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The strategies for economic development

   

Added on  2022-09-13

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Running head: STRATEGIES FOR ECONOMIC DEVELOPMENT IN ASIA-PACIFIC
Strategies for Economic Development in Asia-Pacific
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STRATEGIES FOR ECONOMIC DEVELOPMENT IN ASIA PACIFIC1
The term Asia-Pacific refers to part of the world that is situated near the Western
Pacific Ocean which is inclusive of East Asia, Southeast Asia and South Asia (Chow 2017).
The term have risen in popularity since the latter half of 1980 in the realms of commerce and
politics. The economies of the regions have been found to be heterogeneous however the
individual nations in the zone are mostly emerging markets which is experiencing the rapid
growth (Huang 2016). It is a prosperous region of the world where economic growth is taking
place and where countries have experienced a digital revolution that has helped in the
advancement of the countries. This essay throws light on the specific strategies which have
been adopted by China and India for bringing about their economic development that have
helped them in enhancing their power within global politics, with special reference to two
important political theories, that of liberalism and realism. This essay elaborates on the
effectiveness of the strategies which have been adopted by China and India.
Liberalism is a political theory that entails the introduction of policies and programs
based on the consent of the people who are being governed and where equality before the law
is to be of paramount consideration when implementing political programs and policies
(Huang 2016). Realism on the other hand is a political philosophy whereby constraints are
placed on the practice of politics owing to the absence of any central authority above
government or state (Lippit 2018). A number of strategies have been taken recourse to by the
countries belonging to the Asia-Pacific region that have augmented their economic
development, and which are in keeping with the philosophy of liberalism such as India and
China. The surplus labour of China belonging to traditional agricultural sector has been
shifted to progressive industrial sector that have promoted the industrialization of China
(Lippit 2018). The country has taken the help of the development policies such as the One
Child policy which has helped with population control and the Guangzhong-Tianshu plan that
has facilitated technological research, growth and development in China leading to economic

STRATEGIES FOR ECONOMIC DEVELOPMENT IN ASIA PACIFIC2
development in the country, in turn, a move that has been backed considerably by the people
of the country (Huang 2016). China has scaled up the production along with export basket
that has created the way for the prosperity of the country. It has helped in bringing about
improvement in investment climate that have facilitated the growth within the framework of
the country. The Foreign Direct Investment (FDI) have helped in complementing the
domestic investment of the country and it has helped in overcoming the shortage of capital in
country. The export productivity of China are in line with the advanced economies of the
world that have helped it in gaining a prominent position among the other countries of the
world. China has undergone strongest growth in the area of scientific research that have
enabled it in surpassing other countries of the world. The exports of China have faced the
rapid growth since 1990 and the market share of the country is something that has increased
tremendously within Japan and USA.
China has made use of the development strategy of Great Leap Forward (GLF) that
has brought about industrialization of the high scale for the economy. The rural communities
are allowed to partake of collective cultivation which have aided in bringing about the
economic development of the country (Sun 2018). The urban communities have set up the
industrial workshops in backyards that have developed the economy. The industrial reforms
have been implemented in the country which has promoted the aspect of the collective global
production. China has made strategic decision of moving away from commodity-based
production facilities towards that of “China Inc”. China Inc is a growth strategy that has
helped Chinese firms which is at expense of the foreign firms. It has adopted the process of
“indigenous innovation” that has enabled Chinese firms in moving up value chain to the
production activities that bear the higher value. China has embraced the theory of economic
mercantilism on the large scale that has helped in providing assistance to the Chinese firms
(Chow 2017). It has on the other hand made the discrimination against the foreign

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