Monday, November 25, 2019

"China has been long one of the richest

China, a nation that had dominated the world several times over the past thousand years, is on track to repeat history once again. Economic reforms introduced by Communist leader Deng Xiaoping in the late 1970s has propelled China to become a nation now deemed worthy to challenge the U.S. for the number 1 title. In 2017, PricewaterhouseCoopers (PwC) reports that the Chinese economy will overtake U.S as the largest economy by 2030. China had averaged a 10% annual growth from 1999 to 2008 and in recent years, hovered in the 6-8% range. With recent drives for technological innovations, we may see a growth in the figures and eventually, an overtake to be world largest economy.

that is, one of the most fertile, best cultivated, most industrious, and most populous countries in the world." Quote from Adam Smith magnum opus "The Wealth of Nation". Indeed, over the past few years, China has taken concrete steps to made that a reality. In 2015, China announced "Made In China 2025", a strategic blueprint that details the necessary steps to equip and transform the nation with local technological innovations and stage the Chinese equivalent of the Fourth Industrial Revolution. In 2017, China spending on research and development totaled $1.76 trillion yuan (USD $279 billion), a year-on-year increase of 14%. In fact, a term was invented to describe China's unique innovation policy and its ability to drive innovation and technological advancement within its own geographical boundaries. Termed "Indigenous Innovation",

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 nations where personal data policies and regulations are strictly enforced. The recent Cambridge Analytica saga regarding Facebook's user data highlighted the importance of keeping personal data private, but it is one that we may never see in China. However, reports of 'emotional surveillance' being employed where employees' brain waves are monitored in military sites and state-owned enterprises seems to have crossed the line in its latest efforts to monitor its people.

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