Describe any four steps taken by chinese leadership to make it a fastest growing economy.
Answers
Strong leadership
Chinese politicians are said to feel a greater responsibility to the nation than to themselves. Strong leadership from the head of state has been a major factor contributing to economic success.
Free market economics
China first began moving away from a centrally planned economy towards a market-oriented system in 1978. Deng Xiaoping was Mao’s successor and he sought to bring an end to China’s relative economic isolation.
Export-led growth
This is the strategy which China initially pursued. The strategy is beginning to become phased out in favour of Import Substitution Industrialisation by which consumer products imported for China’s growing middle-class are increasingly being made in China, such as cars, domestic white goods and house- and office-furniture.
Private enterprise
For many years all manufacturing in China was state owned and operated. This has gradually been relaxed as the economy has been restructured and now up to 50% of businesses are privately owned.
Four steps:
Strong leadership is said to feel greater responsibility for the nation than for themselves by Chinese politicians. Strong state leadership has been a big contributing factor to economic success.
Private enterprise the state-owned and operated all industries in China for many years. As the market has been restructured, this has slowly been increased, and now up to 50 percent of companies are private owners.
Free market economics in 1978, China began moving away from a centrally planned economy to a market-oriented structure. Deng Xiaoping was Mao's successor and he sought to put an end to the relative economic isolation of China.
'Export-led growth' is the strategy that China pursued originally. The strategy is starting to be phased out in favor of the industrialization of import substitution by which customer products imported for China's growing middle class, such as domestic white goods, cars, and home and office furniture, are increasingly being made in China.
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