At one time, China was plagued with poverty. Today mighty China is the second-largest economy in the world. Their current GDP is over 12 trillion US dollars. How China emerged from poverty to become a superpower will be discussed today.
According to the World Bank, between 1981 and 2012, the Chinese government lifted 850 million people from below the poverty line. Since 2012, China has been able to tackle the problem of poverty very well.
Although China does not have many natural resources, it is able to play an important role in world trade. Efforts to transform China’s agricultural economy into an industrial economy have been successful.
From 1980 to 1995, China’s economic growth continued to grow at a rate of 10%. America’s big investment in China came at that time. Dependence on China as a hub for big tech brands continues to grow. Examples include Apple and Samsung.
China has invested heavily in building skilled manpower. That is why technical education is given importance. China’s reputation as a trusted destination for foreign tourists continues to grow.
China has advanced in textile production and export due to improvements in the cotton industry. Later, China developed its science and technology sector. In 2001, the market for their products became bigger due to the membership of the World Trade Organization.
China has shown expertise in building solar and electric vehicles. The Belt and Road Initiative project will make it easier for China to expand its global economic dominance.
There is no load-shedding in industrial plants due to sufficient amount of electricity in the country. As a result they can produce more products in less time. China has demonstrated incredible prowess in building state-of-the-art aircraft, flyovers and railways.