Running Head: ECONOMIC DEVELOPMENT IN CHINA Title Name Institutional Affiliation Course Title Date 1 Economic Development in China 2 Economic development in China China has experienced rapid economic growth over the last twenty-five years, according to Hirst, (2015), economic growth has averaged 9.5% over the past two decades. Today China is among the leading economies in the world. Much of its growth is attributed to its massive development in technology in different fields over recent years. China has experienced a swift transformation from being an agrarian society to being one of the most significant industrial powerhouse in the world. During this transformation, China has seen a massive increase in its productivity that helped her become one of world’s largest economy (Hirst, 2015). Over recent decades, China has gained sovereign control over all of her economic activities both within and outside the country. Earlier before China gained control over its industrial processes, foreigners possessed and took charge of large part of the Chinese industries without being accountable to the local Chines government. This meant that China’s economic growth was in the hands of foreigners who only wanted to exploit her resources economically. However, the situation soon changed, and China gained control over her commercial operations, and the transformation began. Economic sovereignty, planning and global economic environment have helped China achieve economic development. ...
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