China shares same problems as other developing nations
By George Zhibin Gu
Throughout history, unequal development has been the norm: there has never been a time when different nations did not have radically different levels of development. But the economic forces causing a convergence of development levels have never been so powerful as they are today. The countries moving ahead most quickly, including India, China, Egypt, Brazil and Russia, might be called "late developing nations". It goes without saying that the late developers face many huge challenges. But they also have advantages. Many have leapfrogged transitional stages of development by adopting more advanced technologies.
For example, China has jumped directly to ATM cards, bypassing the cheque book stage. Since its ineffective legal and banking systems can hardly support the wide use of chequebooks, ATM technology has nicely covered up the holes. Another example is mobile phones being adopted before conventional landlines: China now has more handsets than wired phones, - 340 million versus 317 million - a direct result of developing late.
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http://www.onlineopinion.com.au/view.asp?article=3516
By George Zhibin Gu
Throughout history, unequal development has been the norm: there has never been a time when different nations did not have radically different levels of development. But the economic forces causing a convergence of development levels have never been so powerful as they are today. The countries moving ahead most quickly, including India, China, Egypt, Brazil and Russia, might be called "late developing nations". It goes without saying that the late developers face many huge challenges. But they also have advantages. Many have leapfrogged transitional stages of development by adopting more advanced technologies.
For example, China has jumped directly to ATM cards, bypassing the cheque book stage. Since its ineffective legal and banking systems can hardly support the wide use of chequebooks, ATM technology has nicely covered up the holes. Another example is mobile phones being adopted before conventional landlines: China now has more handsets than wired phones, - 340 million versus 317 million - a direct result of developing late.
...
http://www.onlineopinion.com.au/view.asp?article=3516