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China changes the development model

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Rzeszotarska G.

Journal of Economics and Management

2015

vol. 20

128-138

The last decades of the twentieth century fundamentally changed the situation in the global economy. China’s spectacular economic success has increased an interest in this country. The short time in which China moved on from the a poor agricultural country into a global economic power is admirable. China’s model combines conflicted elements of different economic systems: the bureaucratic planning, island-capitalism, simple goods production and natural economy. The current development and transformation of the economy have brought about spectacular achievements and successes. However, the “the world’s manufacturer” produces goods designed in other countries. In contrast, the modern idea is to build a modern and independent Chinese industry. The possibilities of the current model of economic development based on simple reserves and large statedriven infrastructure projects, which no longer drive the economy to the extent they previously did, dried out. Thus, the “Middle Kingdom” will have to compete against the rest of the world on quality and innovation. Therefore the development of the new model is a prerequisite to ensure progress in the future. Discussion on further development has been expedited in 2011, when it became abundantly clear that the Chinese economy would share the experience of the effects of the global crisis. The Chinese look at the challenges that the economy is facing realistically in thinking about the modern technology which begins to dominate the country. China is determined to become the leading technological superpower of the world. Today, many developing countries are looking towards China watching the development model implemented there with the hope of its adaptation in their economies. However, China is a unique entity. Therefore, it may be that adaptation of the Chinese model of development in other countries is not possible.

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China changes the development model