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China’s economy has enjoyed one of the fastest growths over the last few decades. This growth was initiated by changes in governance and economic policies. China opened up to foreign investments, and implemented free market reforms in the year1979 making it a major global economic and trade power on par with other leading economies of the world (Morrison1).
Despite its growth, the methods and policies China enforced on its people to bolster and maintain the economic growth bordered on dictatorship. Changes in policy and property ownership rights made the Chinese people lose their properties and investments.
Economic reforms made many Chinese change their jobs and habitual lifestyles. Redistribution of land to poor peasants and prioritization of agriculture stabilized the agricultural production making it possible for the country to feed its whole population (Thomas 23).
The Chinese government own and control major industrial and economic sectors in areas such as transport, communication, energy and financial services (Thomas 26).
This made it possible for the government to carefully control and regulate the economy in the desired way. Strategic reorganization of the country’s production systems allowed Chinese citizens to work in the manufacturing sector which stimulated the economy.
The country was able to shield its industries from competition by implementing unfair economic policies. Since its acceptance into the World Trade Organization, the China’s economy became market oriented and the country has become the major manufacture of most of the world’s products. China has one of the highest Foreign Direct Investment rates in the world (Morrison 7).
This has enabled the country to mass produce low cost items in large scale. The ability of the Chinese government to control the economic environment has attracted many investments. China’s economy grows at a high rate which is beneficial for country.
The high economic growth in the country has enabled the country to create new technologies in all areas giving China a competitive edge over other nations because it lowers the cost of production.
The Chinese enjoy high standards of living because of availability of adequate food, access to education, health care and other social services (Thomas 28). The high economic growth has given the country the wealth it requires to develop its infrastructure which is essential for development.
China’s economic development has contributed to reduction of poverty levels all over the country. Many Chinese have enjoyed an increase per capital incomes due the availability of jobs. Some countries in Africa should learn from China’s economic principles to alleviate poverty in their regions
The rapid economic development of China has contributed to pollution of the country’s environment (Morrison 34). Industrial growth has contributed to large deposits of waste products into the country’s ecosystem.
A clean environment is essential for economic sustenance, but China has failed to safeguard its environment. If unchecked, pollution will negate the benefits from economic development. Pollution related health complications, loss of biodiversity and lack of clean water along with food will make the country a large wasteland if uncontrolled.
Chinese rural citizens get one of the poorest salaries and working conditions in the world (Morrison 35). The benefits of economic growth have not properly contributed to their well-being which is unfair and unfortunate for the Chinese. Improved economic prosperity of a country must match improved the living standards for all people.
Works Cited
Morrison, Wayne, 2012, China’s Economic Conditions, Congressional Research Service. PDF file. Web.
Thomas, Stephen, 2006, China’s Economic Development from 1860 to the Present: The Roles of Sovereignty and the Global Economy. Web.
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