Maybe Beijing is the prime example to talk about development. It is everywhere on the surface. Hence let us look where a building boom shakes the ground and makes for stunning new architecture and an ever changing cityscape truly fascinating.
The economy is growing strong and China has taken its place in the world as fourth largest market economy and third largest trading nation. In fact, Chinese economic development is among the fastest in the world and estimations suggest that the country will be at the world’s top economic wise within 25 years.
This development is generally attributed to China’s gradual transition from a centrally planned system into a more and more market-oriented economy setting free enormous growth strength. Others stress that the heavy investment leading to the boom for the most part comes straight out of governmental pockets.
Anyway, the reforms that made way for the current development started in the late 1970s. Among the vital changes was the phasing out of collectivized agriculture and the opening to foreign trade and investment.
In 2001 China joined the World Trade Organization (WTO) which was a huge sign of opening and re-integration into global economic structures. Still some international expectations remain to be fulfilled.
The government still exerts its powers in various economic branches.
Since 1979 the government monitors a strict ‘one child policy’ which makes China today one of the most rapidly aging countries world-wide. The country has more than 1,321,851,888 inhabitants.