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Chinese Economic Performance in the Long Run - Term Paper Example

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This paper "Chinese Economic Performance in the Long Run" presents China which has today become an important economic force and none of the developed economies can afford to ignore its significance. However, this is not a new position that the country has made for itself…
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Chinese Economic Performance in the Long Run
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Download file to see previous pages They exported tea and porcelain products to various countries but after the 16th century, they lost their position on account of the closed-door economic policies of their governments. By the 1950s, China was producing only 10% of the world’s GDP. However, with the formation of the People’s Republic of China, there was a concentration on export-oriented growth and China opened doors to the world.

Early Chinese was an agriculture-based economy. The economy was mostly centralized and was dominated by the bureaucratic class. The bureaucracy and gentry of imperial China were quintessential rent-seekers (Maddison 2007). The bureaucracy was totally controlled by the various rulers but the bureaucrats had full freedom to run the show in the provinces they were in charge of. Thus, there was complete dominance of the urban life by this class. The lucrative business activities were impeded by the red tape. Hence, most of the big businesses were owned only by government enterprises. There was protection for investment by private individuals. China’s merchants, bankers, and traders did not have city charters or legal protection and international trade and intellectual contacts with the western world were completely restricted (Maddison 2007). From the beginning of the 18th century till the mid 19th century, the country was plagued with many internal disorders. These rebellions and wars devastated the economy. Some of them were – The Taiping rebellion, the Muslim rebellions in Shensi, Kansu and Sinkiang, wars with France, UK, Japan and Russia (Maddison 2007).

The financial sector of the country before 1978 was not developed much. There was only one bank, the People’s Bank of China (PBOC), which was completely controlled by the government (Brandt, Rawski and Lin 2005). This bank received a budget from the government and was the sole supplier of money to all government agencies. All government units, military units, and cooperatives needed to have an account with this bank (Donnithorne 2008). ...Download file to see next pagesRead More
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