Economic, political and technological factors that have turned China into a ‘fast emerging economy’ Introduction In the past few decades, China has witnessed two major transformations that have combined to produce extraordinary results for the country’s growth and development…
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The rapid economic development has been made possible by large foreign direct investments, rise in productivity, political reforms and technological advancements (Lampton, 2008). Owing to these transformations, there has been a sharp rise in China’s economic growth, where national poverty figures moved from being more than 65 % to below 10 % within three decades, wherein nearly 500 million people were removed from below poverty level and the country managed to meet a majority of their Millennium Development Goals (World Bank, 2012, p. 4). While rate of growth varied across the country, the growth was sharp in almost all parts and the 31 provinces that came under mainland China (if considered to be independent economies) were seen as a part of the world’s 32 most rapidly growing economies (World Bank, 2012, p.4). Owing to the sharp economic growth, currently “2 of the world’s top 10 banks are now Chinese; 261 Chinese companies are on the Global Fortune 500 list; and China is home to the world’s second-largest highway network, the world’s 3 longest sea bridges, and 6 of the world’s 10 largest container ports. The country has also made large strides in health, education, science, and technology” (World Bank, 2012, p.4). Various factors lie behind China’s strong socio-economic growth, which includes various economic, political and technological factors. ...
Rapid economic growth is evinced by a country’s economic figures, such as trade volumes, foreign reserves, higher gross domestic product (GDP), and GDP per capita. Thus, a fast emerging economic growth translates into increasing financial gains for foreign investors that in turn brings in more foreign investment into a country, which supports rapid economic growth. In order to attract more foreign investors, countries aim at framing effective macroeconomic policies that are open to global trade. Emerging Market Economies tend to be more open to global trade with business models that are export oriented, and these models later serve to variegate the products and services exported by the country. Economic experts contend that diversification and integration of national economy into the global economy help in decreasing after-effects of sharp fluctuations within global prices or economic crises, thus bringing stability for the country that in turn attracts more foreign investors (Williams, 2011). In the context of framing sound macroeconomic policies that influence wider aspects of a country’s economy, it can be suggested that effective policies help in stabilizing cash flows, which keep foreign investments safe. Sound macroeconomic policies include liberalisation of national banks, privatisation of public enterprises, and opening up of stock markets in order to give easy accessed to foreign investors, decrease in external debt and framing sound monetary and fiscal policies. Since the start of economic reforms during late 1970s, China has slowly turned into one of the fastest-emerging economies of the world. A look at China’s economy reveals that starting from
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