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What event led to the US achieving its goal of gaining access to trade in China?

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To achieve its economic goals, the Chinese government has poured subsidies into a range of industries with the aim of creating “national champion” companies.

Why is economic development important?

Economic development is a key factor in economic growth because it generates new job possibilities and promotes a higher standard of living for current and future citizens by providing better access to opportunities brought about by economic growth. Growth in the economy boosts state capacity and the availability of public goods. The capacity and resources required to deliver the public goods and services that their population require, such as healthcare, education, social protection, and fundamental public services, are gained when economies grow and states are able to tax that revenue. In addition to producing more or better means of production, the processes of economic development should allow for a fair allocation of these resources.

To know more about economic development visit:

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