China Is Economic Miracle Of 21st Century Essay

1311 Words Feb 9th, 2016 6 Pages
There is no denying the fact that china is economic miracle of 21st century. China is what it is because of the reforms intiated by its leadership (since 1978). Deng Xiaoping who intiated the reforms back in the 70s, described his approach as “crossing a river by feeling the stones” . Over years china has transformed itself from a hardcore socialistic economy to a socialistic market economy where investments in infrastructure has become the main pillar to generate economic growth and raise the standard of living of its people.
Before we dwell on the current situation in china, we must understand what made chia the economic superpower it has become to day.

Reasons for rapid growth of china
1. China has grown the old fashioned way, by building roads and highways to connect ports to cities, by developing telecommunication networks to bring businesses and market together. China today has more than 46000 miles of roadway second only to the US (62000 miles)

2. Way back in the year 1978, china implemented the draconian policy of having just one child per couple. This was subsequently relaxed for some parts of rural China . The Chinese leadership wanted to take the financial burden of having too many children away from the Chinese . Due to this the fertility rate among the Chinese women decreased from 6.16(1965) to 1.67 (2013). Reduced population growth ensured that the ratio of dependent population to the working age population went down
3. The Chinese leadership have pushed…

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