How China’s Economy Works
China’s economic growth?
Why is nobody acknowledging how much economic growth and progress China has made?
Specifically People’s republic of China? I know it is communist but it is working to loosen controls. China has come a long way, they have pulled over 150 million Chinese citizens from poverty, that is half the population of America! It has come from being a poor country to being the worlds 3rd largest economy.
People comment on the fast economic growth of Japan, Taiwan and South Korea, but China has made even more progress than any of them without the help of the U.S. (in fact the U.S. owes china Trillions of dollars and continues to borrow money). Why doesn’t anybody recognize that China has come a long way and no longer deserves to be called a poor country, now that their government is taking major steps to reverse it? Nobody praises China for their economic growth and progress.
A lot of people do acknowledge the phenomenal growth of the Chinese economy over the last 30 years. And many are simply afraid of the enormous economic power that China already today, let alone in the future, represents.
Not so long ago, between 1958 and 1961, at least 15 million people died in the Great Chinese Famine, caused by the mismanagement of the economy by the central government. The first reform efforts started in 1978, when the Chinese leader officially acknowledged that the Maoist central planning had failed. After these reforms showed very positive result, the real opening began gradually to take hold under Deng Xiaoping’s “Reform and Opening” policy statement in 1982.
An interesting chart about the Chinese economic development and its place in the world economy:
http://www.visualizingeconomics.com/2009/09/13/emergence-of-china-india-and-brazil-in-the-world-economy/
Having said all that, however, China has still a lot of problems and a long way to go (huge regional disparities in wealth and income, corruption in the local governments, etc.) and the relative economic strength, for instance measured as the GDP per capita, is still lagging behind the industrialized nations:
http://www.visualizingeconomics.com/2008/01/27/income-of-united-states-japan-india-china-and-indonesia-since-1500/
China Premier: Chinese Economy ‘In Good Shape’
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