China Economic Growth Since 1949 - Research Paper Example

Comments (1) Cite this document
Impressive economic achievements of the PRC are second largest in the world. Republic of china is the fastest growing economy having consistent growth rates of around 10% over the past 30 years. China is largest exporter and 2nd largest importer worldwide…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.4% of users find it useful
China Economic Growth Since 1949
Read TextPreview

Extract of sample "China Economic Growth Since 1949"

Download file to see previous pages In 2010 Republic’s per capital GDP was $7, 544. The coastal areas of china are being the major part of its economic importance rather than hinterlands which are under developed. After the founding of Republic of China in 1949, the first three decades carried out under planned economic targets. Whereas the last three decades, mainly the result of the radical reform of its economic system. While watching through lens, China’s economy is facing major challenges. For every country being powerful, It should have improved technologies, far better resources, war technology, competent laborer, a small amount corruption and crime. This stuff isn't only with china but additionally through India that has enormous natural assets, many experts, and India being the largest consumer of arms and ammunition among all of the developing countries, but even then the fact India lagging behind and why china is at front of each developing country? How come china a much more powerful economy? Here are a few within the basic causes of china being the fastest growing economy (Carsten, 2003). Economic strategy within the first 30 years following the founding of PRC in 1949, the Chinese government completed quite organized economy; goals and proportion for a number of spheres of economic progression were established through the "planning committees" from the state. Industrial facilities produced goods based on state plans, and farmers planned and planted crops also based on state plans. Commercial sectors replenished and sold their stocks based on state plans, and also the qualities, quantities and costs of the goods fixed by organizing departments. This technique added towards the stable, planned growth and development of China's economy, it organized the introduction of the economy and sapped its vitality. During last 30 years when private possession of companies rarely existed once these reforms began, private firms currently take into account about 60% of overall production. As ownership, is just one aspect of the financial system? China’s financial system has transformed significantly in different ways too. Decision-making about consumption and production has typically been decentralized to individual households and firms, respectively; financial incentives, markets, competition, and internationalization need to a substantial extent replaced command, management processes, monopoly, and autarky. In most cases, China’s reform period is a marked contemporary instance of the traditional lesson that unleashing individual effort has a tendency to strengthen economic development . The question “why china is growing so fast?” is easy to answer while looking critically at the state control of all productive assets. In 1978, Chinese government embarked on a great program of economic reform. In an effort to awaken a dormant economic giant, this motivated the formation of rural enterprises, private businesses, liberalized overseas trade and investment, peaceful state management over a few prices, invested in industrial production and the education of its labor force. By nearly all accounts, the tactic has worked spectacularly. During pre-1978 China saw annual development of 6%, while in post-1978 China spotted actual median development of more than 9 % annually. In a number of peak years, the economy increased a lot more than 13 %. Per capita income has nearly quadrupled within the last many years, and some analysts are even predicting how the Chinese economy is going to be higher than those of America in two decades. Such growth rate can compare very favorably to the particular "Asian tigers" Hong Kong, Korea, Singapore, and Taiwan Province of China, which likes a group, had a typical rate of growth of 7-8 % during the last many year ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“China Economic Growth Since 1949 Research Paper”, n.d.)
Retrieved de
(China Economic Growth Since 1949 Research Paper)
“China Economic Growth Since 1949 Research Paper”, n.d.
  • Cited: 0 times
Comments (1)
Click to create a comment or rate a document
kjacobs added comment 1 year ago
Student rated this paper as
Wonderful work done on the "China Economic Growth Since 1949.". I think it is the best example I have seen so far.

CHECK THESE SAMPLES OF China Economic Growth Since 1949

International trade and economic growth of China

...? International trade and economic growth of China: How the Dragon has transformed itself into an efficient growth machine through international trade October 29, 2012 Table of Contents International trade and economic growth of China: How the Dragon has transformed itself into an efficient growth machine through international trade 1 October 29, 2012 1 1. Introduction 3 2. Chinese Economic and Trade Growth 4 3. Discussions 13 4. Conclusion 15 References 15 Appendix 16 1. Introduction The Peoples Republic of China is the world’s second largest economy...
11 Pages(2750 words)Essay

The drivers of Taiwan's economic growth between 1949-1990

...and opening of some units in another region. Again, if the economy is not doing well, unemployment rises which forces people to migrate to other regions. The regions where these people migrate need manpower because they have shortage of unskilled labor or they prefer to employ cheap migrant labor. Hence, in all situations, economy and society are interlinked. It then also suggests that there are definite factors that influence the economic growth of the region. Taiwan has been experiencing phenomenal growth from 1949 to 1990 and continues to surprise the world. Its economy suddenly soared so high that economists called it the Taiwan Economic Miracle. It...
30 Pages(7500 words)Thesis

