China’s growth rate has been superb. Its success story can be summarized as:
1) Its export of electronic goods stands at USD 180 billion a year.
2) One-third of all the shoes exported to the world are made in China.
3) It makes 75 percent of the world’s toys.
4) Foreign Direct Investment (FDI) is at USD 70 billion a year.
5) Shanghai alone has nearly 4000 skyscrapers (just for comparison, more than all of India’s, and more than those of Los Angeles and Chicago combined).
6) It has built around 60000 kilometers of expressways and will soon outstrip the total length of the US highway network.
7) Per Capita Income has risen to over USD 6000, although not very high a figure, but ten-times of what it was in 1978.
8) The number of its people living in absolute poverty has dropped from 425 million, two decades ago, to 26 million, as of today.
9) Its population is almost totally literate.
10) The life expectancy of its people is reaching the level of that of developed countries.
11) This year, it is expected to overtake Germany to become the world’s third largest economy, leaving it behind the US and Japan only.
Overall, China is on the go. But, just to caution you for not over inferring the figures, ‘Made in China’ means ‘Made by America or Europe in China.’ A very high share of the benefits goes abroad, to the foreign companies that have set up factories in China.
2 comments:
insightful - i didn't know Japan's economy was number two...
...did you hear about the US stock market today - major debacle - they may term it another "Black Monday"
Thanks for dropping a comment. At least, it proves that somebody does read what I write...
Yea, I have been hogging on the news from the NYT. I read that term "Black Monday" there.
I hope to see more comments. That helps me keep going...
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