Evaluate the factors that led to rapid economic development in China. class 12 Economics based question
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Economic development in China
Explanation:
- There are several reasons for the rapid economic development in China.
- Some of the reasons include large-scale capital investment and rapid productivity growth.
- Large scale capital development is possible because of finance by large domestic and foreign investment.
- Labour supply at lower wages is another treason for economic development because of unemployment in China that forces people to work in industries and factories.
- Investment of foreign companies in China has given the free-market economics with export growth.
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