As the modern day economy continues to grow, more and more discussion are emerging revolving around what are the factors that led to the successful economic growth in some countries and one country that has been gaining researcher’s interest is China and the development of Beijing from a third world country in the to a developed and Newly industrialized country today.
The purpose of this research report is to provide an overview of China’s economic growth in relation to the long term economic growth drivers. Critical assessment will be made on the growth drivers to determine whether they lead to long term economic growth.
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
China is a growing country; its population is about 1.4 billion, and as of 2014, the Chinese economy is the world’s second largest (in terms of nominal GDP,) totaling approximately US$10.380 trillion, with a growth rate of 7.4%, and the GDP per capita is US$3,619.4. From last century to this century, China has had significant improvements in their economic development. China had been in three major crises during the last century: the 20th century. The Fall of Qing Dynasty, World War II, and Civil War in China, all of them struck China in a destructive way. From the end of the 20th century, China was in a fast-developing mode.
Over the last few decades while China’s population growth rate has decreased, its GDP has increased. “China’s GDP per capita for the period 1952 to 2008 grew at an average annual rate of 5.58%.” (Yao) Furthermore, during the same time
There have been recent concerns about the United States’ involvement with China’s economic rise. A concern about China’s growth surpassing the United States in economic size within the decade and regulating purchases of power. China’s economy grew in 1979 upon opening to foreign trade, investment and a free market. The increase of China's economy caused the gross domestic product to grow in 2016 by ten percent. China soon had the lead in being the largest economic manufacture, merchandise exporter and importer and holder of foreign exchange reserves. Their control as one of the largest economies encouraged the United States to have commercial ties with them. China's huge influence made it the United States’ second largest trading partner,
Economically in the past fifty years, China has raised the standard of living in the country by keeping birth rates down. Access to Earths natural resources in the area has increased since 1980. The Chinese has plenty of land for agriculture, food supply, water and gas resources to sustain presently.
China is a country that affects the world and the way people live. China has the second largest economy and it grows through time. They have a large wealth of many minerals and natural resources, which include coal, iron, copper, limestone and much more. These reserves of mineral and natural resources help provide China with a steady foundation for rapid industrial growth. China is quickly growing and it’s population is increasing enormously. It’s booming economy and industry are a huge catalyst for the economic status of many other countries, of those including the U.S.
The Peoples Republic of China’s economy is now the second largest in the world with an estimated gross domestic product of $9.24 trillion USD (China, 2014). This is the result of a strict economic reform policy put into place in 1978, which removed emphasis on the agricultural sector and moved to the energy intensive sector of manufacturing. The growing demand for energy often came in the form of highly polluting coal-fired power plants, but in 1992 the Three Gorges Dam was approved with construction beginning in 1994. The world’s largest dam was intended to produce power economically, reduce environmental impacts, and help to prevent floods downstream. However, the Three Gorges Dam is often seen as highly controversial due to foreseen and unforeseen problems that have arisen following its completion in 2012 (Jackson and Sleigh, 2000). The dam may be one of China’s largest environmental oversights and social failure in recent years.
China is the second largest economy in the world after the US. This is measured by both nominal GDP ($4.99 trillion), and by purchasing power ($8.77 trillion). The Peoples Republic of China, as it is officially called, is the world’s fastest growing major economy in the world with an average growth rate of 10% for the past 30 years. China is also the second largest trading nation in the world as well as being the largest exporter and second largest importer of goods.
For many years China has been the leading economic power in the world, even surpassing the United States. Recently, the country has been hanging onto that title despite its weakening economy. China’s economic growth has been declining due to job losses and lack of manufacturing. However, there have been numerous attempts to fix this problem. According to an article in the New York Times, China has created a new world bank — despite skepticism about that idea by other nations including the United States – in order to maintain its global and free economy. China has been trying to maintain a free economy, an idea that would not have worked or even been conceivable during the time China was a communist state. There were many attempts to try
The significant economic growth of China happened after China adopted Economic Reform and Opening-up Policy in 1978 (see Appendix 1). Under this policy, China opened its door to the foreign investment and began to emerge in the global market. Its economic system has since then been transformed from socialist economy into a capitalist economy (Szamosszegi and Kyle, 2011, p.4; Paltiel. 2009). If the period between the founding of the People’s Republic of China in 1949 and the Reform in 1978 can be regarded as the first industrialisation process towards heavy industry monitored by central planning, then the
The extraordinary economic growth of China in the past 30 years is a miracle in many aspects. China has the second highest GDP in the world after the United States, and it is expecting that to surpass the American economy by 2025 (Zhao, 2014). Comparing the GDP of 2012 and 1978, there was a 142 times increase. The GDP per capita has increase 101 times as well. It has lifted more than 500 million people out of poverty (Zhao, 2014). This economic miracle is credited to the economic reforms that started in 1978, which in many ways, learned from the experiences of the model of developmental state in Korea and Japan. These series of reforms put China’s economy back to track after the Great Leap Forward, a failed and catastrophic social and economic campaign between 1958 and 1961, and the Great Proletarian Cultural Revolution, a devastating turmoil between 1966 and 1976. The extraordinary economic growth of China in the past 30 years is a miracle in many aspects. China has the second highest GDP in the world after the United States, and it is expecting that to surpass the American economy by 2025 (Zhao, 2014). Comparing the GDP of 2012 and 1978, there was a 142 times increase. The GDP per capita has increase 101 times as well. It has lifted more than 500 million people out of poverty (Zhao, 2014). This economic miracle is credited to Deng Xiaoping, one of the greatest leaders and reformists in China. He initiated a series of neoliberal economic
China's growing economy is not only gaining international prestige, but its confidence has soared as it continues to be the world's fastest growing economy for the past three decades. "China's rise as a manufacturing base is going to have the same kind of