Economic growth of China in the context of transformational economic processes
Abstract
Economic growth of China in the context of transformational economic processes
Growth of innovation processes in China is the result of changing of the global economic paradigm. The industrial sector was gradually transformed from labor-intensive to capital-intensive and then to high-tech production. Development of the new China industrial structure requires improvement of hard and soft infrastructures. The economy reformation into opening-up strategy allowed involving knowledge of the whole world and transforming the comparative advantages in the industrial modernization process. Rapid capital accumulation, modernization of funds and industrial structure held at the expense of accelerated mobilization of the off-the-self technologies, implemented in developed countries. Growth limits of the China new industries effectiveness depends largely on the fact that it becomes difficult to borrow the mature technologies. Further economic growth of China is associated with upgrade and development of hard and soft infrastructures, construction of transport-logistics and energy projects, development of modern knowledge.
Keywords: hard infrastructure, soft infrastructure, opening-up strategy, industrial modernization, innovation development, comparative advantages, construction of traffic facilities