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China's Potential and the Power of Human Resources

Author

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  • Kim, Dongsoo

    (Korea Institute for Industrial Economics and Trade)

Abstract

The purpose of this study is to determine the historical role of human resources played in China’s economic development. After Deng Xiao Ping opened China in 1978, China’s economy has grown drastically and it is still growing very fast compared to other advanced countries. According to the World Development Indicator, China’s economy grew at a rate of 6.11 percent last year, while Korean grew at 2.03 percent. Gross National Income (GNI) per capita in Purchasing Power Parity (PPP) term was about 16,740 USD in 2019 in China compared to 43,430 USD in Korea. After World War II, two countries grew rapidly: China and Korea. Ironically, one is communist and the other is a democracy. Thus there can be no doubt that human capital is one of the most important factors behind their development. A high-end professional is more than just one person, because his or her contribution to society could be tremendous. In this aspect, this study examines China’s human resources and derives some implications for Korea.

Suggested Citation

  • Kim, Dongsoo, 2020. "China's Potential and the Power of Human Resources," Industrial Economic Review 20-15, Korea Institute for Industrial Economics and Trade.
    • Handle: RePEc:ris:kieter:2020_015
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    More about this item

    Keywords

    human capital; labor; China; Korea; human capital development;
    All these keywords.

    JEL classification:

    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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