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Industrial development is an instrumental for a long run sustainable economic growth of a country subject to feasible industrial policies. For instance establishing business parks, export promotion zones, industrial clusters, and special economic zones (SEZs)would increase economic growth and development. SEZs are also known as investment promotion zones, industrial estates, free trade zones and export processing zones.
China’s fastest sustained economic growth over the past four decades is an exception growth miracle ever in economic history. China grew at an annual average rate of 10 percent from 1978 to 2018.The World Bank has documented that China is the World largest exporter following US and World largest manufacturer. A rapid growth in China has pulled out more than 800 million eople out of poverty line.
China’s miraculous rise has become a hot topic for development discourse. Special economic zones and industrial clusters are important engines of economic growth for China. Therefore China is a role model for developing countries in the context of special economic zones.