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Hi, I need help with essay on International trade and economic growth of China. Paper must be at least 2750 words. Please, no plagiarized work!China before 1980s was agriculture based economy and almo
Hi, I need help with essay on International trade and economic growth of China. Paper must be at least 2750 words. Please, no plagiarized work!
China before 1980s was agriculture based economy and almost all the businesses, factories and commercial activities were under the state control. Capitalism was a forbidden and a hated world (USChina, 2011). This section examines the growth of the Chinese economy and trade. 2.1. Growth of the Chinese Economy After the people revolution, China closed its doors to external influences, seized all private factories and businesses and nationalised all the industries and banks. The result was a total shut down of free enterprise. Capitalists and scholars were hunted down and all trade, industries were state owned. As a result, the nations stagnated and led to a sharp increase in poverty. While the rest of the world saw booms and busts, China had a stagnant and stable economy that was controlled by the state. The standard of living was slow and bicycles were the main mode of transport in the city. From 1979 onwards, the Chinese premier Deng Xiaoping started the measures of liberalisation, allowed trade with foreign nations, allowed FDI and created industrial zones along the eastern coast so that foreign firms could set up manufacturing activity (Zhang, 2007, p. 12). This far-reaching vision paid off and very soon, China started its upward trajectory of growth. The growth in the GDP and other economic indicators are given in Appendix “Table A1. China Economic Indicators – 1 of 3” to “3 of 3” that gives details of the economic indicators. Growth figures of the economy have been given for 19 indicators for the years 1980 until 2013. Projections for 2012 and 2013 are estimated figures. Following graph illustrates the growth rates in GDP, PPP and the CAB in USD billions from 1980 to 2013 (IMF, 2012).
