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The nation has experienced a major transformation from a centrally planned economy to a developed and functional market economy (Heshmati, 16). Even with the progress, China is still far from development. Ten years ago, the Gross Domestic Product (GDP) of China was placed sixth largest in the world (Bailey 180). Between 2001 and 2010, the GDP had increased four times (Tselichtchev n.p.). China’s economy has grown by 9% for the last 30 years; from 1978-2004, its GDP grew by 9.7 % a year, faster than the world’s average (Hongyi 159). In recent times, the GDP has increased by 11.3 times; between 2005-2007 China’s GDP has increased by 11%-11.6% annually (Hongyi 159). Hongyi points out that annual per capita GDP growth rate stood at roughly 7%-8% in 2010, but it is estimated be about 6%-7% by 2020 (159).
The income distribution of resources has worsened due to China’s transition to a market economy. The inequality in China is rampart between the rural areas and the urban areas; this is felt with the unequal distribution of resources. The inequality is felt by the increase of the rural wage employment and increased inequality of distribution of resources of urban income. The income inequality has been brought about by economic reforms, and began when the rural areas began being deprived of resources. Even with the new reforms, the poverty rates have increased (Bergsten, Gill and Lardy 31).
China is a communist country, with a communist government. The Chinese Government has acquired strong capabilities of macroeconomic control. The market economy in China is a kind of government led market economy, and the government has strong control of the macroeconomics (Yu 32). The Chinese Government has helped the Chinese people, like the public sector in dealing with the difficulty of globalization. Nevertheless, the Government has also hindered the Chinese people; this is because of the inadequate continuity of
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