How did China's economy skyrocketed from an agricultural state to a world-leading giant?




来源:三泰虎 http://www.santaihu.com/46037.html    译者:Jessica.Wu

Adnan Khan, Geopolitical Analyst

China achieved this by realising a few things in the 1970’s:


The realization that China possessed many of strengths needed to become a global superpower. It had the agrarian land to be self-sufficient in its food supply. If managed properly, such strengths combined could give China the financial ability to develop


The realization that China would never achieve its potential if it did not increase its knowledge base.


The realization that its population, and in particular the growth of its population, could become the nation’s Achilles heal. If China’s population growth was not matched with economic growth and employment then the resulting mass unemployment would cause mass poverty, civil unrest


This comprehensive analysis of China’s state of affairs was translated into policy in 1979 and saw the birth of China’s ‘open door’ economic policy that led to rapid economic development. China’s ‘open door’ economic policy gradually opened up China’s economy to foreign companies in a process well controlled by the Communist Party.


The key features of this model were:


China created Special Economic Zones (SEZ) in the coastal Guangdong and Fujian provinces, that were designed to attract foreign investment in low-end manufacturing by offering cheap land, labour and a variety of tax and other incentives. This turned China into an export oriented economy and dependent on foreign countries to continue importing from it. The hope was in the future the coastal cities would lead to the development of China’s interior. For most of the last 30 years, these coastal clusters acted as Beijing’s experimental and carefully monitored interface with the outside world.


The value of the Yuan, low wages and cheap exports were all controlled by the co unist party to placate the Chinese population. To make Chinese goods more attractive than Japanese and German goods, the Chinese go nment controlled the value of the exchange rate of its currency with the world, rather than let it float freely. China kept the value of its currency artificially low, which made it cheaper to purchase consumer goods – far cheaper for the world than anyone else. By China undercutting the world, aside from keeping Chinese factories open, this also meant most Chinese citizens had a job. Chinese factories made little profits on the goods they export, due to the low exchange rate the potential profit is lost. According to the Chinese Ministry of Finance, Chinese profits on their exports are about 1.7%.


At the heart of China’s economic development has been the nation’s banking system. The nation’s large savings were funnelled through banks to firms through subsidized rates. In order to qualify for such loans firms were required to maintain high employment (in order to maintain social cohesion), rates of return on capital, building brands, customer service and profit played no part of this process.


China’s growth also came from both huge state investment in infrastructure and heavy industry. 159 large State-Owned Enterprises (SOEs), provide the key inputs from utilities, heavy industries and energy resources that facilitate the private sector. The aggressive outward investment strategy, driven by SOEs and state banks with massive pools of cash allowed China to spread across the world looking to expand markets, employ services and buy up resources.



Arman Siani, Engineer, Entrepreneur, Traveler

To be pithy, the following reasons:

ŸA go nment that’s more meritocratic than ideological..

ŸA massive population with a high average IQ (higher than Western Europe and the US).

ŸA work culture that prioritizes hard work. China is a dog-eat-dog world which is hypercompetitive and the Chinese are absolutely aware that no one would cut them any slack and there are no free meals.






Jason Wills-Starin, Former CTO, Software Developer, Writer, Gardener, Eccentric, Aspie

They didn't, they really didn't.


China was wrecked by WW2 and colonialism before it. The issue is, China actually has recovered from disasters dozens of times to become the most powerful nation on the planet. The Glorious Revolution was a disaster, and by 1970, China and Russia weren't even really friends. In 1979, China fought a war with Vietnam, and they'd been the best of allies.


China watched India growing Dwarf Wheat, buying American tractors and Taiwan, Japan and South Korea growing and thriving, while 60% of China had to work in the fields to feed the nation.


Next, they harnessed the rivers for power Dams reached 20GW by 1980, and with that much power, you can run cities.


They opened up to the West, admittedly on their terms. 1978 was the year the door opened, but by 1982 the Chinese marketplace was opened. They could buy gold to cover currency swaps, buy industrial equipment from the East and West, and build for the Japanese who were on a bull run.


How did they do it? They disrupted and replaced huge chunks of the revolution with a shrewd pass at Mercantilism and Growth Capitalism.



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