Westcliff University China Economic Growth Questions Discussion

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Chasing the dragon! Compare the economies of India and China today. What are their GDP per capita and their economic growth rates? What has caused the rapid expansion of Chinese economy compared to India for the past 30 years? What are the important factors distinguishing these two economies from population growth, human capital, political systems and so forth. What the future holds?

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Question 1

China's GDP per capita, according to World Bank data, was $8,123.2 for the year 2016,
while that of India was $1,709.4. China's annual GDP was 6.7%, while India's was 7.1% (Meo et
al., 2013). For many years, China has been ranked first and India the second and looking back in
the last thirty years. It can be noted that indeed China has been leading in matters of economy.
On the other hand, India is still behind when compared to China. India has always been trying to
attain China's economic position for many years. Hence, China's economic growth is much better
and ahead as compared to India's due to the following reasons;
In the last thirty years, China has moved to a market-oriented system from a closed
system to another system, which plays a significant global role while India is still developing an
open market economy. Yet, the traces of its autarkic policies remain. Typically, reforms in
China is in the phase of agricultural practices, which includes progressive liberalization of
product prices (Meo et al., 2013).Moreover, China has an increased autonomy for all its
enterprises while India is working towards accelerating its economy. There is a fast growth rate
in China, primarily in the private sector, as well as in foreign trade, while in India has a diverse
economy as half of its population engages in agricultural practices. Lastly, there are resulting
efficiency gains and restructuring of the economy in China, while in India, there is a decline in
the investment portfolio and slow down government spending.
Question 2
China has encountered an unmatched economic growth in the past thirty years, with its
growth rate averaging ten percent. Conversely, China has been dominating in terms of economic
development, while India has been lagging for all that period (Cheng, 2019). The key reason
behind China's rapid economic growth is the economic reforms that the nation started embracing



in an endeavor to foster and accelerate its growth in the economy. Similarly, China's regime
introduced several policy changes for many decades which significantly encouraged the spirit of
free trade as well as the reign of market places with reduced interference. Various causes
associated with China's rapid economic growth as compared to the Indian economy
include Unemployment and wages, Strong leadership, Political system, and Private enterprise.
Unemployment and Wages
The high rate of unemployment cases in China has significantly decreased over the last
decades by about four percent (Cheng, 2019). Nonetheless, the increased number of people has
dramatically led to a reduction in wages. Hence, in occasions where the laborers demand more
wages than the government can pay, then more individuals will take the tasks readily available.
Strong Leadership
Leadership in China is very stable, and leaders are said to feel a considerable
responsibility to the country's economic growth rather than focusing on themselves (Cheng,
2019). Servant leadership...

University of Virginia

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