What was China's economic miracle and how was it different from Japan's?

Answer 1

China's economic miracle refers to the rapid economic growth and transformation that began in the late 1970s, characterized by market reforms, opening up to foreign trade, and massive infrastructure investments. Unlike Japan's post-World War II growth, which was fueled by government-led industrial policies and a focus on technology and exports, China's growth was driven by a shift from a centrally planned economy to a more market-oriented approach, allowing for private entrepreneurship and foreign investment. Additionally, China's growth was marked by a large rural-to-urban migration and the establishment of Special Economic Zones, which contrasted with Japan's more uniform development approach.