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Assess the Strategies Used by a Nation Other Than Australia to Promote Economic Growth and Development in This Economy. Essay

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Below is an essay on "Assess the Strategies Used by a Nation Other Than Australia to Promote Economic Growth and Development in This Economy." from Anti Essays, your source for research papers, essays, and term paper examples.

As a result of globalisation, the Chinese economy has been able to improve both its levels of economic growth as well as its social and economic development. China is now classified as both a transition and an emerging economy due to the rapid 9-10% growth (although slowed moderately to 8% in 2011-12) and it’s gradual trading of socialist, closed market policies towards more market based and capitalist policies.
During 1978, China introduced a decollectivisation reform as part of the first implemented four-year plan. The reform encouraged a shift away from communist ideas of only state owned enterprises to privately owned businesses. The aim of the policy was to increase both domestic and eventually international competitiveness and trade. The policy also promoted the incentive for workers to gain higher qualifications and earn more income. The government hoped that this money could be used to both create an increase in household savings but also promote consuming by individuals and tax revenue. Decollectivisation also paved the way for other reforms and promoted increased growth as well as income and education.
As second major reform was the banking sector reform, introduced in the early 1980’s. The reform acted as a building block for decollectivisation as it allowed for savings to be placed into more secure financial institutions. As a result, saving was, and is still, roughly 25% of an individual’s income. The banking reform also meant the reopening of the Shanghai Stock Exchange, which had been closed by Mao during the Cultural Revolution. The reopening allowed for the prospect of international trade. Today, the Chinese have the largest holding of US$ outside of the USA. They have, however, come under scrutiny in 2011-12 because of their use of the fixed exchange rate. The USA and other countries claim the Chinese RMB is grossly undervalued. The government is accused of doing this purposely for trade and competition. However, the Chinese government has...

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"Assess the Strategies Used by a Nation Other Than Australia to Promote Economic Growth and Development in This Economy.". Anti Essays. 9 Dec. 2018

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Assess the Strategies Used by a Nation Other Than Australia to Promote Economic Growth and Development in This Economy.. Anti Essays. Retrieved December 9, 2018, from the World Wide Web: http://parimatch-stavka7.com/free-essays/Assess-The-Strategies-Used-By-A-320711.html


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