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All nations prefer to be developed rather than under developed; by developing, China can improve the standard of living of its citizens and become more wealthy and powerful, which is always something that nations want. Since China has the largest population of any nation on Earth, and is also geographically quite large and has substantial resources as well as a powerful and well organized central government, there is no apparent reason why the country should not develop. The real question would be, why did it take them so long? China was in a position to develop when Japan did, in the period immediately following WW II, but China didn't. The reason, I believe, is that China was impeded by its role in the Cold War, which diverted a lot of resources to needless military expenses, and also by the general paranoid insanity of Maoism. Chairman Mao's Cultural Revolution was a huge disaster for China, from which they are only now in the process of recovering.

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