The role of India and China is expanding in the global economy. A whole new array of economic and financial issues are emerging which need to be tackled if the current period of growth is to endure. The issues that need attention include how to expand the services sector, especially financial services; how to keep pace with the incredible growth of the manufacturing sector; how to ensure the widest possible diffusion of the huge economic gains seen over the last ten years and how to provide the framework for the development of two-fifths of the human race.
Economic Reforms in India and China: Emerging Issues and Challenges aims at providing the goals, strategies and policies to tackle these issues. It discusses the efforts to address issues like encouraging less successful sectors of the economy that have been complicated by forces of globalization and the ever-changing realities of today's global economy and appraises issues pertaining to economic reforms. The articles explore ways to improve the well-being of the poor, to design effective structures and institutions for poverty reduction and how the reforms, in their economic, political and social dimensions can be used to tackle global developmental issues.
Chapter Fourteen: China's Agriculture and WTO Accession
China's Agriculture and WTO Accession
As a result of reforms and opening-up, the Chinese economy has witnessed higher growth. Its GDP has increased at nine to ten per cent per annum, outperforming other countries in the world. The reforms have also been introduced in the rural sector and have led to rapid transformation of the rural sector. Grain output has increased from 305 million tons in 1978 to 508 million tons in 1999. This transformation has been accompanied by a reduction in rural poverty. But of late, there is more focus on the manufacturing sector and agriculture has received less attention in the development process and reforms. The policy-makers need to correct the distortions in domestic and foreign policies affecting ...