Background to economic success China’s economic growth has lasted 40 years a

In this section, you will hear an instructor, giving a talk to students. The talk will be given twice. For questions 21 -30, complete the notes using three words or fewer for each blank. Remember to write the answers on the answer sheet.
    Now, most people would agree that the massive economic growth China has enjoyed in the last forty years represents perhaps the most significant geopolitical event of the 21st century. It started with the economic reforms back in the late 1970s, before which time China’s economy was largely rural.
    Since the 1970s China’s economy has grown on average 10% a year. Exports have soared and industrial production is growing at 17% per annum. Since 2001, China has doubled its share of global manufacturing output. In fact, China is second only to the US, and most forecasts suggest it will overtake the American economy within the next ten years.
    China’s population of 1. 3 billion makes it a staggering one fifth of the world’s population. This huge population resource means not only is China the world’s largest market, but it also underpins the main reason for its economic rise—a large workforce. The incredible economic growth in China has meant huge changes for the workforce. For example, it is estimated that about 200 million people have moved from rural areas to urban areas to find work, resulting in the biggest mass migration in history. Employment in agriculture has been replaced for millions by jobs in manufacturing and industry, which, for many people, has meant having to retrain, acquire new skills, and adapt to a new way of life. Many would argue that the growing middle class is the backbone of China’s success.
    However, some economists see weaknesses in China’s economy. They point, for example, to the fact that many of the manufacturing companies that produce goods in China are in fact foreign. These foreign companies, they argue, will continue to invest in China while labour costs are low, but if wages start to rise too much, they may move their production to other parts of the world where rates of pay have remained lower. China has come a long way since the 1970s, but it would seem that, for China to continue its economic success story, the country must not rely on outside investment and expertise, but must invest more in skills and training in order to produce its own experts and entrepreneurs of the future.