The Economic Boom in China in the 21st Century

Analytical Essay Sample

China is a country with what might be the longest history among all the others. Since the dawn of humanity, people have lived in China. Some of the earliest civilizations originated here, lots of inventions were created here. For most of the history, a certain dynasty would be in charge of China. Emperors would change one another, sometime quite peacefully, sometimes resulting in lots and lots of bloodshed. However, dynastical period would come to an end in an early 20th century. After a long power-struggle, communist would come to power in China, with Mao Zedong as their leader.

For most of the century China would remain strictly socialistic, with no private enterprise or even private property. But as the time went by, it became more and more obvious – the country is in a deep economic stagnation. Command economy simply couldn’t handle the realities of the world. This is when the Communist Party would decide to make a huge change and go for making private ownership legal. Since then, China has seen an economic boom on an epic scale.

But not only appearance of private business has made the economic boom possible. In fact, it is more of a combination of different things. One thing that also made it possible – a huge population. More people usually mean more production, and China resembles this rule perfectly. But it is not simply because more people can create more stuff. The harsh truth is that the more people need to have a job – the less is the pay that they ask for. This is a part of Chinese economic boom that so many people choose to overlook simply because it sounds horrible, but it is truth none the less. An average worker in modern China makes just enough in order to survive. That is why big corporations choose to outsource their production to China – it’s just much cheaper than doing it in most other countries.

Another thing that made Chinese boom possible is the fact that China still remains an authoritarian country. A Communist Party is still in charge of all political decision so whatever policy they want to adopt they can do so without any opposition. It is truly horrible for human rights, but it makes economic booms like these a much easier thing to achieve. When a goal of entire political elite is the same – it works wonders.

Today, it seems like China is far from being done in terms of economic growth. Their economy still grows for more that 10 percent every single year with more and more products being created in the country. However, the truth is that while the economy improves rapidly – the life of an average person is still quite underwhelming. China needs to stop trying to become an even bigger exporter and look how to improve lives of its citizens at least once in a while. And when they will figure this out is the moment that we can all say – China is a country that we need to look up to.

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