly profitable and listed in Hong Kong.
Likewise, food retail is a vast opportunity and Hong Kong-listed Wumart Stores is a pioneer in the sector. Founded in 1994, it already operates over 450 stores and is the largest supermarket operator in Beijing. Its growth opportunities are unparalleled, in my opinion.
Indeed, I can see great similarities between the emergence of retail chains in China and the evolution of chains such as Albertsons and Nordstrom that were rapidly growing retailers on the west coast of America when I started my investment career twenty years ago. These are operators - among many others - that may come to dominate what will undoubtedly be a huge marketplace. Investing in China, like any emerging market, is not going to be a smooth ride.
There are inevitable risks, not least in identifying the right time to invest. Markets have a habit of getting ahead of themselves, especially when exciting new themes emerge. Corrections usually follow, but for investors who are willing to make contrarian calls, these are buying opportunities.
Most people are aware that China is the biggest growth story in world markets - but finding the right companies, at the right time will be the key to turning that story into a profit.
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