Today no one doubts that China is a great world economic power, but, although it seems somewhat recent, the Asian country already dominated much of the world until the nineteenth century, when the Western powers advanced it, especially in technology. Since 2015, China has more billionaires than the United States: 596 against 537. Ultimate questioning of Maoist egalitarianism, this record is to be understood in the light of the double movement of internal liberalization and openness to the global market imposed by the Chinese leaders since the 1980s. It is true that the flight of capitalist China is recent and that its foundations have their weaknesses, which encourages the prudence of judgment (Chow, Gregory and Kui-Wai Li). Debt, the housing bubble, corruption and many other internal and external factors can plunge the country into crisis. But if there is a crisis, it will be that of a great power with major international repercussions.
From 1100 to 1800, approximately, the Imperio del Medio did not stop innovating in agricultural techniques and manufacturing of textiles and in the production of paper or firearms, so it would be the benchmark for the future powers of the Industrial Revolution. Global markets trembled, because we must not forget that the Chinese economy represents a third of global economic growth, despite the gradual slowdown that has been experienced in recent years. But it is also true that a year ago that there are notices of the financial bubble that was growing at a forced pace, with a growth in that same time of 150% due to margin operations (the practice of using borrowed money for the purchase of shares) and an overvaluation of the shares recognized by many analysts.
But to understand this whole situation (and bring it down to earth, and therefore, how does this condition the life of the Chinese proletariat), we need to look back a few years. In addition to the changes in economic policy, what was it that allowed China to maintain its growth until it established itself as the second world power, behind the United States?
It is the world 's most populous country ⎯ 1,398 million in 2018 ⎯, which translates into a virtually unlimited labour sufficiently low wages, hard -working and increased productivity. Likewise, exports and foreign investments are essential to maintain production and employment levels in manufacturing industries - China is the world's largest exporter of products since 2008- For its part, foreign investment since the beginning of the millennium facilitated learning in the field of technology so that Chinese products can be very competitive today and enlarged the official foreign exchange reserves.
Chow, Gregory C., and Kui-Wai Li. "China’s economic growth: 1952–2010." Economic Development and Cultural Change 51.1 (2002): 247-256.
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