Summary of Why Chinese Manufacturing Wins

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Why Chinese Manufacturing Wins summary

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7

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  • Well Structured
  • Overview
  • For Beginners

Recommendation

China’s swift transformation from impoverished agricultural society to manufacturing powerhouse has become a defining aspect of recent world history. But how did China accomplish this feat? Wendover Productions provides a well-researched, succinct answer to this question. getAbstract recommends this informative video, which covers both the history and the future of China’s economy, to the general-interest viewer and to anybody with a stake in the Chinese market.

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Wendover Productions publishes short educational videos that explain how the world works. 

Summary

In less than 40 years, China has grown its GDP from $200 billion to $11 trillion. Chinese leader Deng Xiaoping began opening the country to the global economy in 1978. He privatized businesses, welcomed foreign investment and designated special economic zones as “essentially the free-market portions of China.” Since then, manufacturing has been the engine of China’s growth. Cheap international shipping enabled firms worldwide to base production in China and take advantage of the country’s low labor costs. China further enticed foreign business by artificially devaluing its currency and...


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