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Economic Development in China

Tony Mao

 

China is the fastest growing country in the world. Many economists expect the 21 century to be China's century.

Chinese former leader Dong Xiao Ping opened the door to western countries in 1980's. Since then, China's GDP grows 9% each year and continuously for 20 years. (America is about 3%, Japan is about 1%). In 2005, China's GDP was ranked #4, after America, Japan and Germany. The experts believe China's GDP will be #2 in 2030 and #1 in 2050.

I remember when I came to the USA, the average monthly income of Beijing worker was 80 RMB (about $20.00). Now the average monthly income is about 3,200 RMB (about $400.00). It has increased 40 times in the past 18 years. Compare how my USA salary has only increased 2 times by the same period.

I have one sister. I remember that her family only had one 20" TV, a washer and a bicycle before I came to US. Now, her family owns entire household electric stuff: 36" TV, refrigerator, microwave, air condition system. Also, she sold her old 700 square foot apartment and bought a huge (1,400 SF) luxury apartment! She is even thinking about buying a car!

When I came to the US, I had a "rich" feeling because I lived in the richest country, USA. Now, although the amount of money I earn is still more than my sister's. I feel I am "poor". You know why? Because the living costs are still low in China, especially the labor from countryside. My sister can hire a nanny (800 RMB/month) but I can not because I do not have extra money for that. I have to cook dinner and clean my house after work, although I work for an America company as a principle engineer.

I am proud of my country. I am hoping she will grow continuously at the fast speed. I am hoping she will contribute to the well being of people in the whole world.

 

About the Author

Tony Mao, author of “Economic Development in China “, is a student at the Power Program in Waltham