Answer:
The correct answer is II. Geographers predict that China will be among the largest industrial economies by 2050.
Explanation:
The economy of the People's Republic of China is the second largest in the world in terms of Nominal GDP, surpassed only by the United States.
China is the nation with the highest economic growth in the last 25 years in the world, with an average GDP growth of around 10% per year. China's per capita income has grown by an average of 8% per year for the past 30 years and a further 15 on average by 25 years of export, which has drastically reduced poverty in the country, but this rapid growth has brought huge inequalities in income distribution. The country's per capita income is classified as median to low, compared to world standards, and is around $ 3,180 per person according to the International Monetary Fund (IMF).
Despite being the third largest country in the world, China is highly poor in natural resources, and despite having about 20% of the world's population (1,400,658,314 inhabitants) living within its borders, its role within world economy has been relatively small for more than a century.
However, since the end of 1978, the Chinese government has reformed the country's economy, which has gone from a centralized Soviet-based centralized economy, which was largely closed to international trade, to a market economy that has a rapidly growing private sector and a strong state sector, making its economy play a key role in the global economy.
Since the late 2000s and the beginning of the 2010s, economic reforms began initially with the shift from agricultural work to a family responsibility system, with the aim of leaving the collective farming system. The reform later expanded to include gradual price release, fiscal decentralization, increased autonomy for state-owned companies, which increased control by local government authorities, and the deployment of managers in the industry so that there was a way to allow a wide variety of private companies in the fields of services and light manufacturing.
China's growth comes from immense state investment in infrastructure and heavy industry, and the expansion of the private sector in light industries rather than simple exports, whose role in the economy appears to have been largely overestimated.
