The Rise of China: Understanding Its Economic Growth
FINAL RESEARCH PAPER
The Rise of China: Understanding its Economic Growth
Since 1987’s Economic Reform
By
Francia, Niña Luz V.
Julio, Hilarie Claire L.
I. Introduction A. China’s emerging economy for the past 30 years During the 1800 's, China was economically and politically dominant in the world. However, it was during 1850 when China 's economy started to decline and Britain took the economic lead. China 's economic and political power weakened. It maintained a centrally planned or commonly known as a command economy wherein the state controls and directs most of the economic output. It was the state that made production goals, controlled prices and allocated resources throughout the state. This then resulted to a rapid industrialization during the 1950s. To cope up with the situation, the national government invested in physical and human capital in the 1960s and 1970s. However, this had a bad effect on the economy because private enterprises and foreign-invested firms almost vanished, since it no longer had a role in the economy because most of the target outputs were produced by state owned enterprises (SOE). B. Common misconceptions about China’s economy
Due to China’s population shoot up, common misconceptions about how China’s is still suffering economic crisis in the present are brought about, just because China is known as the most overpopulated country in the world. Engardio (2007) mentioned in on of his texts that the threats of China’s constant population growth do not lie on lack of shelter, nor hunger. It lie on inadequate living conditions when its citizens are uncovered with appropriate lifestyle, it follows that they are unable to avail of health care. Possible answers to this dilemma is to either really just accommodate a certain number of health care applicants, or to widen the coverage of it, which he personally think is unattainable (Engario, 2007). A controversial censure back in the 1950s and 1960s during
The Rise of China: Understanding its Economic Growth
Since 1987’s Economic Reform
By
Francia, Niña Luz V.
Julio, Hilarie Claire L.
I. Introduction A. China’s emerging economy for the past 30 years During the 1800 's, China was economically and politically dominant in the world. However, it was during 1850 when China 's economy started to decline and Britain took the economic lead. China 's economic and political power weakened. It maintained a centrally planned or commonly known as a command economy wherein the state controls and directs most of the economic output. It was the state that made production goals, controlled prices and allocated resources throughout the state. This then resulted to a rapid industrialization during the 1950s. To cope up with the situation, the national government invested in physical and human capital in the 1960s and 1970s. However, this had a bad effect on the economy because private enterprises and foreign-invested firms almost vanished, since it no longer had a role in the economy because most of the target outputs were produced by state owned enterprises (SOE). B. Common misconceptions about China’s economy
Due to China’s population shoot up, common misconceptions about how China’s is still suffering economic crisis in the present are brought about, just because China is known as the most overpopulated country in the world. Engardio (2007) mentioned in on of his texts that the threats of China’s constant population growth do not lie on lack of shelter, nor hunger. It lie on inadequate living conditions when its citizens are uncovered with appropriate lifestyle, it follows that they are unable to avail of health care. Possible answers to this dilemma is to either really just accommodate a certain number of health care applicants, or to widen the coverage of it, which he personally think is unattainable (Engario, 2007). A controversial censure back in the 1950s and 1960s during
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