The emergence of the Chinese economy has many similarities with the past emergence of the Japan and the ‘four Asian Tigers’ Taiwan, Hong Kong, Singapore, and the Republic of Korea. Even though there are major differences in the economical climate for these tigers they have all gone through a certain development pattern in order to sustain their growth. Private domestic investment, combined with rapidly growing human capital, were the principal engines for growth.
Chronologically their development pattern looked something like this: (more…)
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