Economy Essay Example | Topics and Well Written Essays - 250 words

Economy - Essay ExampleHow has mainland China developed all over the past century? Importantly, what is Chinas sparing growth experience over the 1977-2007 period?China is an ancient civilization with a long tradition of dynastic rule and substantive leaders. China has been ruled by the Communist Party of China (CCP) since 1949, an avowedly socialist form of government which established the Peoples Re commonplace of China, and ab initio viewed capitalism through a skeptics lens. As a socialist party with communist leanings, successive Chinese governments undertook disastrous social and economic initiatives including Five Year Plans, the failed Great Leap Forward and the violent Cultural Revolution. Despite some recent challenges, Chinese agriculture has witnessed important growth over the past thirty years and this has been propelled by a variety of forces. With a population of more than 1.3 billion, China remains a largely rural farming with 43% of its labor force employed in a griculture with another 25% in industry and 32% in the service sector. Accordingly, decollectivization of the agricultural sector, public investment in the industry and market reforms have all played a role in stimulating this development. Human capital has been utilized by the authorities in Beijing through direct investment in the agricultural sector as well as through institutional changes aimed at developing this sector. By emphasizing the natural resources which China has been endowed with and employing technology appropriated through an opening up of the economy, the Chinese government is currently employing market slackening to aid in the development of this industry, among others. Chinas latest New Rural Campaign is the latest manifestation of this development, accounting for strong macro-economic growth and sustainable agricultural development (The Economist, 2008 Jia & Fock