Wat-Not Staff
China’s History
Well, let’s know China from scratch to get answers to every question. China occupying nearly the entire east asian landmass, is one of the largest countries in the world with a population rate of 1.43 billion people. It is the most populated country. China, being a socialist country, always try to improve its GDP. In 1978, post-colonial rule, China worked in almost every field to uplift the country. It encouraged private business, and rural enterprises, liberated the trade system, and adopted a relaxed tax system. While pre-1978 had an annual growth of 6 percent a year, post-1978 had an annual growth of 9 percent a year and further more to 13 percent.
How has productivity accelerated?
Post-1978 reforms give greater autonomy to enterprises to set up their businesses, earn profit, manage labor, and give bonuses, this leads to greater flexibility and growth of both enterprises and the economy.
China liberated its foreign investment to give rise to more inflow and increased investment. Foreign investment helps China in infrastructural development, technological advancement, and creating jobs.
Industrial Growth
China is known as the largest producer of steel. China’s economic reforms focused firstly on the development of heavy industries. The country extracts coal, iron ore, and gold but it is moving more towards renewable energy sources and reducing the dependence on non-renewable sources.
Fair practices
Being one of the largest socialist countries, China is controlled by its government and follows strict rules and laws. The country stays away from unfair practices and corruption.
In summary, China is the 2nd largest economy after the US due to its strong economic reforms and fair practices. It’s the most populous country that still manages to excel in almost every field.
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