How did China become the biggest economic power? The World Bank reports that China's economy has already passed the US economy to become the largest in the world late this year, especially in the Krona period, China was the most productive country in the world.
In another World Bank indicator that economic power from West to East, where China has become the world's largest power, how China has become the world's largest power, we will know here in this article about China's steps to become the world's largest power.
How did China become the biggest economic power?
David Mann, the top international economist at Standard Chartered Bank, responds to the question of how China became the largest economic power, from the end of the 1970s to the present, we saw the biggest economic miracle in history, and in the 1990s the growth rate of the Chinese economy reached record levels.
It only took less than 70 years for the People's State of China to become one of the world's greatest economic powers. As we now read this article, China is taking further steps to further develop and advance.
When the Communist Party of China came to power the country after independence, the country was very poor, and had no commercial partners and no broad diplomatic relations.
China was a poor but totally self-sufficient country, "and in the past 40 years, China had undertaken a series of economic reforms that would open trade routes and allow investments, steps that eventually brought millions out of poverty, and China became the largest economic power.
Leader Ma Zedong's steps in development
Leader Mao Zedong undertook a series of reforms in the Chinese economy, which was dependent on agriculture, but his project failed. The project was so self-sufficient that it led to 10 to 40 million deaths between 1959 and 1961, the worst famine in human history.
Mao launched in the 1960s, a series of reforms, aimed at purging the Communist Party of its rivals, but ended up destroying many people in China.
Chief Deng Xiaoping's steps towards development
The reforms and the beginning of the answer to the question of how China became the largest economic power, led and undertaken by leader Deng Xiaoping after Mao's death in 1976, began to change the face of the Chinese economy:
Farmers were given the right to use their own land, which helped to improve their living standards and reduce the phenomenon of food scarcity. They were barely working to earn more money. Before that, however, the land belonged to the State.
The doors were opened for foreign investment, following the establishment of diplomatic relations between China and the United States beginning with the economic opening in 1979.
The money flowed on China because of investors who came well to China to benefit from cheap labor and low rents in China, as companies raced to enter the world's largest populous country.
The country joined the World Trade Organization (WTO) in 2001, giving its economy an additional boost.
Tariffs on Chinese products in various countries have receded, with goods spread throughout the world, and everything is called "made in China."
That reduced poverty and the economic reforms introduced by Deng helped to improve the standard of living for millions of Chinese.
In that period, 850 million Chinese were able to escape poverty.
The country has dramatically raised education levels, with more than 44% of China's workforce having a university education by 2030, a rate that now equals or exceeds Germany's status.
China's economic growth
In that period, the size of China's economy was less than half that of the American economy in 2005, but in recent years China has experienced a marked 11% growth in the economy.
Growth reached 26% between 2011 and 2014, and Chinese GDP reached $13.4 trillion, or 88% of the estimated $15.6 trillion worth of US GDP.
China reaped the benefits of all of this from reformist economic programs beginning with opening up to the world in the late 1970s, and economic growth averaged 10% annually from 1979 until 2012.
China Correctional Program
In 1978, China announced the publication of its product in front of global commerce and also used the yuan as its foreign trade currency, in one of its first steps to reform China's economic system, taking advantage of its vast human resources.
China has opened four economic zones to encourage foreign investment, the most famous of which are Macao and Hong Kong.
In 1982, a six-year plan was developed to achieve growth in the market economy.
In 1987, the ruling Communist Party finally recognized private sector efforts as an essential element of the public sector.
China entered the World Trade Organization, opened its stock markets to foreign investors and amended provisions in the Constitution to protect private property after the state had everything and anything.
Signed a market opening agreement with 10 Southeast Asian States;
It has established direct and good economic relations with America to meet long - term challenges.
In 2008, China invested $580 billion in a project to build infrastructure and various areas, particularly education.
Increased foreign direct investment and growth in trade
Here you can answer the question of how China became the largest economic power, and that's through:
China has attracted a steady flow of foreign investment annually since joining the World Trade Organization (WTO) in 2001.
The Customs Department reported last year that the country's trade volume in 2012 was $3.88 trillion, surpassing the US trade of $3.80 trillion.
High proportion of learners and low proportion of unemployed
China realized that education would take it on a path headed by light, wreaked much money in education, where China was still interested in education, whether technical, university or basic education.
It has attracted students from all over the world to education, and has given so many grants to foreign students to encourage Chinese students to learn, that China has ascended to space in record time since the beginning of interest in this field, from a high level of interest in education.