China's Economic Growth

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China’s Successful Economic Growth

China may share some economic growth patterns with Japan, Korea, and Taiwan due to cultural similarities, geographic location, similar economic development strategies, or, in the case of Japan, relatively large size of the domestic economy.
China’s economic growth is expanding at a great pace, while other countries may be at a standstill. China has been the world 's fastest-growing economy. One of the main stimuli twelve years ago was the release of Hong Kong to China from Great Britain. The second largest stimulus was the opening of free trade with other countries, in which China was originally a closed trade country. Foreign trade and investment have played a crucial role in the growth of the
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The differences between the two divisions have combined to form an economic and cultural social gap between the rural and urban areas, which is a major division in Chinese society.
Although China has acquired some highly sophisticated production facilities through trade and also has built a number of advanced engineering plants capable of manufacturing an increasing range of sophisticated equipment, including nuclear weapons and satellites, most of its industrial output still comes from relatively ill-equipped factories. The technological level and quality standards of its industry as a whole are still fairly low.
China had a difficult time in joining the World trade organization, due to their background of communism. The first step was receiving the blessings of the United States and their backing. In 1999 China approached the United States in order to get a foothold and entrance to the World Trade Organization. With WTO membership, China foresaw that foreign companies and banks would increase their presence in the Chinese market, setting examples and creating competition for the domestic system.
The most widely cited reason for China 's push to join was that supporters of reform saw it as a way to continue the restructuring of China. For example, many plans were been initiated to restructure and revitalize state owned enterprises since the mid-1980s, but only minor progress was made during the beginning processes in 1999.
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