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China's Growth Essay

684 words - 3 pages

The global economy consists of all countries in the world at different stages of economic development that produce goods and services and contribute to the world GDP. The global economy is divided into four categories of countries AIE’s, NIE’s, LDC’s and TEC’s. Collectively the GWP IS $61 trillion. The most impressive growth has been china. China has generated impressive 8-10% GDP in the last 10 years while reducing poverty however this has come to a cost to the environment.

Economic growth refers to an increase in value of goods and services produced by an economy, high income and living standards which leads to an increase in aggregate demand and full employment. Whereas Economic ...view middle of the document...

The country couldn’t trade; the heavy industries were inefficient, low worker motivation, non existing light or service industries, shortage of basic food stuff and a poor quality of goods and services. However there were some positive goods beneficial for china such as no inflation as the prices were fixed, no unemployment as workers were allocated jobs , SOE’s were efficient and profitable, education , household housing and health and care were regulated via strict system. There was a minimal wage differential as result of the price wage fixing. However, this reform wasn’t successful and it did require more strategy reforms to promote growth and development.

The second strategy aimed to open the Chinese economy and it did involve 9 radical reforms to promote economic growth and development. (Phase 2 during 1978-2000)

The 2nd strategy to promote economic growth and development consisted on reforming the agriculture system. This reform was successful as it consisted into 3 beneficial key parts , de collectivization , the TVE’S , which was extremely beneficial as the...

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