Chinas Economic Growth - 1224 Words

China’s Successful Economic Growth China may share some economic growth patterns with Japan, Korea, and Taiwan due to cultural similarities, geographic location, similar economic development strategies, or, in the case of Japan, relatively large size of the domestic economy. China’s economic growth is expanding at a great pace, while other countries may be at a standstill. China has been the world s fastest-growing economy. One of the main stimuli twelve years ago was the release of Hong Kong to China from Great Britain. The second largest stimulus was the opening of free trade with other countries, in which China was originally a closed trade country. Foreign trade and investment have played a crucial role in the growth of the†¦show more content†¦The differences between the two divisions have combined to form an economic and cultural social gap between the rural and urban areas, which is a major division in Chinese society. Although China has acquired some highly sophisticated production facilities through trade and also has built a number of advanced engineering plants capable of manufacturing an increasing range of sophisticated equipment, including nuclear weapons and satellites, most of its industrial output still comes from relatively ill-equipped factories. The technological level and quality standards of its industry as a whole are still fairly low. China had a difficult time in joining the World trade organization, due to their background of communism. The first step was receiving the blessings of the United States and their backing. In 1999 China approached the United States in order to get a foothold and entrance to the World Trade Organization. With WTO membership, China foresaw that foreign companies and banks would increase their presence in the Chinese market, setting examples and creating competition for the domestic system. The most widely cited reason for China s push to join was that supporters of reform saw it as a way to continue the restructuring of China. For example, many plans were been initiated to restructure and revitalize state owned enterprises since the mid-1980s, but only minor progress was made during the beginning processes in 1999.Show MoreRelatedChinas Economic Growth Process in a Nutshell1688 Words   |  7 PagesIntroduction: China has achieved brisk economic growth since late 1970’s, with an average annual growth rate of 9.8% over the past 27 years. Such economic growth owes not only to economic reform began at the end of 1978, when the third session of the Central Committee of the 11th National Congress of Chinese Communist Party was held and later regarded as a landmark in the existing Chinese history, but also to administrative reform accompanying with economic reform. Administrative reform has beenRead More The Impact of Chinas Modern Foreign Policies on Economic Growth1229 Words   |  5 PagesImpact of Chinas Modern Foreign Policies on Economic Growth Recent Chinese economic policies have shot the country into the world economy at full speed. As testimony of this, Chinas gross domestic product has risen to seventh in the world, and its economy is growing at over nine percent per year (econ-gen 1). Starting in 1979, the Chinese have implemented numerous economic and political tactics to open the Chinese marketplace to the rest of the world. Just a few areas Chinas governmentRead MoreThe Impact of Chinas One-Child Policy on Its Economic Growth Over Time2269 Words   |  9 Pages: What is the impact of China’s one-child policy on its economic growth over the years? This paper will show that the standard econometric estimation conceals the takeoff effect and thus underestimates the economic impact of demographic changes. In effect, the impact of China’s one-child policy moved the timing of the economic take off by a decade. The original intent of the one-child policy was for economical purposes. The authorities envisioned reducing the demand of natural resources, reducingRead MoreThe Economic And Economic Growth Of Chinas Economy1341 Words   |  6 Pages 2016 Coming out of a lackluster 2015, GDP growth slowed to 1.5%. Confidence of investors and consumers was unable to make significant gains as a result of the Presidential election and global uncertainty. The outcome of the 2016 election had a great affect on the US economy and the fiscal and monetary policies that could be put in place. Uncertainty over taxes, regulations, and trade following the election have led to a slowdown of growth. Consumption and government spending both increasedRead MoreChinas Economic Growth Due to Recent Foreign Policies1301 Words   |  6 PagesChinas Economic Growth Due to Recent Foreign Policies Recent Chinese economic policies have shot the country into the world economy at full speed. As testimony of this, Chinas gross domestic product has risen to seventh in the world, and its economy is growing at over nine percent per year (econ-gen 1). Starting in 1979, the Chinese have implemented numerous economic and political tactics to open the Chinese marketplace to the rest of the world. Just a few areas Chinas government isRead MoreGiant Panda : How Chinas Economic Growth Affects Populations3526 Words   |  15 PagesGiant Panda: How China’s Economic Growth Affects Populations Young panda approaching through the bushes [Fritz Poelking, 2008] Daniel Quiroga English 110 Dawn Service 5 April 2012 Giant Panda: How China’s Economic Growth Affects Populations Daniel Quiroga English 110 Dawn Service 5 April 2012 Summary   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Giant Panda  is a bear native to central-western and south western China and it is easily recognized by its large, distinctive black patches around the eyes, over theRead MoreChina s Impact On China1321 Words   |  6 Pages Moreover, after setting up economic institutions and an industrial base, Deng Xiaoping established various Special Economic Zones in China that allowed for increased foreign investment, helping to develop China’s commercial growth. As described before, when Deng Xiaoping came to power, his goal was for China to fulfill the Four Modernizations: modernization in agriculture; industry; science and technology; and defense. Deng believed that the only way China could keep up with Western countries wasRead MoreChina s Economic Growth Is Unstable, Unbalanced, Uncoordinated, And Unsustainable761 Words   |  4 Pagespress conference in March 2007, China’s Premier Wen Jiabao argues the biggest problem with China’s econo my is that its economic growth is unstable, unbalanced, uncoordinated, and unsustainable. Since export and investment play unsustainable roles in increasing China’s real GDP, this study tries to testify how consumption enhances the sustainability of China’s real GDP in the short run over a long period of time. As Krugman (1994) suggests, increase in the economic growth rate in the steady state canRead MoreChina s Economic Impact On China883 Words   |  4 PagesChina becomes the second largest economy in this world and it has showed the remarkable economic performance over the last two decades after The United States. China’s gross domestic product (GDP) as Share of World GDP at PPP 25 years ago only reached around 4.7%, now China contributes 16.32% of world GDP. China exports the relative cheap products that lowered consumer prices across the globe, and its imports have had a major impact on global commodity prices. China also has become a major hub ofRead Mor eSimilarities And Differences Between China And Australia1236 Words   |  5 Pagesand Australia economies have many similarities and differences, including the size of the economies, growth rates, unemployment, inequality, standard of living, environmental issues and the roles the different governments have in influencing and modifying these factors of the economy. Size of Economy The GDP is the total market value of goods and services in an economy over a period of time. China’s GDP is significantly larger than Australia’s, measuring 9.24 trillion $USD as of 2013, while Australia’s