Why,the,Chinese,Economy,Growin business, insurance Why is the Chinese Economy Growing?
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The Chinese economy is growing and it seems inevitable thatit will soon overtake the United States as the worlds biggest. There are manyreasons for Chinas rise, from economic reform to changes in society and moreintegration with the rest of the world. So what are the main reasons for thevast growth in Chinas economy? The start of the rising trend can be traced back to overthirty years ago and economic reform in 1978. This was two years after thedeath of Mao Zedong and China was the worlds tenth biggest economy at thetime. Most assets had been state controlled prior to this when the governmentdecided to encourage more individual enterprise and private business. Growthimmediately increased by 50%, from 6% to 9%, and this increased further in futureyears. This growth has continued ever since. Chinas population has something to do with its economicgrowth. With a population higher than any other country on earth it means aready-made workforce is available. With so many people there is the opportunityfor vast economic growth that countries with a small population would be unableto achieve. All things being equal China should have the biggest economy. So, what is the main contributor to Chinas growth? The mostobvious is the rise in the stocks of capital assets. The increase in theproductivity of workers is just as important though. According to IMF research,more than 42% of the countrys growth between 1979 and 1994 was purely due tothe increase in the productivity of workers. Technological development has alsoplayed an important role. As with other Asian countries, China has a strongtechnology industry which has boomed in recent times. Improved technology hasalso played a part in making business more productive. Society as a whole has been changing in China. It has beengradually moving away from traditional farming towards more people working inlarge cities over the past three decades. Many have moved to work in thecountrys two largest cities Beijing and Shanghai, with the latter becoming areal business hub. Many new cities have also sprung up, though. This has allmeant a less rural and more urban culture throughout much of China. This hasencouraged more commercial business with more people available to work in thecities meaning continued growth in business. There has been a change in theattitudes of the Chinese people, especially young Chinese. They have becomemore business focussed and the aspirations of people have generally shifted. Over recent times China has opened itself up more to therest of the world. This has led to more foreign investment in China and Chinesecompanies have benefitted from working with businesses from the rest of theworld. There are many reasons for Chinas economic growth. At thetime of the economic reform in 1978, China had the worlds tenth biggesteconomy. Today it has the second largest and it seems almost certain that it willovertake the United State soon. Andrew Marshall ©
Why,the,Chinese,Economy,Growin