Author: voice_cd

What are China's most remarkable achievements in the past 70 years? [Copy link] 中文

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Post time 2019-10-7 04:21:51 |Display all floors
pnp Post time: 2019-10-6 15:25
Yes, and becoming the world's second largest economy in the short span of 40 odd years, a feat nev ...

While the economic growth of China has been impressive over the last four decades, I think China has to move away from that kind of quantitative growth and towards qualitative transformation of its economy. The past four decades saw massive growth but poor quality of its economic transformation from a largely agricultural country to a newly industrialized economy, with too much excess capacity in its low-value manufacturing industries and too much dependence on export markets based on labor-intensive factories. The end-result are highly-polluted cities and poorly-treated migrant workers. The past ten years since the GFC 2008 forced China to restructure its economy by reducing excess industrial capacity and increasing investments in technology and services industries to serve the fast-growing domestic market. China’s future will be its new economy based on alternative energy and knowledge-based technology and services industries instead of the old economy based highly-polluting carbon-intensive manufacturing industries.

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