"CHINESE MIRACLE" AND PROBLEMS OF ACCELERATED ECONOMIC DEVELOPMENT
Abstract
This article is devoted to the study of the results of rapid economic growth on the example of the People's Republic of China. Forty years have passed since the beginning of the openness reforms in China. They are characterized by the rapid growth of China's economic power, the improvement of the well-being of the inhabitants of that country, as well as the strengthening of the state's place in the international arena. With the support of foreign investment in the early stages, China itself becomes an investor. Techno-intensive industries hold an important share of China's exports. Despite the rapid growth of economic indicators, China is facing new challenges for developing countries. The accelerated development of the state has serious environmental, political and economic consequences, from pollution to corruption and the lag of certain regions from the overall pace of the country's development. These problems are expected to be addressed through a number of measures taken by the Government in the coming decades: investment market reforms, reorientation of international trade to developing countries, green economies, market reform real estate, addition to the legislative framework, the creation of new controls and reform of existing ones and so on. The reform process is inevitable and is the key to the successful development of the People's Republic of China.
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References
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