Economic Growth In China Essay

1842 Words8 Pages
China’s rapid economic growth Due to the high rate of economic growth in what was a short amount of time, China is now dealing with adverse effects. These effects include high levels of pollution, wealth separation, property booms and an inefficient banking sector, and shortage of power. These effects will eventually catch up with China and cause a lot of problems for them. Since economic reform commenced in 1978, the Chinese economy has experienced astonishing economic growth.” The growth rate of GDP per capita has averaged 8.6 percent per year over the thirty-year period 1978-2007. Nor is there any sign of deceleration in growth: over the years 2000-07, the equivalent figure was 9.2 percent, and China accounted for about 35 percent of the growth in world GDP. “(Ding, Sai, and John Knight) “Even newer figures agree with this since 2000 the GPD was has grown from 1.19 trillion to 8.22 trillion” (worldbank) Such rapid progress is unparalleled and is more remarkable in the light of China’s poverty – “over 300 million people have been lifted out of one-dollar-a-day poverty since 1978.” (Ding, Sai, and John Knight) The first stage of economic reform (1978-84) focused on the rural areas. The communes were scattered and individual incentives were restored. Farming households were given use-rights to collectively-owned land under long term leases, and the right to sell their produce on the open market. Rural non-farm enterprises were to produce the light manufactures that the urban state-owned enterprises largely failed to supply. Rural production rose rapidly as farms became more efficient, as surplus labor was used more efficiently in rural industry, and as rural entrepreneurship, saving and investment responded to the new chances.(... ... middle of paper ... ...despread prosperity, but has also taken a severe environmental toll, both regionally and worldwide. Greenpeace is committed to ensuring a green development pathway together with the people of Mainland China, Hong Kong, Taiwan and South Korea.”(Greenpeace) China’s quick economic success is very impressive. Even though it has led to a lot of problems that need to be fixed, I personally think they will not mess this up, if anything it may slow down, but China will stay as a world and economic power. The main problem is the pollution and if they let that get out of hand eventually that will hurt them greatly. China’s expected to pass the USA in GDP soon. They have room to grow because if you leave the cities China is still a developing country. They have a lot of room to keep growing and if they continue like they have they will have be the world greatest power.

More about Economic Growth In China Essay

Open Document