Macroeconomics - Economic Growth - Essay Example

Macroeconomics - Economic Growth The Chinese economy has been identified by a rapid growth within the past decade. Its advancements have been driven by wages, increased consumer markets and investments (China Central Television 2014). Other factors include social, political, technological and economic factors. However, leadership has been the key factor that has led to economic development in China. It has adopted both capitalist and socialist ideologies in its economy. To initiate economic development from the countrys roots, China has focused on regional developments that later contribute to the countrys economy.

Most of the regional developments have been caused by local and international investments. Research has placed China among the top countries with increased industrial developments. Economic leaders have ensured friendly policies so that investors can start businesses in local areas. Finance has also been offered to local investors with business ideas through the sale of bonds by local governments. The regions act as economic blocks where production and trade is regulated (China Central Television 2014).

Free trade and a large capital and human resource have contributed to most of the economic developments in China. Industries in these regions range from electronic companies to designer clothing firms. They provide job to locals leading to middle and upper class lifestyles. China’s high population has been advantageous in the provision of local markets (China Central Television 2014). Most of the produced goods are sold locally while the national government invests in exports as a source of income.

Reliance on internal sources of raw materials has also enhanced the country’s economic stability because economic meltdowns in other countries do not cause a chain reaction. Despite its high population, presence of skilled labor and investment programs has led to job creations leading to better lifestyles that are a sign of economic development.ReferenceChina Central Television. (2014, May 29). China pursuing coordinated regional economic development - CCTV News - CCTV.com English. China pursuing coordinated regional economic development - CCTV News - CCTV.

com English. Retrieved May 30, 2014, from http://english.cntv.cn/2014/05/29/VIDE1401321122357644.shtml