The Economic Growth Of China - 1503 Words

Over the past three decades in China, it goes without saying that it was miracle that economic growth increased rapidly. For the size of gross domestic product (GDP), China grew by around 10% per year on average, so that it became the second largest economy in the end of 2012, behind the United States. During the last 30 years, the GDP per capita raised from $205 to $6075. One of the most crucial achievement is that China, the largest exporter and the second largest importer, ranked NO.1 in the world for foreign exchange reserves, reaching $3.3 trillion. However, despite the benefits for achievement in China, the problem also cannot be ignored. Because of the rapid population growth, people got great pressure for the cost of†¦show more content†¦China focused on economic and technological development, coastal economic development, riparian regions development, and island regions development, in order to get wider for outside world and obtain more opportunities through the ec onomic globalization. The trade and investment was the most important driver for sustainable development. Meanwhile, China started to consider more about the disadvantaged agriculture and service industries from the advantaged manufacturing industry. Hence, as the result of the opening-up policy, China not only promote its own economic and technological development, but also benefit in interaction with the rest of the world. In addition, continuously improved economic structures was also a main factor. In 1987, industrialization and urbanization were the two major drivers for economic development. There are two ways to make productivities more efficient. On the one hand, as a developing country, it is more benefits that hiring more labors and supporting the urbanization. On the another hand, population is the biggest problem that people need to think about it. If the real urbanization ratio in China is lower than the developed countries, or lower than the average of the developing countries, it is difficult to follow the process of urbanization to support economic growth. The last main factor for rapid economic growth is high savings andShow MoreRelatedChina Economic Growth774 Words   |  3 PagesEconomic growth means the increase in the real GDP over time. It can be caused by an increase in an aggregate demand or aggregate supply. However, long-term economic growth mainly results from an increase in aggregate supply for instance increased capital, etc. Growth accounting is the tool to estimate the contributions from various sources to economic growth. It is the growth of GDP explained by weighted growth rates of other variables. It should be cleared that the growth rates of other variablesRead MoreChina s Economic Growth Essay1144 Words   |  5 Pages1980 when China entered the global market, it experienced remarkable growth in terms of GDP and net output. Much of its growth is attributed to its large amount of exports, particularly within the manufacturing industry. As a result, its GDP per capita increased significantly and the country as a who le became considerably wealthier. More recently, however, demographic changes and increased wealth inequality are hindering its growth. Between 2008 and 2015, the World Bank estimates GDP growth decreasedRead MoreChina s Economic Growth1321 Words   |  6 PagesFor 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 UnitedRead MoreChina s Economic Growth3241 Words   |  13 Pagesrecent rapid economic growth has astounded countries around the world, including the U.S. Domestic policies that improved incentives for economic competitivene ss were one of the main reasons that China was so successful in increasing its Gross Domestic Product (GDP). â€Å"The combination of Chinese land and labor with the capital and expertise of Taiwan and Hong Kong industrialists provided a particularly important boost to exports and employment during the first decade of reform.† China attracted investmentsRead MoreEssay on India China Economic Growth893 Words   |  4 PagesCATALYSTS TO GROWTH IN CHINA AND INDIA. India with about 1.2 million populations and china with about 1.3 billon population are two big demographic and emerging countries in the world .Over a past few decade Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s combination into the economic has been accompanied by remarkable economic growth (World Bank 2011 ¬).India is having the 3th position on the economy in purchasing power parity (PPP) terms (The Economic Times, 2012). Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s total GDP (gross Domestic Product) growth was 5.5% inRead MoreIndia And China s Economic Growth1085 Words   |  5 PagesAbstract India and China, two populous countries (nearly one-third of the world’s population) in the world, have innumerable similarities in many aspects. Both of them sit on the Asian continent and achieve rapid economic growth in the past three decades. As current success stories of globalization, this rapid growth also influences the economic structure of the world which leads more concentration on the analysis of these two countries. Two Not Similar economies Different economies may have commonRead MoreChina s Economic Growth And Development Essay990 Words   |  4 Pagesimmersed themselves in the discourse of China’s rapid economic growth and development. For a socialist regime, the emergence on China’s remarkable economic achievement has been one of the world’s most unprecedented success stories. Sai-leung Ng (2000) emphasized on China’s success, describing China as the country with the most rapid economic growth of the time. Paul Collier (2007) noted that individuals in the west were starting to get worried that China was converging to quickly with the western economyRead MoreEssay on India China Economic Growth906 Words   |  4 PagesMAIN CATALYSTS TO GROWTH IN CHINA AND INDIA. India with about 1.2 million populations and china with about 1.3 billon population are two big demographic and emerging countries in the world .Over a past few decade India’s combination into the economic has been accompanied by remarkable economic growth (World Bank 2011 ¬).India is having the 3th position on the economy in purchasing power parity (PPP) terms (The Economic Times, 2012). India’s total GDP (gross Domestic Product) growth was 5.5% in 2012Read MoreChina s Economic Growth Mechanism1768 Words   |  8 PagesThe article of Yasheng Huangï ¼Å'named how did China take offï ¼Å'discussing on economic growth mechanism, mainly come to China’s economic reform had the process of financial liberalization. Furthermore, he pointed out that political reform, financial liberalization and the development of township enterprises are the key focus on China’s development. Huang argues that the results of China s economic development are mainly due to internal reforms which are the reforms of China’s rural industry. On the contraryRead MoreEconomic Growth Of China And Its Effect On The Environment1621 Words   |  7 PagesTitle: Economic growth in china and its effect on the environment in china. Abstract: Economic development is very critical for better future of any country and its residence but for one to gain something thing they must lose something. This has been the case with china’s economy and the environment. China’s growing manufacturing sector and increase in consumption has taken the country’s economy to new heights. Today china is one of the largest economic powerhouse in world, but at what cost. China’s