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Macroeconomic convergence, financial development and economic growth: CHINA
Finance & Accounting
Pages 12 (3012 words)
Macroeconomic convergence, financial development and economic growth: CHINA Literature Review Introduction China began its economic reform from the year 1978. Since then the nation has experienced steady and rapid growth of per capita economic growth which is among the highest rates in the global economic history.
This paper reviews several articles which focuses on the economic growth of China and the impact of all the internal and external factors. The Economic Rise of China: Threat or Opportunity? In this article the author has focused on the international aspects of economic development in China. China has changed its foreign trade policies since 1978 when it encouraged free trade and abolished trade restrictions. The government encouraged private companies to engage in foreign trade. The gross domestic product (GDP) of China has increased substantially and in 2002 China’s GDP was more than eight times than that of 1978. Globally, China had the fastest long-term rate of growth from 1978-2002. China’s growth was steady and fast even during the global growth recession in 2001. The author has pointed out that foreign direct investment has also been largely responsible for the growth of China’s economy. Since the economic reform in 1978, China’s perspective has changed on foreign investment. China now considers foreign investments as causes for its own economic development. China created many opportunities for foreign investments in 1980 and although in the beginning the flow of capital was modest, in the early 1990s the inflows increased to more than $25 billion. ...
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