Economic Growth In China Essay

500 WordsMar 9, 20092 Pages
Economic Growth in China China and the United Kingdom are very different countries. Firstly, the UK has a population of 60 943 912, unlike China, which has a population vastly greater than the UK’s, it is 1 330 044 544. Furthermore, China has Gross Domestic Product (GDP) of 3 251 000 and the UK has a GDP of 2 773 000. China has experienced a huge amount of growth over the past few decades. This is shown by how there GDP is high, and the very large population. Productivity in China has also significantly increased in the last few decades. There are many different natural resources that can be found on China for example: coal, iron ore, petroleum, natural gas, mercury, tin, tungsten, antimony, manganese, molybdenum, vanadium, magnetite, aluminium, lead, zinc, uranium, hydropower potential (world's largest). China can make huge amounts of money by selling its natural resources to other countries where they may not be able to extract these resources from their own country. In 2006, out of all the consumer electrics in the world, 80% was exported from China. China is also a massive consumer. It consumes more steel, coal meat and grain than any other nation. This means that it also imports raw materials from many other countries. In 1978 Deng Xiaoping became leader and began an ambitious programme of economic reform aimed at raising rates of foreign investment and growth. There have been foreign investments in China over the recent years, for example, Deng encouraged foreign trade and investment through joint ventures. In the south, zones were created giving investors tax concessions in exchange for revenue and technical knowledge. This was to encourage people to spend more money at businesses. Deng also ended collective farming. This meant that ordinary farmers were able to choose what crops they were going to grow. It also gave the farmers the opportunity

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