In: Economics
China's Economic development details with referrence
China, economically extremely
backward before 1949, has become one among the world's major
economic powers with the best potential, and therefore the overall
living standard has reached that of a reasonably well-off society.
In the 22 years following reform and opening-up in 1979 especially
, China's economy developed at an unprecedented rate, which
momentum has been held steady into the 21st century. In 2004, the
govt further strengthened and improved its macro control, and
therefore the economy entered its best ever development period of
recent years. The gross domestic product (GDP) for 2004 amounted to
13,687.59 billion yuan, 9.5 percent above the previous year.
China adopts the "five-year-plan" strategy for economic
development. The 9th Five-Year Plan (1996-2000) was outstandingly
successful, and therefore the 10th Five-Year Plan (2001-2005)
planned out the primary plan for the new century, setting these
main targets:
-- Sustaining fairly rapid climb , strategic restructuring,
improving the standard and benefits of economic process so on lay
firm foundations for doubling the 2000 GDP by 2010; substantial
perfection of the socialist free enterprise and putting state-owned
enterprises on a contemporary enterprise footing, thus allowing
greater participation in international cooperation and
competition.
-- GDP to succeed in some 12,500 billion yuan, and per capita GDP
9,400 yuan by 2005 (at 2000 prices assuming annual economic process
of around 7 percent). A marked improvement in quality of life, with
5 percent annual growth within the income of urban residents and
within the net of rural residents; keeping the registered urban
percentage stable at around 5 percent; maintaining generally stable
prices and basically balancing international revenue and
expenditure.
-- Optimizing and upgrading the economic structure to sharpen
China's competitive edge. By 2005, the added value of the first ,
secondary and tertiary industries will account for 13 percent, 51
percent and 36 percent, respectively, of GDP; employing 44 percent,
23 percent and 33 percent, respectively, of the labor force.
Further improvement to infrastructure; increased urbanization and
bringing the widening development disparity between regions under
effective control.
Most of those targets have already been achieved before schedule.
At present, the govt is drafting the 11th Five-Year Plan
(2006-2010)
The Chinese government has made innovation a top priority in its
economic planning through variety of high-profile initiatives, like
“Made in China 2025,” an idea announced in 2015 to upgrade and
modernize China’s manufacturing in 10 key sectors through extensive
government assistance so as to form China a serious global player
in these sectors. However, such measures have increasingly raised
concerns that China intends to use industrial policies to decrease
the country’s reliance on foreign technology (including by locking
out foreign firms in China) and eventually dominate global
markets
China’s growing global economic influence and therefore the
economic and trade policies it maintains have significant
implications for the us and hence are of major interest to
Congress. While China may be a large and growing marketplace for
U.S. firms, its incomplete transition to a free-market economy has
resulted in economic policies deemed harmful to U.S. economic
interests, like industrial policies and theft of U.S. intellectual
property. This report provides background on China’s economic rise;
describes its current economic structure; identifies the challenges
China faces to take care of economic growth; and discusses the
challenges, opportunities, and implications of China’s economic
rise for the United State