Question

The effect of the massive economic growth and industrialization that chin a has experienced in1949

Answer 1

Answer:

China’s meteoric rise over the past half century is one of the most striking examples of the impact of opening an economy up to global markets.

Over that period the country has undergone a shift from a largely agrarian society to an industrial powerhouse. In the process it has seen sharp increases in productivity and wages that have allowed China to become the world’s second-largest economy.

While the pace of growth over recent decades has been remarkable, it is also important to look at what the future might hold now that a large chunk of the gains from urbanization have been exhausted. A new paper published by the NBER attempts to do just that, looking back over China’s growth story between 1953-2012 and using the data to model plausible scenarios for the country up to 2050.

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