Following The Chinese Path In Post-Covid Era

Abstract

Successful economic reform in China has enormous lessons for emerging nations with significant experiences and insights to address the challenges of economic growth. China has been the biggest winner from globalization, and the country that has benefitted the most from it despite the recent financial crisis. A significant change has occurred in every aspect of the Chinese economy and society over the course of more than 20 years of spectacular progress. This has been possible due to the last three decades of phenomenal GDP growth and as a result over 800 million individuals were lifted from the vicious cycle of poverty. China’s effective economic development and growth have provided essential knowledge and lessons for other emerging nations. China is currently the second-largest economy and the Global top exporter and manufacturer. Decentralized reform initiatives capable of becoming nationwide political programs have been of utmost importance for China’s economic development since 1978 and this remarkable feat has been achieved through continuously improving the functions and operation of the government; reforming and restructuring state enterprises for improved performance and importantly initiating reforms. As the Chinese economy now approaches the technology arena and explores the potential for acquiring and applying new frontiers of technology, the role of the government becomes fundamental. Similarly, the trickle-down effect of economic growth has been the major force in combating poverty. The literature review on China’s phenomenal growth reveals that while considerable research on the subject has been undertaken there is still a gap to identify the key factors for the marvel to happen.  This paper is based on a recent visit to China in October 2022 and an extensive literature review and explores the factors behind of major achievements by China and adds to the existing literature on China’s transformation and endeavors to find out how China achieved its transformational economic growth in the past decade and draws pertinent lessons for developing countries through policy experience sharing and initiatives like the Belt and Road Initiative to improve their own quests for socio-economic development and makes recommendations that intensify the outcome of the growth in developing countries within their specific circumstances for establishing a strategic approach for sustainability.