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Word Count: 938
If Chinas economy grows as fast for the next 20 years as it has forthe past 14 it will be the biggest economy on earth I feel that Chinas drastic improvements over the last 14 years areoverwhelming with their Real GNP growing at a rate of 9 a year whichmeans by 1994 Chinas economy will match the performance of countrieslike Japan and Taiwan Chinas standard of living has also increased andthe number of people who were considered absolutely poor decreasedapproximately 63 I feel with the vast amount of people living in Chinaand the economic activity booming like it is Chinas exports will continueto grow as well as the standard of living This will create more revenueand more capital for them to produce even more goods and become evenlarger prospering as one of the biggest economies on the earth I alsofeel that China should try to overcome its corrupt system and steadily moveCompetition has been the key to Chinas success I believe that competition has been the key to Chinas success WhenMr Deng opened the free market it brought the first signs of the farmersbecoming more rich since the 1950s His political genius allowed thefarmers to become rich He also introduced the open-door policy which isproving to be very beneficial as they follow in the footsteps of theirstrong rich neighbours Mr Perkins believed four conditions must be metfor a market system to work well in reforming centrally planned economy Ibelieve if China continues to improve its productivity and the number ofmonopolies decrease as studies show China will move into a capitalistfront only to prosper An Inflationary crisis within two years will test The 14th Communist Party Congress set the official seal on the fourthwave of economic reform Market Splintering l feel that China shouldallow labour to become freer because this will allow workers to be bettersuited towards their jobs and therefor they workers will be moreeffective Infrastructure l believe that China
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