The Promising Future of Chinas Economy Essay -- Economy

The Promising Future of China's Economy If China's economy grows as fast for the next 20 years as it has for the past 14, it will be the biggest economy on earth: I feel that China's drastic improvements over the last 14 years are overwhelming, with their Real GNP growing at a rate of 9% a year, which means by, 1994, China's economy will match the performance of countries like Japan and Taiwan. China's standard of living has also increased, and the number of people who were considered absolutely poor decreased approximately 63%. I feel with the vast amount of people living in China, and the economic activity booming like it is, China's exports will continue to grow, as well as the standard of living. This will create more revenue, and more capital for them to produce even more goods and become even larger, prospering as one of the biggest economies on the earth. I also feel that China should try to overcome its corrupt system and steadily move into a free enterprise system. Competition has been the key to China's success: I believe that competition has been the key to China's success. When Mr. Deng opened the free market, it brought the first signs of the farmers becoming more rich since the 1950s. His political genius allowed the farmers to become rich. He also introduced the "open-door policy" which is proving to be very beneficial, as they follow in the footsteps of their strong rich neighbours. Mr. Perkins believed four conditions must be met for a market system to work well in reforming centrally planned economy. I believe if China continues to improve its productivity, and the number of monopolies decrease as studies show, China will move into a capitalist front only to... ...ver the last several years. The party has a large role to play in China's transition to a full market economy. China is on its way. the West should prepare China's interests lay in foreign investment, trade and economic reform. China's main driving force was competition, and they proved that privatisation and settling the matter of ownership are not so critical in the early stages of reform. In the years ahead, China must choose between keeping the communist party or kepping the stunning economic growth. If they continue to grow at the rate China grows, and keep improving their economy, and join the likes of Japan, they can combine forces in all aspects against the west, military wise and economically wise. if China's economy grows as fast for the next twenty years like it has for the past fourteen, it will be the biggest economy on earth.