Rapid Economic Growth & Economic Development

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This Case Study entitled

RAPID ECONOMIC GROWTH

In partial fulfillment of the requirements for the course

ECONOMIC DEVELOPMENT

Submitted By:

AGUSTIN, ALRYSEN

BIANES, MIKAY

CRUZ, CAMILLE

SAN JOSE, RENZ MARION P.

SANTOS, ROAN

CBEA 1-F/ BSAIS

Submitted To:

DR. RHODERICK SIGUA 

1. EXECUTIVE SUMMARY

 Rapid Economic Growth : It is the most important objective of a monetary policy. The monetary policy can influence economic growth by controlling real interest rate and its resultant impact on the investment. Watching cultures collide -even at second hand - is always illuminating. But equally, for their part the visitors were taken aback by the leisurely pace of life in Europe, where the locals linger over coffee, prohibit bus drivers from working more than 12 hours a day, and even stop their cars for pedestrians. "With a pace like that how can their economies keep growing?" the Chinese guide  ask.  "Only when you have diligent, hardworking people will the nation's economy grow".  What's remarkable here is not that the Chinese tourists found Europe slow - moving - Americans have been saying the same for decades - but that their automatic assumption that fast growth is the best, indeed the only, measure of a country's economic success.

The growth of tourists were talking about was in gross domestic product (GDP), which measures the finals value of all goods and services produced by an economy. But GDP measures quantity, not quality. In other words, although it says a great deal about how much stuff you can churn out, it tells you very little about the state of your economic development.

1. STATEMENT OF THE PROBLEM

The study aims to determine the Rapid Economic Growth of China. Specifically, the study will seek to answer the question:

1. What so great about the rapid economic growth?

1.1 Population

         1.2 High Employment rate

1.3 Equal net income

1.4 working hours

         1.5 Production

1.6 Building, airports, rail lines

1.7 Government

1. STATEMENT OF FACTS

High-speed railway, cashless society, sharing economy, facial recognition payment and e-commerce boom… Since China began reform and opening-up, the rapid growth of economy and the emergence of new industries have changed the way Chinese people live. With the rapid development of digital technologies, digital financial inclusion is widely recognized as an effective way to fill the gap by authorities in advanced and emerging economies. Mobile payments, a success story in digital financial inclusion, play an important role for the poor around the world, and is now available in two-thirds of developing nations.

Compared to 2011, 2016 saw a 37% increase in the number of Chinese students studying abroad and a 57% increase in those that returned to China after graduating. Students are increasingly returning to China after their studies, enticed by a strong economy and rapid development. We live in an era of disruption in which powerful global forces are changing how we live and work. The rise of China, India, and other emerging economies; the rapid spread of digital technologies; the growing challenges to globalization; and, in some countries, the splintering of long-held social contracts are all roiling business, the economy, and society. With the rapid development of China’s economy, enormous technological and infrastructure projects have mushroomed across the country one after the other. Behind these incredible feats of engineering are numerous craftsmen with unrivalled skills and knowledge.

The GDP measures by which both china government and its travelling classes set such store a deeply flawed measure of true economic progress. Simon Kuznets the us government who originally developed the idea of gross domestic product, warned distinction must be kept in mind between quantity and quality growth between its cost and return and between the short and long run.

1. SOLUTION

1.1 In china, they resorted a 1 child policy making the country a progressive because of the policy, the economy of china is the world’s second largest economy by nominal GDP. Also, all of the residence of China had their opportunity to get a job that’s why China had a rapid economic growth.

1.2 The reason of high employment in china is because of its continuous growth of the economy wherein a lot of jobs opens for the needs of their country. In addition to that, another reason is that China compliance the technology and they are one of the producers of modern technology.

1.3 The net income in china affects its rapid growth because of the value of their money and a lot of job making money easily comes in in their country.

1.4 People in china mostly wants to work over-time specially those who value most their time and used it to finish their work as long as they can.

1.5 The production in china is rapid as well as the growth of their economy. It has been an attractive destination for manufacturing or production because of its low labour costs, skilled workforce and good infrastructure making the china the world’s largest manufacturer and sometimes referred

to as the world’s factory.

1.6 Building expensive airports and high speed rail lines helps the rapid growth of china because these said projects add to gross domestic product growth that affect the economy growth of china 1.7 the government affects the rapid growth in china because they want to help the economy, not to corrupt the country. China’s government  simply shown that they are not a corrupt person.