Modernization and Economic Development

Topics: Economics, Economic development, Economy, Broadsheet, Development economics / Pages: 5 (1234 words) / Published: Sep 17th, 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,



References: China - Wikipedia, the free encyclopedia. (2013, June 2). Wikipedia, the free encyclopedia. Retrieved June 3, 2013, from http://en.wikipedia.org/wiki/China#Economy Economic Crisis: Impact on Chinese Military Modernization. (2009, April 8). Center for National Policy. Retrieved June 3, 2013, from http://cnponline.org/ht/display/ContentDetails/i/12397/pid/ Hu, Z. (n.d.). Economic Issues 8 -- Why Is China Growing So Fast?. IMF -- International Monetary Fund Home Page. Retrieved June 3, 2013, from http://www.imf.org/external/pubs/ft/issues8/ International rankings of China - Wikipedia, the free encyclopedia. (2013, March 15). Wikipedia, the free encyclopedia. Retrieved June 3, 2013, from http://en.wikipedia.org/wiki/International_rankings_of_China Is China industry Modernised?. (2009, July 26). Social Science Research Network. Retrieved June 3, 2013, from papers.ssrn.com/sol3/papers.cfm?abstract_id=1437972## Modernization. (2013, May 31). Wikipedia. Retrieved June 3, 2013, from http://en.wikipedia.org/wiki/Modernization The world 's most powerful economies - Telegraph. (2013, June 3). Telegraph.co.uk - Telegraph online, Daily Telegraph, Sunday Telegraph - Telegraph. Retrieved June 3, 2013, from http://www.telegraph.co.uk/finance/globalbusiness/9765161/The-worlds-most-powerful-economies.html?frame=2425673 era. (2013, June 2). Science and technology in the People 's Republic of China - Wikipedia, the free encyclopedia. Wikipedia, the free encyclopedia. Retrieved June 3, 2013, from http://en.wikipedia.org/wiki/Science_and_technology_in_the_People 's_Republic_of_China#Awards

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