Only a year ago China was reeling under the wave of coronavirus but the country seems to be bouncing back already. China has shown a 2.3 percent growth for 2020, which makes it the only major economy to have grown during that year. But the big question is this: How does China grow so fast? Just last year, it took them just 5 days to build a 1,500 room hospital in Nangong, a city in Hebei province. It was an amazing feat of engineering and logistics that defied all odds. And let’s not forget when workers in Wuhan province erected a 1000 bed hospital in just over a week.

China’s economy is booming
China’s economic boom is nothing short of amazing. The country’s national prosperity has improved the lives of hundreds of people and urbanized its citizens faster than any other country on the planet.

Economic reforms the main cause
China appears to be light years ahead of the rest of the world. One possible cause of the country’s rapid growth are the economic reforms the country adopted in 1978. China released state control of all productive assets and encouraged privatization. It liberalized foreign trade and investment and invited foreign businesses like KFC, who opened up their first store in Tiananmen Square in 1987.

Improvement of infrastructure
By privatizing its assets and inviting foreign business into the country, there grew a need for an improvement in communications, logistics, and infrastructure. China responded by allocating a staggering budget of $300 billion dollars on 40,000 kilometres of high-speed rail projects, committing itself to sustainable public transport for its 1.5 billion citizens. The country’s economic reforms also upped its production capacity, one of the main reasons behind its economic growth.

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