Economic Portfolio - Economic Growth

...Economic growth: In every economy, there are always four main macroeconomic objectives which are, price stability, economic growth, balance of payment and full employment. To achieve this objective, both fiscal and monetary policies have to be implemented. Normally for any particular economy, both social and political problems are the key factors relevant in achieving all the four objectives. Fiscal policy refers to expenditure and taxation policies central government, that are implemented by the ministry of finance through special agencies, directly or through area ministries, where as, monetary policies are the government’s regulations of the interest rate level and...
3 Pages(750 words)Coursework

China Versus India Economic Growth

...? China versus India Economic Growth China versus India Economic Growth In the recent times, there are two main successes that stand out; China and India. These two nations are just by their size, economic giants, and as they grow in the recent years, it is quite obvious that their continuous transformation will have significant effects, not just to them but the entire global community. China’s economy is highly developed than that one of India. While India is the 11th biggest economy in terms of the various exchange rates (Chow, 2001). China takes the number two position...
4 Pages(1000 words)Research Paper

Russian Economic Growth since 1998

...Russian Economic Growth after the 1998 Financial Crisis Russian Economic Growth after the 1998 Financial Crisis The largest country in the world, The Russian Federation has received its share of criticism over the past few hundred years; from the days of the land hungry monarchs to the Revolution of 1917, right up until the 1990's when the Soviet Union broke and laid Russia and its counterparts bare to the scrutiny of the Western world. After years of harsh monarchical rule and nearly one hundred years of highly controversial communist dictatorship, Russia is struggling under the pressure to redeem itself as a viable and strong nation. Poverty, deprivation and social...
10 Pages(2500 words)Essay

Economic Growth

...of economic growth in 2 countries 1. China and India, these are the countries where most economists see the economic power houses of the future, they suffered less during recession and are the ones rebounding strongly. Their spectacular growth if seen over this period (in China’s case by becoming center for low wage manufacturing and exporting, in the case of India there is a need for emphasizing services) that has set the stage for change in the world wide economic balance of power. Which of Asian countries will dominate the future is the subject of much debate. (global data) Country’s strong productivity is the major...
4 Pages(1000 words)Assignment

Openness and Income

...tremendous growth to over $450 billion from 1990-2005. China is the largest developing country that has most FDI since 1992. Around 35% of foreign direct investments that flowed to developing countries went to China. The openness of an economy is vital in terms of trade liberalization. The more economies encourage more FDI. However, other than liberalization of trade, financial liberalization also played a vital role in sustaining capital inflows. Countries with high inflows of foreign direct investments experienced increased demand for skilled labor that make them move towards to a more labor extensive economies hence creation of more employment opportunities. The...
6 Pages(1500 words)Assignment

Economic growth

... but poor living standards are ranked high while those with poor quality education and high living standards are ranked low. As such, the article singles out education as the main contributor of the national development. References Pinar, M. , Stengos, T. , Topaloglou, N., (2013) . Measuring human development: A stochastic dominance approach. Journal of Economic Growth, 18 (1), 69-108.... is limited in that it ignores the relationship of the attributes that are used to construct it. As such, two countries can have the same HDI but have different levels of education standards or health care. In order to eliminate the limitations of the HDI and traditional models that are used to measure human development, the article proposes a new model....
4 Pages(1000 words)Essay

Economic Growth

.... As a result, less is available for spending on investment opportunities thus leading to slow economic growth. Moreover, with increment in government on infrastructure and other facilities, taxes will rise hence straining the working population wages to the extent that they will have less to spend on economically productive activities thus leading to slow economic growth (George, 8). Externally, Singapore faces competition from other established nations like China, Asia and Germany. Singapore is finds it difficult to cope up with such nations since it has limited resources to produce its exports as compared to these...
8 Pages(2000 words)Essay

China's economic growth the worst then on this scale in terms of growth, China is still at zero, not because they are currently experiencing growth, but because they have had such incredible growth that an adjustment is necessary and being conducted in a timely manner. Chinese growth is still considered to be better than almost every country in the world and they are in an enviable situation. References Al-Tamimi, N. M. (2013). China-Saudi Arabia Relations, 1990-2012. New York: Routledge. CIA World Factbook. (2015). China. Retrieved from https://www.cia.go v/library/publications/the-world-factbook/ Yan, S. (14, April 2015)....
4 Pages(1000 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Research Paper on topic China Economic Growth Since 1949 for FREE!

Contact Us