China’s economy has seen double digit growth for the last 3 decades.. In 1979, the changes to China’s economy was due to a reform labeled as “market-oriented” . New policies were created. Because of this the ownership of land was given to the individuals living in rural areas. In establishing such kind of policies, competition began in the larger industries and foreign trades.
As a result , the economy increased a lot. In 2010, China’s economy past Japan’s and is now second largest the world. In 2014, the annual GDP of China was recorded as $10.3 trillion U.S Dollars (USD), which came to just over half of the U.S (United States). The population of China in 2014 was calculated as just under 1.4 billion. This was considered as a biggest population of the globe.
Effect of Increased Economy Over Population
With the increase to China’s economy , there also came a handful of policies. On one hand, China’s economy reached it’s highest level and on the other hand environment and social issues arrived. From the year 2000, issues regarding the environment have been a hot topic. China’s big earners have been the likes of Raw Steel, Coal, Fabrics, Woven Cotton, Electricity, Fertilizers and Cement. By the use of materials like Crude Oil and things such as Combustion and Mining of Coal, both the rural and urban area’s have become polluted.
The Economy of China
China is the 2nd biggest exporting country behind the U.S and plays an important role in the worlds trade, so a downfall in China’s economy greatly influences the world’s economy. China is a rich nation and leading country. For the last 30 years China has made a lot of progress and become one of the most important countries in world trade. China has developed many trade agreements with different countries. One of the biggest manufacturer of goods, China is now facing problems regarding its economy. This would definitely effect the economy of the world . Global growth will really be effected and particularly the countries which have a close connection with China ( such as New Zealand ) . The downtime of China’s economy is making the analysts worried. This year, China growth has reduced to 7% which may seem good to other countries, but well below where China has been. China’s economy should be balanced otherwise the downtime in its economy is not only dangerous China but also for the world. Between 30 – 40 % of the worlds growth is contributed by China. If China’s economy slows, then the world economy will definitely slow down.