WHY China is INSANELY Well Developed?

Ever wondered how China skyrocketed  its economy since the late 1970s, with GDP growing at an impressive rate of over  9 percent per year? More than 800 million people have escaped poverty during this period, and there  have been remarkable advancements in healthcare, education, and various services. Curious to know  the secrets behind China's rapid and successful development? Stay tuned as we explore the  fascinating story in this video! And don't forget to hit that subscribe button to stay  up

dated with more intriguing content like this. The Art of Balanced Urbanization Embark on a journey across China, and  you'll notice something unique – all cities, from bustling Shanghai to vibrant Chongqing,  are thriving. Dive into the GDP figures, and you'll find that even Shanghai, China's  richest city, contributes just 3% to the massive $18 trillion national GDP. The same balanced  development story unfolds in Beijing and Shenzhen. Contrast this with Japan, where Tokyo,  the largest city, c

laims almost 20% of the country's GDP. In South Korea, development  is concentrated in Seoul and Gyeonggi Province. This starkly illustrates that China's  strategy is different – it emphasizes balanced growth throughout the nation.  Remove Shanghai, and China's overall economy is impacted by just 3%, a far cry  from Tokyo's 20% influence on Japan's GDP. China's impressive economic surge is  intricately linked with urbanization. In 1950, only 13% of the population lived  in cities. Fast forward t

o the end of 2023, and that figure soared to 66.2%, with  projections reaching 75 to 80% by 2035. The World Bank highlights the staggering  urbanization in China – from 69 cities in the 1940 to a whopping 670 in 2007, nearly ten times  the original count. Remarkably, 89 of these cities boast populations exceeding a million, dwarfing  comparable figures in the United States and India. This balanced urbanization is a key factor  propelling China's extraordinary development. Pioneering Innovation T

hrough  Mass Adoption and Adaptation China's remarkable development isn't  just luck; it's fueled by the power of its massive population and their incredible  ability to quickly adopt and adapt to new ideas. Imagine having a resource that  no other country possesses – hundreds of millions of people who've experienced  unprecedented change and have become experts at embracing innovations on a scale and  speed unseen anywhere else on the planet. This unique aspect of China's innovation scene,  fea

turing hyper-adoptive and hyper-adaptive consumers, is what makes China a global powerhouse  today. The real test for any innovation is whether people are willing to use it, and in this  aspect, China stands out with no equal. Take the mobile payment revolution, for  example. Both the United States and China saw the technology emerge at the same time.  In 2014, Apple Pay kicked off in the US, followed by Samsung Pay and Android Pay,  while Alipay and WeChat Pay launched in China. Although the ti

ming and tech were almost  identical, the adoption rates were dramatically different. By early 2019, while Apple Pay  boasted 383 million activated phones globally, only 24% of US iPhone owners had  actually used it. Meanwhile, in China, WeChat Pay achieved an incredible 84%  market penetration among smartphone users. WeChat Pay's success story doesn't stop  there. With 1.2 billion monthly active users, the app handled 1.2 billion  transactions a day in 2018, outpacing Apple Pay's one billion a

month.  In 2019, China's total gross expenditure via mobile apps was a staggering 551 times  greater than that of the United States. What makes China's mobile payment  adoption so extraordinary? It's the people. China's unique attitude toward  adopting new technologies stems from lived experiences that set them apart from  any other country. The Lived Change Index, tracking economic changes based on lifetime per  capita GDP, shows that living in China since 1990 means living in a country moving

faster and  changing more rapidly than anywhere else on earth. Comparing economic growth, Americans have  seen their per capita GDP grow roughly 2.7 times since 1990. In contrast, someone born  in China in the same year has experienced a mind-blowing 32 times growth. In  1990, China's GDP represented less than 2% of the global total, but by  2019, it skyrocketed to nearly 19%. China's people have become masters at adapting  to radical change, recognizing that embracing innovative technologies is

not just about  survival but thriving in an ever-evolving world. The Human Capital Edge When it comes to explaining  China's impressive economic growth, many people point to infrastructure  and foreign direct investment. However, the real secret lies in human capital development,  a factor often overlooked in the growth narrative. Contrary to popular belief, China's world-class  infrastructure wasn't the starting point. In the 1980s, India actually outpaced China in terms  of infrastructure and

FDI. The key revelation is that much of China's stellar infrastructure  was constructed after the country had already achieved nearly a decade of 10% annual  growth. In essence, growth itself provided the economic and financial resources needed  for such massive infrastructure projects. A similar story unfolds with FDI. In the 1980s,  China attracted minimal foreign investment but still experienced rapid growth. It took about 15  years of consistent growth for foreign investors to recognize the

"China story" and pour  significant funds into the country. FDI, therefore, followed growth and  was not the primary driver. The real catalyst for China's growth  lies in substantial investments made in human capital development, particularly  from the 1950s to the 1980s. While India has recently surpassed China in population,  the real measure of a country's demographic dividend goes beyond size – it includes  the quality of its talent resources. China's workforce, with nearly 900 million  peo

ple, is a powerhouse. On average, they've received 10.9 years of education. In  comparison, India's working-age population is sizable, but only 51% of the labor force  falls between the ages of 15 and 64, compared to China's 76%. Female employment in  India lags significantly behind China, with only 25% of the workforce being women, even lower  than countries with less economic development. China's substantial population isn't just  about numbers; it's a strategic advantage in talent supply. The

country's remarkable  economic growth in recent decades is directly linked to mobilizing human capital. As  China transitioned from agriculture to more productive industries and services, a  growing portion of the population attained higher education levels, fueling the  country's economic rise. In essence, it's the investment in people that has truly  fueled China's remarkable journey of growth. In essence, the intertwined elements of  balanced urbanization, innovative prowess, and human capit

al development form the  backbone of China's economic miracle. The nation's rise is not merely a result  of numbers but a strategic narrative of progress that continues to shape China's  role as a global economic powerhouse. What do you think is the key to China's  fast economic growth? Is it the smart way they spread development across cities,  the way everyone quickly adopts new ideas, or the big investments in education and  skills? Share your thoughts in the comments below! If you enjoy this

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