What are the 7 most important factors of Industrialization?

What are the 7 factors contributed industrialization?

What are the 7 most important factors of Industrialization?

• Natural resources. Become goods, Raw materials.
• Capital. needed to pay for the production of goods, Stable currency.
• Labor supply. Used to make goods, High birth rate.
• Technology.
• Consumers. …
• Transportation. …
• Government support.

What factors of industrialization does China have?

The major goals of the readjustment process were to expand exports rapidly; overcome key deficiencies in transportation, communications, coal, iron, steel, building materials, and electric power; and redress the imbalance between light and heavy industry by increasing the growth rate of light industry and reducing …

What factors increase China’s growth?

Economists generally attribute much of China’s rapid economic growth to two main factors: large-scale capital investment (financed by large domestic savings and foreign investment) and rapid productivity growth. These two factors appear to have gone together hand in hand.

What caused China’s manufacturing industry to grow?

Driven initially by its ability to deliver low-cost labour and materials, China quickly advanced across a number of other competitive drivers – including infrastructure, favourable policies, a large consumer base, and established supplier network – over the past 10-15 years and evolved its manufacturing capabilities …

What are the 6 factors of industrialization?

What are the 6 factors of Industrialization?

• Six Causes of Industrialization. Natural Resources. …
• Natural Resources. Abundance of Forests: Cheap resource for building material. …
• Growing Population.
• Improved Transportation. …
• High Immigration. …
• New Inventions. …
• Investment Capital.

How have industrialization and urbanization changed China?

Industrialization has historically led to urbanization by creating economic growth and job opportunities that draw people to cities. … These technological hubs draw workers from other areas in the same way factories used to, contributing to urbanization.

Is China an industrialized country?

Strictly judged by accepted standards, China is not even an industrialized country yet. As the largest manufacturer in the world, China remains a developing country or an emerging economy. China’s key industries are far from reaching the level of advanced industrial countries.

What is the fastest growing industry in China?

Medical Device Manufacturing in China The Medical Device Manufacturing industry is set to generate $26.1 billion in revenue in 2020, up 18.2% from 2019.