Nepal Can Learn from China China, China, china, the Word “CHINA” has become a buzz word in every parts of the world. The most developed nations in world, politicians, and economists have been watching China closely. China’s impressive growth over the three decades has puzzled the world too. Now china is the world second largest economy after the USA which was one of the poor countries affected by vicious cycle of poverty. The question “how China has been able to do so” demands our attention. We all want to find out the main reasons behind its fast and consistent economic growth and prosperity during three decades as they could be ours guiding principles for Nepal’s economic development that we have been aspiring for a long. My stay in China and seeing its rapid development process myself urged me to share my experience and observations. There could be a lot of factors but I am going to point of some of them. One of the main reasons behind its fast pace of growth is its people its self. Chinese believe in hard work not in miracle or luck. They take pleasure in hard work and fully devoted to accomplishing it. I asked many Chinese “what is the most important cause of your future success, and they replied that their hard work is the main reason. This industrious habit has been formed or instilled since their early stage from their parents, teachers, Confucius culture and society. So, they are always ready to work hard without any compromise. Furthermore, they are only concentrated towards what they are doing paying the least attention towards their surroundings. They don’t care what Politicians are doing rather they just focus on what they have to do. This hard working culture might have a direct impact on its GDP and productivity as people from all sectors are doing their best. Overall, people here are disciplined, laborious, skilled and determined. The foreign investment is the most important reason for China’s sustained and remarkable growth. For about 20 years china has been one of the major FDI recipients in the developing world for various reasons such as cheaper labor and skilled human resources and political stability and large consumer base and market and it has become the world’s top destination for FDI in the world in 2012 surpassing the US. Such investment created many jobs for its people, taxes income, thereby improving people economic and living standard and also helped the country to decrease the acute poverty. Many American well-known companies are operating in China such as Apple, general motors, AT&T, coca cola, P&G etc. China has been successful in getting FDI not only in labor intensive sector but also in high tech industries and services. This investment could have been a boon for China and its people. Now, Nepal’s first priority should be getting FDI by creating favorable and conducive investment environment. Most importantly, china’s economy centered national strategies play a vital role in its consistence economic success. Chinese government always pays attention to economic growth and they plan to improve from the present by adjusting fiscal and monetary policies. As can be clearly seen , Chinese politicians are less politically intrusive to other countries but try to seek the economic opportunity for investment. For its economic expansion, china has signed bilateral and multilateral agreements among many nations. The last but not the least , the credit for economic development also goes to the education system that has made Chinese industrious and capable. The government and people have invested a lot in education sectors. However,China has been heavily criticized that its education system has been based on the rote learning but it is not always the case everywhere. China has also produced most brilliant students in the world. The Organisation for Economic Co-operation and Development’s (OECD) latest Programme for International Student Assessment results, a comparison of worldwide education standards, placed Chinese high-school students on top in every category, while the U.S. ranked 17th out of 43 countries in reading, 23rd in science, and lower still in math. We can also see the GRE and GMAT score of Chinese students; they are the highest scorers in the worldwide test. Moreover, in china, parents leave no stone unturned to educate their child and it is their most important goal in their life, they are ready to invest all their money for a child’s education. After talking to many parents I found out that students who get below 80 percent are considered just a normal. Here grade is the most important factors for going to a good university and getting a better job and to achieve this they become a hard working people since their student life. Here I am not advocating for the memorized and score based education system but the student’s hard work for better life and parents’ full devotion to their child’s education. In short, For Nepal’s economic prosperity our government should welcome FDI at any cost, have concentrated economy centered policies. We also should believe in hard work and should not divide our attention to other things like politics or other unnecessary affairs. By Deepak Khadka IMBA ( Jilin university)
Posted on: Mon, 27 Jan 2014 02:07:56 +0000