Economic Development of China

Topics: Economic development, Working class, Economy Pages: 3 (1004 words) Published: February 9, 2013
The economic development of China
By Jazz Exel, David van der Vlugt, Thomas Koop and Winsen Duker – 1TMA3, 2012/2013.

When did the economic development started in China?
Fifty years ago, China finally introduces ‘The New China in the Orient’. After years of warlords and domestic warfare, finally peace returned to the country. People were positive about the future. Fifty years later, the results are huge. By 1998, the GNP (Gross National Product) grew by over 29-fold, which is an average of 7,7% per year. After that, the economy grew by an average of 9,7% a year. Heavy industry grew immense in every factor, and millions of jobs were created. Agricultural growth was immense to, together with the heavy industry China is leading the world with this. The new generations also profit from this growth. From 181.000 students to 3.410.000 million students a year in 50 years, is an 18-fold increase. Today, 98,9% finishes primary school and 87,3% finishes middle school. You can state that China has benefit a lot from this economic growth. The average income raised from $760 a year a person to $3000 a year a person in 2010. You do have to take a second look at these numbers, because the average income in the east is a lot higher when you compare this with the average income in the rural area in the west, which is $1000 a month and $12000 a person in the big cities such as Shanghai. Those numbers are shifted too, due to a small group of very rich persons. So are these numbers really that positive as they look? According to the CIA World Factbook, 128 million people still live below the poverty line in China. They did not benefit at all from this economic growth. Furthermore, a 12 hour work day is common for the lower class people. Labor rights are something they never heard before in China. The top 10% earns about 45% of the income in 2004. In conclusion China improved immense over the last 50 years. But as with Europe in the 19th century, the majority of the...
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