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East Asian Economies have experienced an outstanding record of high and sustained economic growth over the period of 1990s. In the period of 1965 to 1990, East Asia’s twenty three economies grew faster than other economies of all other regions. Most of this success is attributable to seemingly miraculous growth in just eight high performing Asian economies (HPAEs). Among these high performing Asian economies, China ranks as the world's 2nd largest economy after the United States since 2010. It has been the world's fastest-growing economy with consistent growth rates of around 10% over the past 30 years. A major contributor to China’s extraordinary growth has been its economic reforms coupled with the implementation of unorthodox policies.
China’s success was first observed after it experienced a key change in the political and economic structure, when Deng, a pragmatic leader, came into power. He consolidated his power and began to put his realistic policies to work, in order to bring China back from the destruction that the Cultural Revolution had brought. Since 1978, China has begun to make major reforms to its economy. Political and social stability, economic productivity, and public and consumer welfare were considered paramount and indivisible.
In 1978 China’s majority of the peasantry was still structured in communes, work brigades, and production teams. Production costs were not even covered by procurement prices which were too low, and ceilings were placed on the quantity of grain that producers could retain for consumption. When Deng came to power, he permitted farmers to produce individually and authorize the sale of excess production and additional cash crops in recently liberalize markets. Prices for various agricult...
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...Fast? Staff Papers - International Monetary Fund , 103-131.
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Deng Xiaoping felt that the quickest way to build a better China was to improve living conditions immediately, to give people the level of morale they need for further development. At that time, he realized that China’s economic need to reform; he found very effective ways to reform the China’s economic. His goals were to open up the China’s market to the outside world, breaking down the collective farms, getting rid of state-run enterprises and providing more jobs for people in the industry. He found that the most important thing was the modernization of agriculture because 80% of the population derived their living primarily from agricultural production. The new contract responsibility system allowed farmers to rent land for individual farming families. Farmers had to sell a certain percentage of their crops to the State with the State’s price, and they could sell the remaining for their own profits. This system had helped the rural income to be doubled (Benson, 47). It marked a successful modernization of agricultural.
Sitting close to the edge of being a “developing” and a “developed” country, China is a difficult country to define neatly. It is a country with an ancient and traditional culture trying to position itself higher within the international community. Plus it is also a communist country that has come to embrace its own form of capitalism to fuel its economy. China’s economic boon has been beneficial to many people within the country. But not to all people within China evenly.
Coates, B., Horton, D., & McNamee, L. (2014, January 1). CHINA: PROSPECTS FOR EXPORT-DRIVEN GROWTH. Economic Roundup Issue 4. Department of the Treasury (Australia).
From the 1970s, there has been a wave of liberalization in China, which was introduced by Deng Xiaoping. This is one of the key reasons to the rise of China to be one of the economic giants in the world. In the last 25 years of the century, the Chinese economy has had massive economic growth, which has been 9.5 percent on a yearly basis. This has been of great significance of the country since it quadrupled the gross domestic product (GDP) of the country thus leading to saving of 400 million of their citizens from the threats of poverty. In the late 1970s, China was ranked twentieth in terms of trade volumes in the whole world as well as being predicted to be the world’s top nation concerning trading activities (Kaplan, 53). This further predicted the country to record the highest GDP growth in the whole world.
Zheng, Shiping. "China’s Political Stability: Global Comparisons." Journal of Chinese Political Science 17.1 (2011): 1-13. Academic Search Complete. Web. 08 Nov. 2013.
