Koon Yew Yin 3 May 2020
Originality I wanted to write a comparison of democracy with the Chinese communism system of government. I did some research and I found out the Chinese system is quite complex for me to write. All I know is that the Chinese government believes the key to success is a good education for the youths. The Government offers tens of million scholarships to the brightest students to help them gain the best tertiary education. All scholarship recipients are obliged to work for the government.
China has more than 2,000 Universities and Colleges. 8.34 million graduated in 2019. Annually China produces 600,000 and US 70,000 engineers. China has produced the greatest number of graduates with doctorate degrees in the world. It is estimated that there were 362,000 doctorate degree students in 2017.
Managing a country is like managing thousands of companies and conglomerates in doing various kind of businesses. As I said earlier, all scholarship recipients have to work for the government. That is how China can make amazing progress in recent years.
China’s achievements over the past 40 years have been phenomenal. The country’s rapid economic growth has driven per capita income from one of the poorest in the world to the level of an upper-middle income country. China is now the second largest economy globally and is approaching high-income country status. Poverty levels in China have fallen significantly. While 250 million people in the rural area lived below the national poverty line in 1978, the figure fell to 30 million at the end of 2017. China is advancing toward its target of eradicating absolute poverty by 2020. And the government has committed to the Sustainable Development Goals. China has progressed from an economy with basic agriculture and technology to a global manufacturing powerhouse. It is now transitioning to an economy driven more by consumption and services. China has become a front-runner in areas such as ecommerce and shared economies. New technologies and entrepreneurs are fostering the emergence of innovative industrial clusters.
The Chinese strategy for economic development.
China concentrate on investment in infrastructure; investment in education and health; sound macroeconomic management; open investment and trade regimes; good governance and the strong delivery of public services; social inclusiveness; a clear vision for the future; and security, political stability, and friendship with other countries. Indeed, China has devoted a larger portion of its gross domestic product (GDP) to infrastructure investment, such as in power and transport, compared with other developing countries. Investment in human capital has allowed China to better realize the potential of its large population. China has pursued prudent macroeconomic management, especially after the early 1990s. Its determination to adopt market systems and open trade and investment regimes has been unwavering.
In short, China’s average annual GDP growth rate in the last 30 years is about 7.5 % which is about 3 times of US.
Due to the Covid 19 pandemic, US has the greatest number of cases. Both the number of cases and deaths are increasing at an alarming rate. It looks like US will go into recession soon and China will emerge the winner.