China’s Potential and the Power of Human Resources
The purpose of this study is to determine the historical role of human resources played in China’s economic development. After Deng Xiao Ping opened China in 1978, China’s economy has grown drastically and it is still growing very fast compared to other advanced countries. According to the World Development Indicator, China’s economy grew at a rate of 6.11 percent last year, while Korean grew at 2.03 percent. Gross National Income (GNI) per capita in Purchasing Power Parity (PPP) term was about 16,740 USD in 2019 in China compared to 43,430 USD in Korea. After World War II, two countries grew rapidly: China and Korea.
Ironically, one is communist and the other is a democracy. Thus there can be no doubt that human capital is one of the most important factors behind their development.