University of Northern Philippines
College of Business Administration and Accountancy
Tamag, Vigan City
In partial fulfillment of
The requirements of the subject
Prepared for: Ms. Xandra Jizelle Q. Reyes
Prepared by: Ms. Mariel T. Baluyut
(BSBA FM 3-A)
Economy of People’s Republic of China
The People's Republic of China (PRC) is the world's second largest economy after the United States. It is the world's fastest-growing major economy, with growth rates averaging 10% over the past 30 years. China is also the largest exporter and second largest importer of goods in the world. On a per capita income basis, China ranked 90th by nominal GDP and 91st by GDP (PPP) in 2011, according to the IMF. The provinces in the coastal regions of China tend to be more industrialized, while regions in the hinterland are less developed. As China's economic importance has grown, so has attention to the structure and health of the economy.
1. What is the main reason why they were able to achieve that status? China’s rapid economic growth since the government decided to introduce reform in the early 1980s to change from a planned economy to a market economy is not a miracle but follows a basic law in economics. There are three fundamental factors contributing to rapid economic growth. These are having an abundance of high-quality human capital, having a set of functioning market institutions and being in an early stage of development that enables the economy to catch up rapidly. These factors also explain the rapid economic growth of Japan before and after World War II, and of Hong Kong, Singapore, Taiwan and South Korea, known as the four dragons in East Asia, during the 1960s to early 1980s.
2. What can the Philippines learn from them? List at least three.
The Philippines can learn from them the strategies or techniques which China used to achieve their...