The world’s most populated country, China is now one of the leading potential superpowers in the world. Mitt Romney, a top Republican Senator, believes that it would be the sole superpower by the mid 21st century.
China was counted among the poorest developing countries back in the mid 20th century. But now, it has established its status as a major economic power. For nearly four decades, China’s GDP grew at an average annual rate of nearly 10%, as opposed to 6-7% before that.
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So, what really happened? What were the key factors that led to this spectacular rise of China from a poverty hit country to global power?
Although there are several reasons for the same, these 6 are the major ones why this Asian country is so successful today:
Both India and China are among the most ancient civilizations in the world. There is no denying that while India was way ahead of China in the 1950s, it is lagging far behind it in the 21st century.
So, maybe it is finally the time for India to adopt some of the best policies that led to China’s success.
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