Economy Essay Example | Topics and Well Written Essays - 250 words

Economy - Essay ExampleHow has china developed everyplace the past century? Importantly, what is chinawares economical growth experience over the 1977-2007 period?China is an ancient civilization with a long tradition of dynastic rule and inviolate leaders. China has been ruled by the Communist Party of China (CCP) since 1949, an avowedly socialist form of governance which established the Peoples Republic of China, and initially viewed capitalism through a skeptics lens. As a socialist party with communist leanings, successive Chinese governments undertook disastrous social and economic initiatives including Five Year Plans, the failed Great Leap Forward and the violent Cultural Revolution. Despite some youthful challenges, Chinese agriculture has witnessed important growth over the past thirty years and this has been propelled by a variety of forces. With a population of more than 1.3 billion, China remains a largely rural untaught with 43% of its labor force employed in agr iculture with another 25% in application and 32% in the service sector. Accordingly, decollectivization of the agricultural sector, public investment in the industry and market reforms thrust all played a role in stimulating this development. Human capital has been utilized by the authorities in Beijing through direct investment in the agricultural sector as well as through institutional changes aimed at developing this sector. By emphasizing the natural resources which China has been endowed with and employing technology appropriated through an opening up of the economy, the Chinese government is currently employing market relaxation behavior to aid in the development of this industry, among others. Chinas up-to-the-minute New Rural Campaign is the latest manifestation of this development, accounting for strong macro-economic growth and sustainable agricultural development (The Economist, 2008 Jia & Fock