Asian Country with the Biggest Potential for Development
In the contemporary world, it may be challenging to pinpoint Asian countries with high potentials of development as most of the countries have equivalent chances of growth and development. Nevertheless, the evaluation of Asian countries with vast potentials for growth may be based on specific metrics (MATHUR, 2016). Using the metrics, China stands out as one of the countries with the highest potentials of development. The prediction may be based on perceived opportunities, capabilities, and intentions for social, economic, and technological growth. The country has many opportunities and strengths, which ensure that it possesses a continuous development process. There is the possibility that China could have more avenues for development in comparison to other Asian countries as it has the second-best economy. While other countries may have the potential for development, China leads with the best aspects of innovation, globalization, and confidence hence, its capabilities for growth in the future.
Globalization
Globally, China is the second-largest economy and has become a leader in terms of globalization. For example, multinational corporations have established companies such as Coca Cola in China. From the globalization point of view, China will derive multiple benefits such as technological innovations and direct investments (Jia, 2017). ‘Foreign investments between China and other nations have encouraged different companies to operate within China and hence restructuring its industries. Additionally, Foreign Direct Investment development will further affect the country’s output by improving the production process and efficiency.
Innovation
China has continuously revealed itself as a leader based on different aspects. For example, innovation is becoming a crucial driving force for China’s economy as the country becomes oriented to customers (MATHUR, 2016). China has had a transformation to a technology hub from being seen as a global factory. The innovative aspects include the use of AI for virtual broadcasting, multiple internet users, and more than 700 million people embracing change. The country has enacted initiatives to advance technology and enhance innovation-driven plans.
Urbanization and Industrialization
Additionally, China has had a rapid transformation in its structures in terms of urbanization and industrialization. As industries develop, they will play an essential role in the country’s economy by improving the standards of living, national income, and enhancing the stability of its economy. The development of industries has further enabled the country to utilize its scarce resources and hence improving the quantity and quality of manufactured goods (Brandt et al., 2016). Several Chinese industries have acted as crucial sources of creating employment to many citizens in the country and hence raising their standards of living. China’s industrialization has served as the perfect way for China to acquire stability in its economy as it does not rely on exportation and production of raw materials.
Conclusion
While other Asian countries may have the potential for development, China is a leader based on the metrics responsible for economic growth and development. These aspects include globalization, innovation, technology, and industrialization. In a nutshell, globalization in China provides a conducive environment for Foreign Direct Investment. Furthermore, innovation has made the country to be regarded as a hub for technology as it renders innovative models which satisfy the citizens. The country continues to transform gradually from the agrarian society to the modern world of industrialization. China continues to invest and industrialize in globalization and innovation and hence, the potential for development in the next few years.
References
Brandt, L., Ma, D., & Rawski, T. G. (2016). Industrialization in China. Retrieved from http://ftp.iza.org/dp10096.pdf
Jia, w. (2017). China defines new globalization with its characteristics. https://www.chinadaily.com.cn/opinion/2017-06/08/content_29667183.htm
MATHUR, S. (2016). The new dragon dance: China’s evolving growth model.
Shin, H. B. (2015). Urbanization in China. International Encyclopedia of Social and Behavioral Sciences, 973-979.
Shin, H.B. (2015). Urbanization in China. Retrieved from https://www.researchgate.net/publication/291547133_Urbanization_in_China