Analyse the Impact of Development Strategies on the Economic Growth and the Quality of Life for an Economy Other Than Australia.

Analyse the impact of development strategies on the economic growth and the quality of life for an economy other than Australia. (20 marks)
Globalisation is the process of increasing integration between different countries and economies resulting in the establishment of a single world market and the increased impact of international influences on all aspects of life and economic activity. This essay will look at how globalisation has affected the Chinese economy in areas of economic growth, trade, foreign investment, labour market, wealth and income levels and environmental conditions; and analyse the policies used by the Chinese Government to encourage economic growth and their quality of life.
Globalisation has many impacts both positive and negative. In recent decades globalisation has had strong impacts in China and thus is predicted to be one of the 4 largest economies by 2050. In the past decade, China has experienced significant increases in international trading and investments flows due to globalisation, which lead to high levels of economic growth. From 2001-2007 China experienced an average economic growth of 8.5% per year and there has been a sustained growth of around 9.0% on average since the 1970s.
Economic growth is a quantitative measure of the increase in GDP over a period of time. A rise in economic growth indicates an increase of a nation’s economic capacity – over the past 30 years, China has amazed the world as its fastest-growing large economy, with a sustained growth rate of around 9% since the late 1970s, bringing millions of people out of poverty. According to an article in the Sydney Morning Herald, China’s Gross Domestic Product (or GDP) is the lowest in three years, “The Chinese economy has slowed to its lowest growth rate since early 2009, with GDP growth printing at 7.4 per cent in the September quarter.”
One of the strategies undertaken to promote high economic growth was the “Open Door” policy. Adopted under the leadership of...