What's the secret of China's rapid economic growth?

Nathan James

Lives in Toronto, ON

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What's the secret of China's rapid economic growth?

It’s not really a secret:

1. China is an authoritarian one-party state based firmly on meritocracy. That means government officials and policymakers are competent, intelligent, and proven.
2. China can make effective policies without compromise from partisanship. The focus on infrastructure gave China a huge boost.
3. China can execute policies quickly and efficiently without hindrance from partisanship and regular elections. This is why China could build 40,000 km of high-speed rail in just a dozen years!
4. China has a vast population. That means an immense (and cheap) labour pool.
5. China has a very well-educated populace, thanks to good government policy. Today, China produces many more STEM graduates than any other nation on earth.
6. Chinese society is very ambitious, very driven, and very hardworking. It never takes the eye off the ball.

This all stemmed from Deng Xiaoping’s sweeping reforms in 1978 that totally transformed the nation.