How China Is Achieving Its Significant Economic Growth by Applying a Different Model Apart from Other East Asian Countries?

1533 WordsFeb 21, 20186 Pages
1. Introduction-The remarkable triumph of the Chinese economy According to World Bank (2010), China’s gross domestic production (GDP) reached as much as $5,930,529,470,799 in 2010, when for the first time China ranked the second in the world following the United States and surpassed Japan, and has been maintain the ranking in the following years with larger gap outperforming Japan. Moreover, the annual growth rate of China’s GDP has averaged over 9 percent in the last 3 decades (World Bank, 2010), with no other country having achieved such rapid developmental success as China in the world (Turin, 2010). As the country with the largest population in the world, China has lifted 300 million of its citizen out of poverty (Ramo, 2004), attributed to 67% of the total reduction of global poverty during the last 25 years” (People’s Daily, 2008; Turin, 2010), and people living at less than $1 a day has sharply declined to 13.4% in 2003 and further to 8% in 2009 from 60% in 1980 (Sahoo, Dash & Nataraj, 2010). China’s dramatic rapid economic growth has been a miracle of in the world. Reflecting the notion that as one of the most significant emerging economies, the world centre may be shifted to China, thus a couple of research studies have turned their attention from western advanced economies’ to China, trying to find out a model that can perfectly explain such growth, Some scholars contribute China’s success to the incentives of Asian Flying Geese Model. Hemphill & White (2013) claim

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