Economics & the Rest
Assessment 2: Research Summary
Submission date: Friday 23rd September
Name: Michael Andrew Smith
Lecturer: Louisa Coglan
Tutor Name: Wasantha Athukorala
Student Number: N7408625
Word Count: 1086
The purpose of this research report is to provide an overview of China’s economic growth in relation to the long term economic growth drivers. Critical assessment will be made on the growth drivers to determine whether they lead to long term economic growth.
China’s Economic Growth Since the market orientated economic reforms were introduced in 1978 (Khan, Hu (1997, P103) China’s economy has seen a 10% increase in Gross Domestic Product (GDP) Per year (Vincellete, Manoel, …show more content…
Chinese consumption is predicted to increase by 3% from 14% to 17% in 2011 (CHINA - Government consumption (% of GDP) from 2011 to 2030, EIU Country Data). The trade factor involving imports and exports has been remarkable for China recently with a record breaking total trade of 163.2 billion USD$ during the first half of 2011 (Japan-China Trade Sets Record in First Half of 2011, While Earthquake Slows Growth in Exports, (24th august, 2011). Imports are scheduled to stay at 27.1% of GDP but exports seem to be predicted to drop from currently 30% of GDP to 24% (CHINA - Exports & Imports of G&S (% of GDP) from 2011 to 2030, EIU Country Data).
It has been evident throughout the report that China is a country with a rich history of economic growth. The countries ability to not only avoid recession during the economic crisis but to come out of it almost unscathed is a tribute to its economy. China has an outstanding GDP at present and as the report has shown, the GDP is measured through the key economic drivers. In order to continue to strengthen the GDP of the country, China should continue following these drivers and as a result, the GDP will increase.
Chong-Min, P. (2010). Public Attitudes toward Government Spending in the Asia-Pacific Region. Cambridge University Press (April, 2010).
Entrepreneurship in China: Let a million flowers bloom.