"China"- this country has the worst connotations if you'll ask people 50 years ago. Not only because it is a communist county, but rather it is also a poor one. But the rise of China from the early 1990s- 2000 saw the rise of Chinese Capitalism. 50 years ago, China has a very low GDP per Capita in which people earn a dollar per day, however economic liberalization done after Mao Zedong lifted more than 300 millions of Chinese in the past two decades alone. And this is the secret behind their economic success and what you can do to lift your country too into financial stagnation.
The secret behind China's success can be described into 3 letters: FDI
Yes, that's the secret recipe China had, to become one of the most powerful economy they are now today. The term FDI stands for "Foreign Direct Investment" this basically implies that investors will come into the country to invest and build their own business. Which in turn creates local jobs, encourages competition, and further the economy. This FDI was the same recipe Singapore, Malaysia, and even US used to become what they are now today. Your country could be like Singapore too in the next decade if you follow these steps:
Economic liberalization starts with political reforms since nobody will invest in your country even if you open the market if it's an unstable place. After political reform, you must work on opening the economy by lowering business taxes, easing tariffs, and eliminating any economic protectionist policies. Third step, is to encourage the government to invest massively in law enforcement and infrastructure. And lastly, improved the quality of education. Investors will only invest if your country offers a skilled and intelligent laborers so this is a major thing that your country must work on.
By following this steps, you're ensuring economic prosperity in your country and in no more than a decade I'm pretty sure your country will be rich too. Remember, US, Singapore and China was once all poor countries.
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