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Chinas Economic Future Outlook If Chinas economy grows as fast for the next 20 years as it has for the past 14 it will be the biggest economy on earth I feel that Chinas drastic improvements over the last 14 years are overwhelming with their Real GNP growing at a rate of 9 a year which means by 1994 Chinas economy will match the performance of countries like Japan and Taiwan Chinas standard of living has also increased and the number of people who were considered absolutely poor decreased approximately 63 I feel with the vast amount of people living in China and the economic activity booming like it is Chinas exports will continue to grow as well as the standard of living This will create more revenue and more capital for them to produce even more goods and become even larger prospering as one of the biggest economies on the earth I also feel that China should try to overcome its corrupt system and steadily move into a free enterprise system Competition has been the key to Chinas success I believe that competition has been the key to Chinas success When Mr Deng opened the free market it brought the first signs of the farmers becoming more rich since the 1950s His political genius allowed the farmers to become rich He also introduced the open-door policy which is proving to be very beneficial as they follow in the footsteps of their strong rich neighbours Mr Perkins believed four conditions must be met for a market system to work well in reforming centrally planned economy I believe if China continues to improve its productivity and the number of monopolies decrease as studies show China will move into a capitalist front only to prosper An Inflationary crisis within two years will test the governments reformist mettle The 14th Communist Party Congress
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