Chinas economic rise Essay Example | Topics and Well Written Essays - 4000 words

Chinas economic rise - Essay Example The rise of the economy of a country means a stable increase in the economic growth of the country for a considerable period of time. By economic growth, we mean the increase in the gross domestic product of the country that in turn means increase in the production of overall sectors of the economy with some sectors contributing more to the growth than the others. Economic growth of a country can even occur with the increase in the key inputs of production mainly labor and capital, which helps in boosting up the productivity that result in the increase in the total production of the country. Increase in the income level of country can also boost up sector wise economic growth. A continuous increase in the real per capita income or output of a country can also be termed as economic growth as it increases the standard of living of the individuals of the country. When a country experiences significant economic growth, the international credit rating of that particular nation increases a nd it is generally said that there occurs an economic rise in the country. Thus in ultimate words it can be concluded that rise in the economy of a country imply a positive breakthrough in the flow of the economy. (Economic growth, 2008: Rise, 2011: Adelman, 1961, p1) The economy of China is experiencing an accelerating growth over the decade and soon from a mere underdeveloped country, it will reach the economic growth rate similar to the developed economies of the world if not more. The economy of the country since its liberalization and open up of the market economy is experiencing a growth rate of 10% per year approximately which increases with the advent of the twenty first century and expected to double itself in the next few years. According to Albert Keidel (2007) by the year 2040, the rapid economic growth of the country will soon overcome that of the United States in terms of the overall gross domestic product of the country. The rise of the economy of the country to a maj or economic power within a period of about twenty-eight years from a stagnant and poor economy can be termed as one of the greatest economic success of the modern time. The economic rise of the country has made it the second largest economy of the world and it could reach the highest position within a decade. According to many economists, the economic growths of the country have been mainly due to the significant increase in the productivity of the country that again resulted from the market reforms undertaken by the government of the country. The market reform of the eighties emphasizes on reduction in the role of the state control or the public sector of the economy and the increase in the ownership and the control by the private enterprises of the economy. Moreover, the country’s policy of opening up the market to international trade also significantly contributed to the gain or increase in the productivity of the country that further resulted in the growth of the economy. Thus, liberalization and privatization are the main cause behind the economic rise of the country in the recent decade. (Elwell, Labonte, Morrison, 2007: Keidel 2007) Three historical rise of the country The economy of the country had also experience modest growth before the year 1937 and according to some economist the country before the modern period thrice in the future have the experience of being the most powerful and prosperous country among the neighboring regions. The country gains prosperity during the first bureaucratic rule of Qin-Han unification. The country had the experience of the second period of prosperity at the time of reunification of Sui-tang. Before the modern period the third and the perhaps the most powerful rise of the country was at the period of reconstruction and the reinforcement of the Confucian tradition as the new orthodoxy in the country. It was the time of the Ming and the Qing dynasties. The rise of the country in these historical periods differs significantly from the rise of the cou