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3÷arket liberalization in the Chinese Economy has brought its huge
economy forward by leaps and bounds - but rural China still remains poor,
even as its cities increase in affluence. China's economy is huge and
expanding rapidly. In the last 30 years the rate of Chinese economic growth
has been almost miraculous, averaging 8% growth in Gross Domestic Product
(GDP) per annum.
3There are still inequalities in the income of the Chinese people, and this
income disparity has increased in the recent times, in part due to a
liberalization of markets within the country.
3In per capita income terms, China stands at a lowly 107th out of 179
countries. The Purchasing Power Parity of China ranks 82nd out of 179
countries.
a|ith populations of 1.3 and 1.1 billion, respectively, their rapid
growth has the potential to raise living standards
aSignificantly for a third of the world¶s population, bringing
hundreds of millions of people out of poverty and creating a middle
class that rivals the EU and US in both size and income.
aIn both countries, growth has accelerated in recent decades as
trade liberalization and market-oriented structural reforms have
deepened.
aThe start of liberalization of India¶s economy in 1991, it
has been going through an epochal transformation into one
of the world¶s fast growing economies.
a It opened up the country for free flow of international
finance.
aIts gross domestic product rate was picked up from 1.3 %
in 1191 to 1992 to 7.8 % in 119-1997 and despite a global
slowdown, moved up from 4.4% in 2000-01 to 5.6% in
2001-2002. Its GDP for 2002-2007 is currently targeted at
8%.
aiberalization strategy of the Chinese government can be broadly
classified into two stages:
a1.Restructuring State Owned Enterprises (SOE) rather than
privatizing them. 2. Attracting FDI & liberalized FDI controls.
a The 'Town and Village Enterprises (TVEs) phenomenon led to
worldwide spread of China's standard and cheap products .
aBy the 1980s the SOE were losing steam. This led to
displacement of many skilled workers. About the same time the
Non-Resident Chinese became wealthy and were willing to play
venture capitalists. They provided funds to the homeland's
businesses, which promised a good return.
d The service sector has been growing rapidly over the last
decade and the trend is likely to continue. This has become
the main contributor to the GDP
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a China±÷anufacturing-led±GDP shares: industry 46%, services
41% (2005 National Economic Census)±East Asian ÷odel
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