The Growth of China's Economy

All these facts sufficiently demonstrate that China is a responsible power. After Asian financial crisis, the importance of the Chinese economy was the focus, neighboring countries in China began to recognize the influence of the yuan. Although China's economic growth is moderate, the financial system of China is very weak, the financial regulations are incomplete, and China has a huge foreign exchange reserves of the US dollar, so the exchange rate reserve structure It is very dangerous. China is also affected by the financial crisis.

Even during the financial crisis, China is considered the second largest economy for rapid and stable economic growth and development. With the implementation of the open door policy in 1978, China's annual economic growth rate exceeded 9%, becoming the fastest growing economy in the world. In addition, China's economic development is mainly due to globalization. Since liberalization of trade and finance and implementation of foreign investment policy, China has been said to be one of the most important destinations of foreign direct investment.

China's growth is a mystery that has always attracted the hearts of economists around the world. For decades, its impressive growth rate has attracted economists. China's growth is going on in phases. Multiple waves boosted 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

China's economy has grown rapidly since 1990, and its GDP growth rate is only 8% or 10% per year. As rapid economic growth often involves the development of commercial parks, residential areas and public infrastructure, the construction industry will be the most advantageous industry for China's rapid economic growth. The graph above shows the construction expenditure of the world from 1990 to 2010 and the estimated expenditure by 2014. As you can see, China replaces the United States and Japan and is expected to become the world's largest construction spending country after 2010. The US economy was affected by the financial crisis of 2008 and the US economy slowed down. However, China's 4 trillion yuan stimulus package, launched in 2008, is a key element for balancing the economy and maintaining China's GDP growth rate.