Stealth • 1m
According to the Hurun Global Rich List 2024, China housed the highest number of billionaires worldwide in 2024. In detail, there were 814 billionaires living in China as of January that year. Now , all of u are wondering , how china come this far, or what are the reasons behind this ? Here r the reasons :- 1) economic reforms (late 1970s onwards) :- China began its economic reforms and opening up polices under the leadership of deng Xioping . These reforms aimed to shift from a centrally planned economy towards a more market oriented system. 2) globalization and foreign investment (1980s onwards) :- this led to attraction of foreign investment and fostering international trade. 3) technology advancements ( 1990s onwards) :- companies like Xiaomi , tencent emerged and flourished 4) government polices (2000s onwards) :- the Chinese government took a big step towards Innovation and entrepreneual growth . 5) Rapid urbanization (2000s onwards) 6) investment in tech (present).
Nice research keep it up 😊👍
The historical context is also important. China's ability to maintain political stability while implementing these sweeping economic reforms allowed for sustained growth and development over the decades.
They are investing huge money on research and in initial days China intensively focusing on manufacturing sector growth and because of chep labour they get advantage. Simply they have strong leadership who understands the power of manufacturing. Now they are leading whole world with their products and hidden companies.
Investment in tech continues to be a strong focus for China. By prioritizing sectors like AI, 5G, and renewable energy, they are positioning themselves to lead in the next wave of technological advancements.
China is way ahead, we can learn a lot from them.
I just hope that in the pursuit of economic success, the well-being and rights of the common people aren’t overlooked. Economic growth is great, but it should also translate to better living conditions and freedoms for the populace.
China's journey is a mix of strategic reforms, smart policies, and seizing global opportunities. It's a model other developing countries might look to, although replicating it won't be easy due to China's unique political and social context.
All this is true, but we should also consider the less rosy aspects, like the lack of transparency and the government's tight control over the economy. It's a double-edged sword that can both drive and hinder growth.
Dictatortship is good for economy
Can't believe they beat America
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