Essay about China 's Economic Growth

802 Words Nov 29th, 2016 4 Pages
Over the past century China has developed from an inward looking state, hiding itself from the world around it, into one of the most dominant economies and work powers. However this dominance hasn 't come easy and without a price, many things have arisen over the past century that the world is not best too pleased about, from communism, to the one child policy and tensions over territory with neighboring states, China’s rise to power has been controversial. China’s economical development has been rapid over the past few decades ever since it opened itself up to the world, in fact since the 1990’s it has seen an increase of 10% per year in economic growth. The opening up of China’s economy began in 1979 with the start of the Deng Xiopeng Era, in which he introduced economic liberalization measures, by shifting to the responsibility system in agriculture and opening China up to foreign science and technology. Since then, it has been able to maintain a trade surplus for decades, it achieves this in a very unique way, the government try to keep the price of its currency very low in relation to other world currencies, making it easier for it to export more goods as well as lowering its imports too. This is why many companies move their manufactures to China, because materials and labor costs are much cheaper, this therefore increases China’s economy because they will export all these goods to other countries. Over the years China’s aggression to gain more territory and…

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