Chinese economic strength, China, Chinese economy, Asia, Chinese government
Growth in GDP- the reason for choosing GDP is because it has grown by a great margin when comparing 1978 and 2010. In the year 1978, it was US$230 only and in the year 2010 it had grown to US$4000 (Tong & Wong, 2012) this is a very wide margin.
[...] Rivers in China are over used hence dry up, the country relies on underground water, and as a result, the water table has been dropping significantly. water table is dropping at a rate of a miter per year” (Tong & Wong, 2012). This has led to almost 1500 small and large towns as well as 400 cities face water shortages. China is increasing domestic consumption to be a source of growth for the country, this is aimed at small towns, and rural areas within which millions of people need house hold commodities like TVs, cell phones, refrigerators among other things. [...]
[...] Cultural Revolution was a major drawback since it did cost China economic problems. “Though it resulted to long term economic damage to government administration and factory management as well as the country's education system” (Tong & Wong, 2012). Great leap forward was a major drawback since it collapsed in the year 1959 creating catastrophic consequences particularly in agricultural produce as well as food shortages. The Cultural Revolution was a significant advancement to the country it made understand that stable economy is crucial for economic development China adopted an open-ended approach towards its economic reform process because it did not have any books to help them learn the way of un- planning, hence they needed something with no blueprint or detailed plans. [...]
[...] Reference Tong, Y. S. & Wong, J China's Economy. Understanding Contemporary, pp. 123-170. [...]
[...] The government encountered sluggish domestic consumption demand through priming the economy artificially with some energetic program for domestic fixed asset investment. The growth in economy gradually recovered to reach in the year 2002. From that time, supported by post WTO surge within external demand and continued fixed asset investment growth, growth of the economy stayed above 10% per year for five good years. Fixed investment has as well become a significant source of growth since 2000s, and this is evidenced by 2008, the time Chinese government instituted some strong stimulus package for averting the sharp slowdown in global economic crisis. [...]
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