Modernization and Economic Development

Topics: People's Republic of China, Economics, Economic development Pages: 9 (1234 words) Published: September 16, 2013
China is the world’s most populous country,

with a population of over 1344 million, making

China one of the greatest markets. Many

countries like America or India would want to

bargain with China because of the huge

opportunities in different markets, this

stimulates the development of China, causing a

rapid economic development and

modernization to occur. So I absolutely agree

that modernization and economic development

has had only brought positive effect to China

and China’s people.

According to “ The Telegraph” published on 1st

of June in 2013, America ranked 1st and China

ranked 2nd in the world’s 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

technologies or changing the economic source

from agriculture based to industry based.

Recently, China is the 136th 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

growing 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. 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

projects. Nowadays, China’s knowledge of

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 2015, the average

annual rate will grow 9.5%. Also, on the Hurun

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

change? The main factor was the increase of

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...
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