China and India Economy During Essay

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The Chinese policy makers had already managed to implement the efforts in the sense of market liberalization, stabilization and privatization. But in order to ensure that economic growth would follow, they needed to also ensure that the government would act as a facilitating force. Emphasis was for instance placed on the offering of incentives or the improvement of the relationships and collaboration between the private entities and the state institutions. At the level of the government, the reform was sensitive to revenues in the meaning that it became imperative to improve the role of the government, but not negatively impact its revenues.

The development of the public and private institutions initially from socialist institutions into transitional institutions, and then eventually their alignment with international norms in terms of resources and standards, so that they become best practice institutions. Qian argues that China has managed to complete its reform processes and would emerge successful from its transitional period due to two specific characteristics of the reforms.

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First of all, the reforms succeeded because they generated market and economic efficiencies. On the other hand, they succeeded because they were able to create complex benefits that were dividable and advantageous to most players in the public and private sectors.

Overall, China has a complex economic history, tormented by conflicts and inefficiencies. But the country has managed to find its identity and promote it at an international level. Its reforms have generated a multitude of social and economic benefits, with the negative impacts being observed at the level of efforts, failures and resources consumed. Nonetheless, the benefits outweigh the costs as they paved the way for the modern day China......

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