According to ” The Telegraph” published on 1st of June In 2013, America ranked 1st and China inked 2nd In the worlds most powerful economy. In these few years, China’s economic development had expanded rapidly, causing their world reputation to increase because of the opening of free trade with other foreign countries. Economic development Is the process of the economic growth, such as adopting new from agriculture based to industry based.
Recently, China is the 13th freest country in the economic freedom index, meaning people can control their own labor and properties in any way they please. Resulting 0. 7 point higher than 2012, this shows why China is the fastest rowing major economy. Basically, China’s economic development is affected by their productivity power and affects the standard of living of the society. During the rapid economic development, it sure brings a lot of positive effects to the country and people. China has the ability to absorb technology and apply what they’ve learnt.
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They have well- trained scientists, mathematicians, engineers and experts of other areas. Most of them have the ability to be educated abroad to learn and observe the technology in western countries and when they come back, they will further develop their knowledge, resulting that more than half of the Chinese scientist are now working on major technology helps them to improve life in different ways. Such as the revolution of agricultural science. People now sell genetically modified food so they can have a higher quality and amount.
Many experts predict that after few years, China is going to become the world’s leader in different areas of technology such as mining, electronics, chemical industry, discovery in life science, medication and military. Their level of wealth is going to increase in an unpredictable speed. China’s average growth of the market value of goods between 2001 and 2010 was 10. 5%. Moreover, the Chinese economy is predicted that between 2011 and 201 5, the average annual rate will grow 9. 5%.
Also, on the Huron rich list, it is shown that the number of Chinese billionaires increased from 130 in 2009 to 251 in 2012, resulting China as the world’s second highest number of billionaires. But what is the factor causing China to have such a great productivity. Starting from 1994, loads of workers started to move out from agricultural business due to the high demand of money for living. People starts to become more productive and efficient, causing more than ten million of people transforming from agriculture to manufacturing.
After a few years, people are more free to set their own goals, to sell products in competitive prices and to have the permission to fire workers, this give people more opportunities to develop in their own way, making China’s business more flexible and unique. Economic development is one of the factors causing modernization to occur. Modernization is the evolutionary process of transforming from tradition or pre-modern society to a modern society. Modernization consists of science and technology, agriculture, military, arbitration and industrialization, which causes China’s economic to develop.
China’s improvement and achievements on factors of modernization. In 2009, China made 48. 3% of televisions in the world, 49. 9% of phones and 60. 9% computers, making China one of the biggest markets. Also, China now has 74 of the 500 biggest supercomputers while in a decade before China had none. Supercomputers are designed to process data in a very fast speed, or to calculate complicated scientific ormolu, that’s why it’s very expensive to build it and use it. This shows that China’s economic development helps to develop technology.
China also started to apply their advanced technology into different areas, such as agriculture and aquaculture. Since the population of China kept increasing, there is a lack of land and water for growing crops. So new technology must be used to improve the situation. China brought millions of foreign bred animals, semen and livestock embryos so that they can improve the genes of China’s livestock. China had stated that biotechnology will enhance economic destines nutrition and healthcare problems and also as a business for medicine.
Moreover, they expect that this kind of technology will also help them to add 1 million Jobs in 2011-2015 to help unemployment rate to decrease. Also, a report by PricewaterhouseCoopers (PWS) stated that a decade earlier, China didn’t have presence in medical technology, but they will become more important than Europe if they keep improving their ability like now. Same with the transportation in China, BBC wrote that in 2005, China had none high speed railways, but after 5 years it had more than Europe, so they redirected that in 2012, China was expected to have more railways than the rest of the world combined.
Last but not least, the biggest and the most common factor that is affecting the development of China is their industry. Their shipbuilding, petroleum, iron and steel industries has already accomplish half of the modernization process. Then, China’s electric power, manufacturing of computers and textiles To conclude, we can see that modernization helps to raise China’s world reputation in many different ways. They are willing to learn foreign technologies and knows how to develop their knowledge and kept on improving to achieve success.