Sometimes as a rational thinker, I've tried to wrap my head around how China has been able to sustain their economy with an estimated GDP growth of 3.00 percent and per CAPITAL GDP of 18187.98 USD, Especially owing to the fact that, they have to much people heavily dependent on her economy and population of over 1.400 billion people.
I see a lot of countries with much lesser population struggling to sustain their economy at this point, with global inflation, the after effect of COVID-19 other multi-dimensional economic problems. Because I can remember vividly that China, are one of the highest hit of COVID-19 but yet they are still waxing stronger economically.
The other day,
Pawal7777 was talking about recession hitting CANADA, and that's how other countries are having one difficulty here and there economically. So my point is, what economical indices is china adopting to keep their economy afloat?
It's not that difficult to work out how they made such epic growth if you understand where they started. Only a few decades ago Mao had reduced the country to economic ruin with his terrible policies and they had a huge population that was barely above subsistence levels. It only took very limited, but also progressive, steps to put them on the right track to the success that we see today. Just a couple generations ago it became the workshop of the world, which basically consisted of very low wages and very tough conditions while they earned enough financial capacity to reinvest. They paid a very high price in terms of human labor and having very lax laws allows for you to compete at a certain level against other countries. Centralized power has also been able to rein in too much corruption from happening, or at least it has to be favorable to the leadership polices at the time.