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Economic development is a sustainable increase in the countrysstandards of living This is measured by both the level of economicgrowth the income distribution among the countrys citizen Economicdevelopment and economic growth may appear similar but technically theytwo different terms Economic development main objective is social wellbeing of the citizens whereas the later refer to increase in the grossdomestic product of a nationChina has made tremendous progress in its economic development over thelast few years In 1949 china had a slow and stagnant economy but thishas gradually changes with the projected growth expected to be higherthan United States in the year 2035 This greatly attributed to itscommunist government China under its communist government undertooknumerous economic reforms This was arrived after proper planning whichhas resulted in proper utilization of raw materials as well as expandingboth its domestic as well as international market Among the strategiesthat china adopted was low pricing This was enhanced by cheaplyavailable labor force since china is densely populationTaiwan began its economic development strategy in 1950 This thereforemeans that both countries had the desire for better living standards ataround the same time For Taiwan to attain a 37 increase in its grossdomestic product it had to focus on food production andindustrialization During the period between 1953-1956 Taiwan wasactively involved in rice production To attain its desired level ofeconomic growth Taiwan had to produce power through hydroelectric powerproduction China and Taiwan had a reduce cost advantage since china hadcheap labour whereas Taiwan had available power which was used inindustrial production This plan resulted to 37 increase in grossnational product with a 17 increase in per capita income In 1957Taiwan adopted another economic strategy aimed at reducing imports whileheavily investing in its industries to meet the countrys demandIncome inequalityIncome equality is an economic measure whereby the resource distributionof a country is uniformly distributed such that majority of theresources is not own by few individuals This indicates increaseeconomic development Chinas emerging economy failed to
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