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Principles of Economics

For example, this figure is equivalent to 9% of the German and 8% of the United States’ per capita GDP. Furthermore, in terms of nature of resources, China has somewhat a small holds of resources based on per capita criteria, which is not even comparable to a developed country of a modest character. These facts reveal the extent of the economic gap between China and the developed countries, which sets it trailing behind (Wolf, 2005). To sustain the country on an economic growth path, the Chinese Government has the responsibility of making significant policy adjustments. These policies should be aimed at transitioning the country from middle-income to high-income status. This includes finding measures to address the social and environment imbalances, improving the access to healthcare and education, setting targets to reduce pollution, expanding social protection, and increasing the country’s energy efficiency (Wolf, 2005). The government should also make efforts to discover a new road to industrialization, and modify the approach of economic development by developing a circular economy, changing the industrial structure, improving the traditional industries and supporting the strategic and emerging industries. ...Show more

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Principle of Economics Question one Despite the tremendous performance of its economy, China is still a developing country because of several reasons. In terms of per capita GDP, China is yet to achieve a developed country status because it does not exceed US$10,000 that is required of a developed country status…
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