Chinas economic miracle

There have been impressive investments in higher education, in some cases such as satellite launching, supercomputing, and green technologies the government has directly created state-controlled companies with technologies that compete successfully against the very best internationally.

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A notable development was the decentralization of state control, leaving local provincial leaders to experiment with ways to increase economic growth and privatize the state sector. Instead of making those with pre-existing privileges stake-holders in long-term economic growth as the Chinese government did, the Russians in large part simply made them over-night owners of the economy who then became more interested in finding safe havens for their new-found wealth. On this Head to Head episode filmed at the Oxford Union, we challenge Charles Liu on all these topics, ask him whether the Chinese economy has hit a wall, and whether China's neighbours should dismiss their fears as his country builds up its military and extends its global reach. In and , large-scale privatization occurred, in which all state enterprises, except a few large monopolies, were liquidated and their assets sold to private investors. By the s, large-scale privatizations reduced the market share of both the Township and Village Enterprises and state-owned enterprises and increased the private sector's market share. For example, between and , the Taiwanese economy grew between and at annual rate of 8. GDP per capita, and from The Chinese economy today has reached roughly the same per-capita GDP level relative to the US level as the economies of the Asian Dragons before their take-offs. Y-axis: Production in metric ton. But it didn't take long for the Russian wealth find their way out of Russia to places like London and Miami. Mehdi Hasan challenges Charles Liu on China's economic and human rights record. Borrowing from the experience of Japan's postwar economic miracle, the government no doubt will, and has in fact already begun to, take the lead in this transformation.

After all, why didn't the Chinese economy take off before ? Data from FAOyear Head to Head is Al Jazeera's forum for ideas, a gladiatorial contest tackling big issues such as faith, nationalism, democracy and foreign intervention, in front of an opinionated audience at the Oxford Union.

Mehdi Hasan challenges Charles Liu on China's economic and human rights record.

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In China, a gradual shift from a centrally-planned, state-owned economy to one where markets and private ownership play a prominent role is institutionalized by the state in the form of dual-track system: many in our generation remember a time when chicken eggs could be bought at lower prices with coupons at government stores that frequently ran out of stock, or at local free farmer's markets at high prices.

Despite rapid economic growth which has virtually eliminated poverty in urban China and reduced it greatly in rural regions and the fact that living standards for everyone in China have drastically increased in comparison to the pre-reform era, the Gini coefficient of China is estimated to be above 0.

What was overlooked in this logic was that the elites had less subsequent interests in continuing transformation of the economy than protecting their interests as new owners of wealth.

the china miracle

While both arguments have grains of truth in them, they could not have been sufficient for the blast-off inlet alone the almost uninterrupted 35 years of turbo-charged growth since. However, even the best universities in China cannot catch up quickly enough with leading universities worldwide in providing the basic knowledge and research for Chinese industries to take advantage of.

The consensus is therefore that, to sustain rapid growth in the future, Chinese industries must go through a structural transformation to prioritize research and development.

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Textile output increased fold over the same period.

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China's economic miracle: year rise in numbers, East Asia News & Top Stories