Explain (i) what economic factors have been responsible for China’s economic performance in those 30...

Question

Explain

(i) what economic factors have been responsible for China’s economic

performance in those 30 years to outperform most “Western” capitalist

economies.300 word

(ii) Do you then conclude that Socialism with Chinese

Characteristics is better or superior as an economic system to private

enterprise capitalism?300 word

David · Accepted Answer

(i) The top four fastest growing economies since the Washington Consensus are highly 
influenced by China’s development model. These countries constitute China, Vietnam, 
Cambodia, and Laos. The economic strategy in line with the socialist model. China has been 
the most rapidly growing economy in the world and its economic growth averaged 9.4 
percent a year between 1980 and 1993, and moved into double digits after 1991.
The light industry grew at a rapid pace of 15 percent which led to a rapid growth of output 
from the heavy industrial sector as well. There was also a strong growth in the agriculture and 
state-owned collective farms in line with the expansion of heavy industry. The Chinese 
economic reform created the most rapid growth of small businesses and farms anywhere in 
the world, possibly ever in history.
China has not made any efforts to privatize its large state-owned sector, but has relied on 
collective enterprises and joint ventures with foreign partners and private partners, though the 
latter only accounted for a small part of the economy. Public ownership still remained 
predominant in the rural areas.

Explain (i) what economic factors have been responsible for China’s economic performance in those 30 years to outperform most “Western” capitalist economies. 300 word (ii) Do you then conclude that...

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