Critics and loyal communists were dissatisfied that Deng’s many promises were not maintained. They were enraged that Deng had not created a better socialist government, but had directly injected capitalistic attributes. In mid 1988, inflation got out of control and spread panic throughout China. Critics poured onto the streets Tiananmen, protesting against Deng’s capitalistic reforms as the root of the poor living conditions (Tyler). However, living conditions had not declined; in fact, they had been improved. In 1978, around 41 percent of the population lived in poverty; nevertheless, by 2001, this figure dropped to around 5 percent (Marti). Living standards were not the only thing critics attacked, Deng’s shift into private ownership was also criticized by many. New businesses introduced the light of perilous factories. Work conditions in these factories were often horrendous; workers worked in a crowded environment and production lines were often fire trapped and unsupervised, leaving workers unable to escape during fires. (Tyler). These are, however, all consequences and side effects to any increase of production. In spite of the fact that new factories housed uncomfortable work environments, they introduced thousands of new jobs to the market which greatly benefited the economy. At the start of the economic revolution in 1978, only 28 million people were employed by township and village enterprises. Yet, a decade later, in 1988, employment rates more than tripled to 95 million employed
The Four Tigers of East Asia are Hong Kong, Singapore, Taiwan, and South Korea are prominent examples of countries that have managed to dramatically improve their living standards by deregulating their domestic economies and opening up to global markets. From typical Third World poverty in the 1950s, each of these countries has achieved a standard of living today parallel to that of industrialized nations, with per-capita incomes in Hong Kong and Singapore rivalling those of the wealthiest Western nations (www.worldbank.org).
The rise in China from a poor, stagnant country to a major economic power within a time span of twenty-eight years is often described by analysts as one of the greatest success stories in these present times. With China receiving an increase in the amount of trade business from many countries around the world, they may soon be a major competitor to surpass the U.S. China became the second largest economy, last year, overtaking Japan which had held that position since 1968 (Gallup). China could become the world’s largest economy in decades.
When the new Chinese Government was set up in 1949, the new government faced a lot of problems. First on their agenda was how to re-build the country. As Communist Party of China (CPC) is a socialist party, their policies at the time were similar to that of the Soviet Union’s. Consequently, the CPC used a centrally planned strategy as its economic strategy when it first began. For a long time, the Chinese economy was a centrally planned economy in which none other than the state owned all companies. In fact, there were absolutely no entrepreneurs. As time went on, the problems of a centrally planned economy started to appear, such as low productivity, which was the key reason for restricting the development of China. With the population growing, the limitations of the centrally planned economy were clear. In 1978 China started its economic reform whose goal was to generate sufficient surplus value to finance the modernization of the Chinese economy. In the beginning, in the late 1970s and early 19...
...st and stand in the world. It is predicted that China will one day be the largest economy growing country in world. They continually growing and rebalancing their world to be the best. The growth of economy will depend on the Chinese government comprehensive economic reforms that more quickly accelerate in China transition to a free market economy. The consumer demand, rather than exporting the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental. (Morrison, 2014,para2)
time. As time progresses, countries seem to be able to grow at a much more rapid
In order for any country to survive in comparison to another developed country they must be able to grow and sustain a healthy and flourishing economy. This paper is designed to give a detailed insight of economic growth and the sectors that influence economic growth. Economic growth in a country is essential to the reduction of poverty, without such reduction; poverty would continue to increase therefore economic growth is inevitable. Through economic growth, it is also an aid in the reduction of the unemployment rate and it also helps to reduce the budget deficit of the government. Economic growth can also encourage better living standards for all it is citizens because with economic growth there are improvements in the public sectors, educational and healthcare facilities. Through economic growth social spending can also be increased without an increase of taxes.
The speedy success of Hong Kong, Taiwan, Singapore, and South Korean became popularly known as the Asian Tigers. They were able to transform their poor economy to one of the world’s fastest growing countries. They provided training and education for workers and focus on exports. The Asian Tigers also promoted property rights that were able to preserve the agricultural workers’ interest. These improvements helped Hong Kong and Singapore to become world’s leading international financial centers. South Korea and Taiwan became world leaders in the field of technology. The Asian Tiger’s economic success soon became a model for other countries in Southeast Asia.
The World Bank, 1993, ‘The East Asian Miracle Economic Growth and Public Policy’, New York: Oxford University Press. p.1.
Itoh, Fumio. China in the twenty-first century: politics, economy, and society. Toyko, New York. United Nations University Press. C1997