It is the inevitable result of their laws; they either have to conquer everybody or be hated by the whole human race The Kaffirs, the Hottentots, and the Negroes of Guinea are much more reasonable and more honest people than your ancestors, the Jews. You have surpassed all nations in impertinent fables in bad conduct and in barbarism. You deserve to be punished, for this is your destiny.
The raw material of the series is drawn mainly from IMF Working Papers, technical papers produced by Fund staff members and visiting scholars, as well as from policy-related research papers. This material is refined for the general readership by editing and partial redrafting.
Rozlyn Coleman prepared the present version. Inafter years of state control of all productive assets, the government of China embarked on a major program of economic reform.
In an effort to awaken a dormant economic giant, it encouraged the formation of rural enterprises and private businesses, liberalized foreign trade and investment, relaxed state control over some prices, and invested in industrial production and the education of its workforce. By nearly all accounts, the strategy has worked spectacularly.
While pre China had seen annual growth of 6 percent a year with some painful ups and downs along the waypost China saw average real growth of more than 9 percent a year with fewer and less painful ups and downs.
In several peak years, the economy grew more than 13 percent. Per capita income has nearly quadrupled in the last 15 years, and a few analysts are even predicting that the Chinese economy will be larger than that of the United States in about 20 years. Such growth compares very favorably to that of the "Asian tigers"--Hong Kong, Korea, Singapore, and Taiwan Province of China--which, as a group, had an average growth rate of percent over the last 15 years.
Curious about why China has done so well, an IMF research team recently examined the sources of that nation's growth and arrived at a surprising conclusion.
Although capital accumulation--the growth in the country's stock of capital assets, such as new factories, manufacturing machinery, and communications systems--was important, as were the number of Chinese workers, a sharp, sustained increase in productivity that is, increased worker efficiency was the driving force behind the economic boom.
During productivity gains accounted for more than 42 percent of China's growth and by the early s had overtaken capital as the most significant source of that growth.
This marks a departure from the traditional view of development in which capital investment takes the lead. This jump in productivity originated in the economic reforms begun in Measuring Growth Economists studying China face thorny theoretical and empirical issues, mostly deriving from the country's years of central planning and strict government control of many industries, which tend to distort prices and misallocate resources.
In addition, since the Chinese national accounting system differs from the systems used in most Western nations, it is difficult to derive internationally comparable data on the Chinese economy.
Figures for Chinese economic growth consequently vary depending on how an analyst decides to account for them. Although economists have many ways of explaining--or modeling--economic growth, a common approach is the neoclassical framework, which describes how productive factors such as capital and labor combine to generate output and which offers analytical simplicity and a well-developed methodology.
Although commonly applied to market economies, the neoclassical model has also been used to analyze command economies.
It is an appropriate first step in looking at the Chinese economy and yields useful "benchmark" estimates for future research. The framework does, however, have some limitations in the Chinese context. Original data for the new IMF research came from material released from the State Statistical Bureau of China and other government agencies.
Problematically, the component statistics used to compile the Chinese gross national product GNP have been kept only since ; before that, Chinese central planners worked under the concept of gross social output GSOwhich excluded many segments of the economy counted under GNP.
Fortunately, China also compiled an intermediate output series called national income, which lies somewhere between GNP and GSO and is available from to After making appropriate adjustments to the national income statistics, including adjusting for indirect business taxes, these data can be used to analyze the sources of Chinese economic growth.Yahoo Lifestyle is your source for style, beauty, and wellness, including health, inspiring stories, and the latest fashion trends.
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y. The time from was a time of transition for China. Many social and. economic changes occurred through this period. When the Kuomintang government that the revolution was exhausted, he launched the Cultural Revolution of This More Economic History essays.
"You will only find in the Jews an ignorant and barbarous people, who for a long time have joined the most sordid avarice to the most detestable superstition and to the most invincible hatred of all peoples which tolerate and enrich them.".