The Chinese economy in 2025 and the impact on South Africa
A Brief Discussion on the Chinese and South African Economies
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Uploaded: May 26, 2016
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Abstract
China’s transition from under-development and extreme poverty to an emerging global power
in just a matter of three decades has been phenomenal. During this time, GDP growth had
averaged 10 percent a year, and over 500 million people had been pulled out of poverty.
China is now the world’s largest exporter and manufacturer and its second largest economy.
Even if growth moderates, China is likely to become a high-income economy and the world’s
largest economy before 2025, notwithstanding the fact that its per capita income would still
be a fraction of the average in advanced economies.
China’s 12th Five Year Plan (2010-2015) outlines that it has reached the turning point in its
development path and hence calls for a strategic and fundamental shift in its economic
planning. Its key elements can be combined to extract China’s longer-term strategy that
extends to 2025. First, it aims to strengthen the foundations for a market-based economy by
implementing several structural reforms. Second, China intends to increase participation in
world R&D with the objective of increasing competitiveness and innovation among domestic
private manufacturers. Third, it is determine to take its environmental challenges in its stride
and combating the same by adopting a greener approach to economic development and a
more efficient allocation and use of resources. Fourth, China’s rapid growth has fostered the
cultivation of increased economic inequality and so China will try to promote equal
opportunities and social security for all by facilitating equal access to jobs, finance, quality
social services and portable social security.