China: China had to pay a heavy price for the growth of the economy, backward on many issues; as disclosed in the report


Posted on 16th Sep 2022 02:33 pm by rohit kumar

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

1 Like 0 Dislike
Previous news Next news
Other news

Whoever comes from wherever… will bathe there only, zonal scheme implemented on Mahashivratri in Maha Kumbh, IG level officers on duty.

On the main bathing festival Mahashivratri, if you come from Lucknow, Pratapgarh, then you will t

PM Modi will attend the post-budget webinar, and industrial, trade, and energy strategies will be discussed.

Prime Minister Narendra Modi will participate in three post-budget webinars through video confere

Housefull 5: Chaos at the event of 'Housefull 5', women and children were seen crying; Akshay Kumar came forward to handle the situation

The team of 'Housefull 5' including Akshay Kumar, Nana Patekar, Jacqueline Fernandez, Sonam Bajwa

Rajasthan Election: Trust in youth only in speeches, age matters on tickets, know the average age of candidates

It is said that in politics, what is shown does not happen and what happens is not visible. Big l

PM Modi's Birthday: PM Modi will turn 74 today; BJP workers will do public service by running Seva Pakhwada

Prime Minister Narendra Modi is celebrating his birthday today i.e. on 17 September. He has turne

IND vs BAN: Virat Kohli became selfish for his century? KL Rahul was refusing to run one run, and the conversation on the field was revealed

Virat Kohli Century KL Rahul: Virat Kohli is known as a team man. Kohli thinks more about helping

PM Modi: On World Wildlife Day, PM Modi enjoyed a jungle safari, and will also preside over the meeting of NBWL

Prime Minister Narendra Modi is on a visit to Gujarat. On the occasion of World Wildlife Day on M

Justice Surya Kant, who will be sworn in as the 53rd CJI of India, was part of the verdict on SIR and Pegasus.

Supreme Court Justice Surya Kant will be sworn in as the 53rd Chief Justice of India on Monday.

Cyclone Biparjoy: Security forces ready to deal with Biparjoy, know what are the preparations of the Air Force and Navy

Cyclone Biparjoy moving towards the coasts of Gujarat has taken a very dangerous form. It is expe

Anil Ambani: Big relief to Anil Ambani, Bombay High Court has put a stay on the action in the tax evasion case

The Bombay High Court has given a big relief to Reliance Group Chairman Anil Ambani in the case o

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash