South Korea And China Taiwan's Economic Development Model: Comparison And Reference

During the 40 years after the Second World War, South Korea and Taiwan, as developing countries, took a quick turn on their economic development strategy and adopted a strategy which is dominated by export. Eventually, these two countries achieved growth in economy and transformation in industrial structure. South Korea and Taiwan fall into the category of most populous countries which were defined by Chenery and Syrquin for the purpose of international comparison, and both countries have relatively vast territory. Therefore, their experience in economic development has a wider practical significance in development models for developing countries. Adjacent to South Korea and Taiwan, China shares similarity in primary industry and culture with the two countries, and by drawing on the experience of them, China avoided many twists and turns in its process of reform and opening up. By carrying out a comparative analysis of the economic development models of the two countries, more information can be collected while choosing the economic development model for mainland china in the futureThis paper examines firstly, the evolvement process of economic development models of South Korea and Taiwan, secondly, the similarities and differences in economic development model of the two countries, thirdly, the political, economic and cultural background for the formation of such models. Then, it analyzes the influence of such development model on both countries from the respect of foreign trade, industry policy and element input, and further analyzes the relationship between the economic growth of the two countries and the income distribution and living standard of their people. Finally, it analyzes the enlightenment of the economic development models of both countries to China, the problems faced with China's economic development model, and puts forwards some suggestion on the adjustment of the China model.