chinas economic future outlook
If China's economy grows as fast for the next 20 years as it has forthe past 14, it will be the biggest economy on earth: I feel that China's drastic improvements over the last 14 years areoverwhelming, with their Real GNP growing at a rate of 9% a year, whichmeans by, 1994, China's economy will match the performance of countrieslike Japan and Taiwan. China's standard of living has also increased, andthe number of people who were considered absolutely poor decreasedapproximately 63%. I feel with the vast amount of people living in China,and the economic activity booming like it is, China's exports will continueto 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 evenlarger, prospering as one of the biggest economies on the earth. I alsofeel that China should try to overcome its corrupt system and steadily moveCompetition has been the key to China's success: I believe that competition has been the key to China's success. WhenMr. Deng opened the free market, it brought the first signs of the farmers
Also it may be difficult to go down,because China is still three quarters rural, and the people in the countrystill prefer communism because of the small favours received. Anotherfactor why the party won't go down is because if it goes, it will bereplaced by the army, the secret police or warlords. In 1978 China had an isolated economy, with aminimal share of world trade, commodities, especially oil which was China'smain export. An Inflationary crisis within two years will testthe government's reformist mettle: The 14th Communist Party Congress, set the official seal on the fourthwave of economic reform. China will also receive a lot of foreign investmentfrom countries, especially japan, which will hit poor parts of China. If the company's areopen to the market, many jobs will be lost. The party has a large role to play in China's transition toa full market economy. State owned firms are not ready for the market, because they are geared forthe bureaucrats and not customers. Why privatisation may not be needed: Privatisation in many cases may not be needed because the governmentsupports many businesses and purchases their products. Perkins believed four conditions must be metfor a market system to work well in reforming centrally planned economy. In the years ahead, China must choose betweenkeeping the communist party or kepping the stunning economic growth. It has now blossomed into a $300 billion trade by 1995. I believe that China should allow asmuch foreign investment as possible because it has helped other countriessurrounding them, and may help them.
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