![]() Developing countries need to become more open and improve their investment climates to benefit from these opportunities. China's success changes the equation going forward: its wages are now two to three times higher than in the populous Asian countries (Bangladesh, India, Indonesia, Pakistan, and Vietnam), and China will become an ever-larger importer of natural resource and labor-intensive products. China has grown better than its developing neighbors because it started its reform with a better base of human capital, has been more open to foreign trade and investment, and created good investment climates in coastal cities. Hence there is no general success of Asian developing economies. The rest of developing Asia, with nearly a billion people, accounted for only 7 percent, the same as Latin America. ![]() ![]() During 1990-2005 China accounted for 28 percent of global growth, measured at purchasing power parity (PPP).
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