The Growth of China's Economy Essay

Since the reform and opening up, the Chinese economy grew markedly, as an emerging economic country, the Chinese economy has made a great contribution to the world economy, the renminbi is one of the most important currencies in the world. According to a survey by the National Statistical Bureau of China from 1979 to 2012, the national economy of China grew at an annual average growth rate of 8%, while the world economy grew at an annual average growth rate of 8%. Period Over the past three decades, China's GDP has exceeded Japan's GDP, China has become the world's second-largest economy, and China has become the world's largest trading country with a large volume of trade. China's contribution ... show more

Since the reform and opening up, the Chinese economy grew markedly, as an emerging economic country, the Chinese economy has made a great contribution to the world economy, the renminbi is one of the most important currencies in the world. According to a survey by the National Statistical Bureau of China from 1979 to 2012, the national economy of China grew at an annual average growth rate of 8%, while the world economy grew at an annual average growth rate of 8%. Period Over the past three decades, China's GDP has exceeded Japan's GDP, China has become the world's second-largest economy, and China has become the world's largest trading country with a large volume of trade. The contribution of the Chinese economy can be seen not only from the growing economic statistics but also from the dynamics and growth of the world economy brought about by the Chinese economy. For example, after China joined the World Trade Organization, China's total trade volume created 14 million jobs in the trading partner and China's foreign investment employed about 80,000 locals. These variables show that China's economic growth not only leads the cutting edge but also brings benefits to other countries and brings stability and strength to the global economy. The accumulation of economic development since reform and opening up allowed China to play a major role in the 1997 Asian financial crisis.

China's growth is a mystery that has always attracted the hearts of economists around the world. For decades, its amazing growth rate has attracted economists. China's growth is done in phases. Many waves have contributed to economic growth. Most of the focus is on the wave of recent growth since 2000. However, conditions that enable economic takeoff can be traced back to the reforms of the 1980s and 1990s. China's comprehensive approach to growth at this time will be a middle income country

Since the early 1980s, China has achieved substantial economic growth through reform and opening up policies. The Chinese economy has made remarkable achievements and has maintained a continuous annual growth rate of more than 9% over 30 years (Zhang et al., 2012: 393). Furthermore, by measuring the purchasing power parity at the end of 2010, China became the second largest economy to surpass Japan (Yao and Zhang, 2011: 206). - Since the colonial period of the 17th century, immigrants have spread to the United States. Immigrants all over the world are looking for places to escape persecution, acquire economic wealth, and live freely.

For thousands of years, China has influenced the process of international development. The population of China exceeds 1.35 billion, accounting for about 20% of the world's total population. After rapid decades of rapid economic growth, China surpassed Japan in 2010 and became the world's second largest economic power. The rapid growth and development of China's economy is accompanied by rapid growth and so-called megacity growth. People from China and other developing countries gather in cities seeking greater opportunities and higher living standards. Their labor output and economic advantages of urban finance, human and social capital are contributing to development and urbanization.

China with a huge economy will have a major impact on the world economy, especially the economies related to China. Declining domestic demand in China is most likely to adversely affect the world economy and slow down global economic growth. The United States is one of the countries where China's economic slowdown may be affected as exports of goods and services in China are expected to decline. However, the negative impact of the economic slowdown was partially offset by the decline in crude oil prices.