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China and Economic growth, Case Study
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Case Study - China
Characteristics Of China
The Chinese Economy, the world's fourth largest economy (in nominal US dollar terms), is classed to be an emerging economy. It is the fastest growing economy in the world over the past two decades by achieving a sustained average rate of growth in real GDP by approximately 10% per annum.
China is currently reforming its economy to become more market driven and becoming more integrated into the global economy through international trade and foreign investment. This results in greater increases in per capita income and living standards alongside a reduction in poverty.
Statistics of the Chinese Economy:
Nominal GDP (US$b) - 5,878 (2010)
HDI - 0.663 (2010)
Unemployment - 5.4% (2010)
Section One: Overview Of The Impact Of Globalisation
1. Quality Of Life Indicators
Improvements in human and economic development over the past 20 years have caused China's HDI value to rise, from 0.368 in 1980, to 0.663 in 2010 as illustrated in figure 1.1 below. This ranked China 89th out of 169 countries on the UNDP's HDI list.
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