The Importance Of Economic Growth In China

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China is generally an economically developed country. The massive economic growth started in the late 1970s and has continued up to date. The early years before 1970 were marked with low income levels and the consumption rate of products was not high. The current economic growth is unique and remarkable owing to the fact that it covers a wide geographical location. The China coastal regions have contributed to a large extent the vast economic growth due to the large quantity of export products that translate to income. The Central and Western regions have also been up to task as far as economic growth is concerned. (Brandt,2009) In the recent years, China has recorded the fastest sustained economic expansion in history with an average of ten percent a year in GDP growth. More than 800 million people have been lifted out of poverty. In 2015, China hit a world record by achieving all the Millennium Development Goals. This was a major input in the total achievement of the MDGs globally. The public sector is responsible for the majority of the input to economic growth as compared to the private sector. (Justin, 2011) China is a globally renown manufacturing and production source. They possess the largest manufacturing economy worldwide and they also boast of being the largest recognized exporters. The consumer market also plays a key role in sustaining the economic growth. China has a population of 1.411 billion which serves as a big market for their products (United Nations,
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