WORLD HISTORY

Detailed explanation-1: -China ranks as the second largest consumer of oil in the world, and “China is the world’s top coal producer, consumer, and importer, and accounts for almost half of global coal consumption.”, as such their CO2 emissions reflect the usage and production of fossil fuels.

Detailed explanation-2: -This book argues that China’s rapid industrialization since 1978 can be attributed to its rediscovery of the secret recipe of the original Industrial Revolution. The secret recipe is not based on institutional changes per se but rather the sequential creation of mass markets to support mass production.

Detailed explanation-3: -Since China began to open up and reform its economy in 1978, GDP growth has averaged over 9 percent a year, and more than 800 million people have lifted themselves out of poverty. There have also been significant improvements in access to health, education, and other services over the same period.

Detailed explanation-4: -Causes of China’s Economic Growth Economic reforms led to higher efficiency in the economy, which boosted output and increased resources for additional investment in the economy. China has historically maintained a high rate of savings.

Detailed explanation-5: -China has combined government intervention with market opening and gradually established a dual-track socialist market economy. This approach has greatly stimulated private entrepreneurship while preventing economic turmoil. In 1978, there were almost no private enterprises in China.