Remember reading "China's economy surpasses Japan's. " and it reminds me of how most of my friends were elated, to say the least, at this development. Why? You ask –
China’s real achievement lies in the way it has created a vast reservoir of trained manpower with a certain standard of public health and food production to support it. China has also built adequate infrastructure. These have made it a formidable exporter, making some countries fearful of China since they run huge trade deficits vis-à-vis China. These countries have been clamoring for a stronger Yuan, which they claim to be artificially low.
The Chinese economy grew by 9 percent on an average between 1978 and 1993 (something that India boasts of right now) and the poverty rate fell sharply from 52.8% in 1981 to 20% in 1993. This had happened before the big thrust towards exports was given by devaluing the currency by 35% in early 1994… Thus it was basically internal factors – reforms in agriculture, rural industrialization and egalitarian distribution of land-cultivation right, apart from developed infrastructure – that resulted in growth, exports and poverty reduction…
Here’s a country with no colonial past, whose ancestors did not bequeath wealth to their off springs (did someone say English, French...) leaving them with absolutely nothing to cheer about. What they were really left with was their culture and the will to better their lives through hard-work, something that every Indian can easily relate to. Entrepreneurship was thus inevitable in China and India. And when one sees one such country rise by sheer work and toil one tends to cheer, for it is these countries that give you the hope that you don’t really need to be born with a good life, you simply need to build it. Here in India many were happy that we were finally touching high growth rates of 9% per annum but many even doubted if we were ever going to reach ‘there’. Chinese have proven those fools that ones success wasn’t synonymous with being born in an ex-colonial power like an England or a France but simply with the will to be one!
Young India surely admires China.
China’s real achievement lies in the way it has created a vast reservoir of trained manpower with a certain standard of public health and food production to support it. China has also built adequate infrastructure. These have made it a formidable exporter, making some countries fearful of China since they run huge trade deficits vis-à-vis China. These countries have been clamoring for a stronger Yuan, which they claim to be artificially low.
The Chinese economy grew by 9 percent on an average between 1978 and 1993 (something that India boasts of right now) and the poverty rate fell sharply from 52.8% in 1981 to 20% in 1993. This had happened before the big thrust towards exports was given by devaluing the currency by 35% in early 1994… Thus it was basically internal factors – reforms in agriculture, rural industrialization and egalitarian distribution of land-cultivation right, apart from developed infrastructure – that resulted in growth, exports and poverty reduction…
Here’s a country with no colonial past, whose ancestors did not bequeath wealth to their off springs (did someone say English, French...) leaving them with absolutely nothing to cheer about. What they were really left with was their culture and the will to better their lives through hard-work, something that every Indian can easily relate to. Entrepreneurship was thus inevitable in China and India. And when one sees one such country rise by sheer work and toil one tends to cheer, for it is these countries that give you the hope that you don’t really need to be born with a good life, you simply need to build it. Here in India many were happy that we were finally touching high growth rates of 9% per annum but many even doubted if we were ever going to reach ‘there’. Chinese have proven those fools that ones success wasn’t synonymous with being born in an ex-colonial power like an England or a France but simply with the will to be one!
Young India surely admires China.
