China has emerged as the world's second-largest economy with unprecedented growth over the past four decades. But the cost of widespread corruption, environmental degradation, food security, and income inequalities dominate China. According to the Financial Post report, a report from 2008 to 2012 by Professor Justin Yifu Lin, a former senior vice president, and chief economist of the World Bank, described China as paying several institutional costs for its economic success.
In 1978, the situation in China was dilapidated.
Let us tell you that China celebrated the 40th anniversary of its transition from a planned economy to a market economy in 2018 and it was a surprise success. In 1978 the country was completely suspended from the world. It was a poor country. The per capita income here was less than a third of that of sub-Saharan African countries. More than 80 percent of China's population lived in rural areas, mostly below the international poverty line, and China had a closed economy, where trade made up less than 10 percent of its GDP.
second-largest economy
Annual GDP growth over the past 40 years averaged 9.4 percent and trade grew at an average rate of 14.8 percent. In no time, China overtook Japan to become the second largest economy in the world. It was the largest exporter overtaking Germany. It also surpassed the US to become the largest economy as measured by 'purchasing power parity and the largest trading economy.
China paid the price
Professor Justin Yifu Lin said China paid the price for its unprecedented success. In addition to the damage to the environment and issues of food security, widespread corruption and income inequality prevailed. "Before 1978, China had a disciplined and clean bureaucratic system and an egalitarian society. According to the Corruption Index published by Transparency International, China was ranked 79th out of 176 countries in 2016.
Also Read: Russia and Ukraine War: Missiles hit the dam in Ukraine, and people were ordered to evacuate
The recovery of huge cash from the premises of Congress Rajya Sabha member Dhiraj Prasad Sahu has
The first look of superstar Amitabh Bachchan from the film 'Kalki 2898 AD' has been revealed. As
Shehnaaz Gill On her Past Relationship: Actress Shehnaaz Gill, who became famous with 'Bigg Boss
Vishwa Hindu Parishad (VHP) on Monday strongly criticised Rajya Sabha MP and actor Kamal Haasan f
Team India's winning streak continues in the T20 World Cup. The Indian team, which won a thrillin
Surya Abhishek of Ramlala took place at 12.01 pm. The sun's rays fell on Ramlala's face. About 75
Congress MP Shashi Tharoor, who is facing criticism from his own party leaders, has hit back and
Covid-19: How much change in infection and symptoms in three years? Is the threat still there?
The world came to know about the novel coronavirus infection for the first time in the last weeks
The Sangharsh Samiti has called for a Katra shutdown on Wednesday against the ropeway being const
The trailer of Diljit Dosanjh's film Sardar ji 3 was released on 24 June. While fans were happy t
