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Chinese Economic Development Essay

1125 words - 5 pages


“Quand la Chine s’eveillera, le monde tremblera” (“When China wakes up, the world will tremble”), Napoleon Bonaparte.
This expression is indeed, justified by the spectacular economic growth of China the past 3O years and by the fact that today, China is considered as one of the most important economic power in the world.
Our country has known many changes: from the gai ge kai fang, under the leadership of Deng Xiao Ping where China experienced effective agricultural reforms, to our days when China, with 1/5 of world population, opened its doors to foreign investment, privatization, and export, leading to unprecedented growth.
However, this growth is confronted with many ...view middle of the document...

In the next part let us see the success factors of the Chinese economy.

* The pillars of the Chinese growth
The growth of the Chinese economy has been spectacular for the past 30 years. This evolution is mainly explained by 3 major factors or changes:
* The progressive transformation of a planned and centralized economy in a market economy;
* The (uncompleted) transformation of an economy based on agriculture into an economy based on industry and services (Chinese growth resting on an industrial strategy);
* The transformation of a closed economy into an open economy.
But those changes requires initial conditions which are the fact that the demographic dividend, which procure a large and cheap labor force bringing the potential of the production to its fullest, can take advantage of the geopolitical situation of the country (huge territory and influence of the East Asian countries) and generate public good and economy of scale.

In addition to that, structural reforms play an important complementary role in the development.
* Administrative decentralization (transfer of authority and competence from the central level to the local level),
* Coexistence of several mode of economic regulation (the “growing out of the plan”),
* Partial substitution of the financial system to budget (fiscal incomes was amortized by a banking system)
* Progressive evolution of the right of ownership (privatizations and introduction in the stock market)
* Reforms implementation strategy which is based on four elements:
* Growth on investment and industry
* Proactive technology policy
* Access to credit
* Economic sustainability
* FDI (1/5th of global FDI in developing countries.

* Growth and environment: a difficult arbitration
This “Chinese miracle” is indeed spectacular, but the economic growth were often made at the expense of the environment,
* China is currently the second largest emitter of greenhouse gases behind the United States and if 16 of the 20 most polluted cities in the world are Chinese.
* Overall, air pollution is costing China 2% to 3% of GDP, as the acid rain generate losses in excess of 100 billion RMB ($ 15.7 billion) a year.

Even if economic development strategy of China could enhance the efficiency of the environmental protection system, there are still some problems which can interfere with the creation of a better management of the environment in China:
* The conflict between the need for an effective legal system and the legacy of Confucian philosophy.
To create an effective pollution control in China, changes of the legal...

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