Arnaldo, Carlos, Faculty at Enderun Colleges
From 1978 to the beginning of the 1990s, under Deng Xiaoping’s revised capitalism, the main driver of Chinese economy has been openness to foreign investments, the privatization of state owned industries, commercialized production and ever increasing exports. This formula has given China a yearly increasing economic growth exceeding 6% and sometimes reaching 8% and higher. As this export driven economy has reined in somewhat in the last three years, economic growth has not decreased by the same proportion. Why not? Because the economy is now being driven in parallel by local consumption using digitally based businesses.
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