China’s Future: A Global Economy
Submitted by: Prateek Mathur Section:
A
China, with a GDP growth rate of approximately 7%, is striving towards becoming further
integrated into a global economy. In the last few decades, China’s production fueled growth
model has helped the country in enhancing its overall economic approach. According to Hu
Angang’s “Embracing China’s “New Normal”, China has become a strong competitor against
leading global economies in terms of purchasing power parity, power generation, modernization,
average life expectancy, educational levels and even economic inequality.
China did an excellent job at planning and implementing its 12th Five Year Plan. More than 50
million jobs were created, Chinese service sector expanded by 5% in four years, state funding for
research and development was increased to 2.2% in 2015, an exhaustive healthcare system was
executed, covering more than 95% of the population, and greater emphasis was laid on
conservation. These dramatic improvements are a clear indication of the country’s contribution
of 23% to global growth.
