Economics & the Rest Essay

Since the reform and opening up, the economy of China grows significantly, as an emerging economy, China's economy has made tremendous contributions to the global economy, and Renminbi has become one of the most important currency in the world. According to the survey conducted by China National Bureau of Statistics found that from 1979 to 2012, China has attained an annual average growth rate of 9.8% for its national economy, while the annual average growth of the world economy is only 2.8 % during the same period. In past 30 years, China's GDP surpassed Japan’s, China became the world 's second largest economy, in addition, the huge total volume of trade makes China become the world 's largest trading nation. The contribution of China’s

Nowadays, China has become the second largest economy in the world. The GDP (gross domestic product) of china was growing at 9.7% per year in average since 1978, which the year of Chinese “open door” politic founded. China also has become the biggest producer and consumer in many key agricultural and industrial markets and the largest FDI recipient among the developing countries. The performance of china in developing of economy is called “china’s economic miracle”, which be studied by many economists. However, there are also bad results with the development of economy in china such as environment disruption, corruption and

Since the implementation of the "reform and opening-up" policy in 1978, China's economy has been undergoing a rapid and healthy development. Over the past 27 years, China's annual GDP growth has averaged 9.4 per cent, more than doubled that of the world as well as more than two folds that of the developed nations over the same period. In 2004, China's GDP reached USD1650billion, an increase of 9.5 per cent over 2003.(The Embassy of the People's Republic of China in Australia, June 2005)

China has reached a milestone in terms of achieving its centenarian goal of making China a prosperous nation once again. One of the ways that it has done this is by having steady economic growth even in the midst of an economic crisis. Not only has China’s economy grown, but its standard of living has also improved, it has achieved this by spending 70 percent of its fiscal revenue towards improving people’s standard of living. China has also pushed more anti-corruption reforms and has made efforts towards widening its economy by setting up freer trade.

The rise in China from a poor, stagnant country to a major economic power within a time span of twenty-eight years is often described by analysts as one of the greatest success stories in these present times. With China receiving an increase in the amount of trade business from many countries around the world, they may soon be a major competitor to surpass the U.S. China became the second largest economy, last year, overtaking Japan which had held that position since 1968 (Gallup). China could become the world’s largest economy in decades.

9. When the economy is in a deep downturn, more government spending can lead to increased output in both the short run and the long run, even if it causes an increase in the deficit in the short run. Increased government spending on investments (e.g., infrastructure, education, technology) can improve the country's overall fiscal position, as its assets can increase more than its

“China is confident and capable of maintaining a reasonable growth rate thanks to its economic structural reforms and emerging new sources of growth” –

What these reforms have done to China are incredible. During 1978-1994, the annual GNP growth rate averaged about 10 percent, which during that same time period was far higher than the world average of 3 percent . However, over the past five years has experienced slow growth rate in the economy. Some economists contest that China’s first two decades of reforms reflected a“catch-up” growth period, and that the country has now “run out of easy things to reform” (Henderson pg.

Yet several specters haunt China. To continue economic growth, China’s economy will have to fundamentally shift away from its current orientation toward exports and grow based on its own consumption. Other structural challenges, from taxes and regulation to intellectual property and the rule of law, all must be reformed if China’s economic growth is to continue. China’s leaders will also have to manage an unprecedented level of urbanization, with an expected 400 million new urban residents by 2050. Just as daunting, China’s population is rapidly ageing, which will become a tremendous economic challenge given the effects of China’s One Child Policy and its Bachmann-beloved lack of a Social Security program. Beyond economic and demographic challenges,

Currently china is more dependent on the exports and so many parts of the world are facing recession so that the overall Chinese growth will decline.

China is currently the 2nd largest economy in the world, trailing the us and set to overtake the us economy by 2024 according to the IMF. GDP of china has grown extensively over the past three decades and have contributed to large scale growth in exports and imports, technological advancements, health, and more. The acceleration of globalisation was due to two major advancements, the first was the economic reforms of 1978 when china ‘opened the country’ and the joining of the WTO in 2001. China is classified as a socialist economy currently being ruled by a communist government. China’s current growth rate for GDP is recorded as being 7.7% in 2013 and has continued to slowdown over recent years due to a global economic slowdown.

In the National People’s Congress press conference in March 2007, China’s Premier Wen Jiabao argues the biggest problem with China’s economy is that its economic growth is unstable, unbalanced, uncoordinated, and unsustainable. Since export and investment play unsustainable roles in increasing China’s real GDP, this study tries to testify how consumption enhances the sustainability of China’s real GDP in the short run over a long period of time. As Krugman (1994) suggests, increase in the economic growth rate in the steady state can only be attained by the technological progress. However, it is also true that the increase in consumption will increase the real GDP in the short run. Based on the fact that the current ratio of consumption over output in China is much smaller than that of other countries, such as Japan and the United States, a higher ratio will increase China’s real GDP in the short run. Since it takes several years for China to change its economic structure toward consumption, the accumulation of each larger real GDP in the short run will result in a much larger real GDP in the long run. In other words, the increase in consumption will increase China’s economic growth rate indirectly. Therefore, this study uses a macroeconmetric model of Chinese economy to quantify what China’s real GDP would be in a series of increases in the ratio of consumption over output, spread over a long period of time and predicts what China’s real GDP level will be in the future

The Chinese country was primarily a farming nation until 1978, when the government took drastic measures to bolster the economy and decentralize state sectors. Before 1978, the chinese government worked on a command model, where the government was responsible for for managing the economy. It wasn 't until Deng Xiaoping, a capitalist who introduced new principles into the economy, that these drastic changes occurred. With the new capitalistic ideals, the Chinese government saw extraordinary growth within their economy. The economy has averaged a 10 percent growth in GDP over the last several decades. Their market has grown from 168 billion in 1978, to about 8 trillion. Xiaoping did this by making state governed sectors more independent. They adopted some of the more western ideas like laissez-faire, or an attitude of letting businesses operate without interference. Many of the state owned sectors became private enterprises which grew rapidly under a competitive environment. Banks were also split up which allowed them to grow quickly while also reducing risk to the economy. In 2011, the Chinese government decided that they needed to implement new reforms. Known as the 12th five-year year plan, the government wants to focus more on domestic consumption so they can be less dependent on exports.

China has grown economically to be one of the most important countries in the world; with over 1.3 billion population and the sheer size of the country, this economic phenomenon is unprecedented. If only this were the only growth China has experienced, then it would really be a phenomenon, sadly, it is not. China 's drastic growth in the economy has also lead to a few other drastic growths, but it is not for the better, in fact, it is for the worse. The energy consumption level and the pollution level in China has grew much faster than the growth of GDP since 2002. In 2000, China has set a goal to quadruple its GDP by 2020, which could mean that the

Indeed, both countries are aiming at adjusting their growth and development strategies to deal with problems that have emerged and major challenges ahead. Their 12th five-year plans (5YPs) reflect their visions and objectives. However, adjusting growth and development strategies is complex and difficult from both economic and political economy perspectives. Thus, there is a lot of uncertainty about the direction of policy and about whether and how China and India will adjust their pattern of growth. This paper, written as part of the Fung Global Institute’s research project on the Evolving Growth Models in China and India, is a first step towards exploring the issues involved. It tentatively characterises the existing economic growth patterns and problems; summarises how governments want to adjust their growth strategies; introduces some key features of the policymaking process and some of the institutional and political economy problems; and sketches some tentative economic scenarios.