The economic growth in China is a major factor in the world economy nowadays. China is emerging as one of the leading economic powers in the world today. As a result of this, the country's economy is growing very fast. China is a powerful and rapidly growing economy that offers an excellent opportunity to many people who are willing to work hard. For many years now, China has been able to maintain its high growth rate despite global economic crisis. Due to its remarkable economic growth, China is considered as the main driver of the world economy today.
China's impressive economic growth history has made it the envy of other countries. China's economy is growing very fast because of the enormous efforts of its government, central and local authorities. It has implemented some policies that are really beneficial to the economy and these policies have brought remarkable changes in the Chinese economy. To note, some of these great changes in the Chinese economy include opening up more foreign market for Chinese products, liberalization of the economy, internationalization of the economy, and globalization of the economy.
In order to realize the globalization of the Chinese economy, China opened up its economy to the outside world through various strategies. It started to enter different international markets such as import and export of goods, and opening up trade with the other Asian countries. This helped China to become a major exporter and trader.
China's great rise in the world economy paved the way for her economic success and development. However, the rapid growth did not come without its own challenges and troubles. After the rapid economic growth, China faced with the problem of immense poverty and backward economy. This problem was mainly caused by the excessive economic growth and the excessive urbanization. The rapid development resulted in huge population increase, making food supply difficult and causing food prices to soar.
In order to deal with these problems, China's government introduced various economic policies and reforms. It brought down the rate of rural income and increased urban income through various policies. One of the most prominent changes was the restriction of open factory gates. These factory gates are one of the main causes of starvation in China and has a disastrous effect on the overall economy. Another policy that was introduced during this period is the Five-Year Growth Plan which aimed to accelerate economic growth.
China's leadership was greatly successful in dealing with the aforementioned . . . . . . problems. After the rapid economic growth, China underwent various political and economic crises. The turbulence caused by these events eventually led to the reunification of the country. This event marked the beginning of the communist rule in China. Today, China is known as one of the leading countries in the world not only for its economic growth but also for its profound political influence.