The Promising Future of China's Economy Essay

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The Promising Future of China's Economy

If China's economy grows as fast for the next 20 years as it has for
the past 14, it will be the biggest economy on earth:

I feel that China's drastic improvements over the last 14 years are
overwhelming, with their Real GNP growing at a rate of 9% a year, which
means by, 1994, China's economy will match the performance of countries
like Japan and Taiwan. China's standard of living has also increased, and
the number of people who were considered absolutely poor decreased
approximately 63%. I feel with the vast amount of people living in China,
and the economic activity booming like it is, China's exports will continue
to grow, as well as the standard of living. This will create more revenue,
and more capital for them to produce even more goods and become even larger,
prospering as one of the biggest economies on the earth. I also feel that
China should try to overcome its corrupt system and steadily move into a
free enterprise system.

Competition has been the key to China's success:

I believe that competition has been the key to China's success. When
Mr. Deng opened the free market, it brought the first signs of the farmers
becoming more rich since the 1950s. His political genius allowed the
farmers to become rich. He also introduced the "open-door policy" which is
proving to be very beneficial, as they follow in the footsteps of their
strong rich neighbours. Mr. Perkins believed four conditions must be met
for a market system to work well in reforming centrally planned economy. I
believe if China continues to improve its productivity, and the number of
monopolies decrease as studies show, China will move into a capitalist
front only to...

... middle of paper ...

...ver the last
several years. The party has a large role to play in China's transition to
a full market economy.

China is on its way. the West should prepare

China's interests lay in foreign investment, trade and economic reform.
China's main driving force was competition, and they proved that
privatisation and settling the matter of ownership are not so critical in
the early stages of reform. In the years ahead, China must choose between
keeping the communist party or kepping the stunning economic growth. If
they continue to grow at the rate China grows, and keep improving their
economy, and join the likes of Japan, they can combine forces in all
aspects against the west, military wise and economically wise. if China's
economy grows as fast for the next twenty years like it has for the past
fourteen, it will be the biggest economy on earth.

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