What policies did China perform to strengthen its economy?

Question

I've been hearing a lot about China's economy and some people said that it will become the strongest economy (getting past the US). I know they've had more capitalist/market reforms in the last thirty years (give or take). But I am not too clear on specifics. What specific actions did China take that has got its economy to where it is today? How much of the Chinese economy does the government still control?

Lastly, do you believe the Chinese economy will become stronger than America's economy? Or will America's economy resurge and stay at the top? I heard a few say that China's growth won't last yet others disagree.

Answer 1

globalized corporate capitalism with slave labour and no unions, labour standards and minimum wages under an oppressive hardline Communist government.  Both are oppressive.  Good for the owners of the factories but workers can't run large factories themselves--it is inefficient..so really it has only benefited an elite capitalist merchant class who are the owners of these corporations.

Answer 2

China is a country of huge untapped potential, abused by the past communist regimes. It is to his credit that Deng hsiao Ping just removed the stoppers from the economic barrel before tilting it. Communist regime implies a built-in totalitarianism to save the country from the vicissitudes of democratic running of affairs, with no scope for discent. The implicit discpline of the populace moves the economy like a well-oiled frictionless juggernaut. In this system the price paid is individual voice & comforts and all accountability is placed in the hands of the ruling clique, who of course will take charge of any situation. As an example see the contrast between the aftermath of hurricane 'Katrina' and the earthquake in Sichuan province. For capiatalistic economy things like accounting, pricing are important. If the books say more production is harmful, it is complied with. Chinese enterpreneurs (outside their mainland) are adept in these arts. But China throws these rules to the winds and go about producing with single minded devotion in the firm conviction that the world will buy from them whatever the cost. In that endevour prices are administered, currencies manipulated and figures doctored. A trained economist will lose his way if he tries to unravel Chinese economy.

But potential has a way of meeting the targets given the favourable conditions.

Answer 3

China is protectionist, and because of that it's growing by leaps and bounds, just like the United States did when it was protectionist (from roughly 1789 until 1970)