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Economic development is a sustainable increase in the countrys standards of living This is measured by both the level of economic growth the income distribution among the countrys citizen Economic development and economic growth may appear similar but technically they two different terms Economic development main objective is social well being of the citizens whereas the later refer to increase in the gross domestic product of a nationChina has made tremendous progress in its economic development over the last few years In 1949 China had a slow and stagnant economy but this has gradually changes with the projected growth expected to be higher than United States in the year 2035 This greatly attributed to its communist government China under its communist government undertook numerous economic reforms This was arrived after proper planning which has resulted in proper utilization of raw materials as well as expanding both its domestic as well as international market Among the strategies that China adopted was low pricing This was enhanced by cheaply available labor force since China is densely populationTaiwan began its economic development strategy in 1950 This therefore means that both countries had the desire for better living standards at around the same time For Taiwan to attain a 37 increase in its gross domestic product it had to focus on food production and industrialization During the period between 1953-1956 Taiwan was actively involved in rice production To attain its desired level of economic growth Taiwan had to produce power through hydroelectric power production China and Taiwan had a reduce cost advantage since China had cheap labour whereas Taiwan had available power which was used in industrial production This plan resulted to 37 increase in gross national product with a 17 increase in per capita income In 1957 Taiwan adopted another economic strategy aimed at reducing imports while heavily investing in its industries to meet the countrys demandIncome equality is an economic measure whereby the resource distribution of a
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