Which industry most spurred economic growth

U.S. President Donald Trump may have promised that North Korea will become “very rich” on the back of American investment if Pyongyang ditches nuclear weapons but economists and academics who have studied the isolated country say it is China not the U.S. that will be the engine of any transformation. The nearest template would not be based on American-style capitalism, but China’s state-controlled market economy first championed by Deng Xiaoping, who became China’s leader in 1978, these experts said. China was just coming out of the turmoil of the 27-year reign of Mao Zedong, a period during which capitalism was banned and private businesses and property were seized by the state and placed under collective ownership. Deng introduced wrenching reforms that are widely regarded as creating the foundations of China’s economic miracle in the past 40 years. The changes were massive, the growth phenomenal, but most importantly the Chinese Communist Party has … [Read more...] about North Korea seen looking to China, not US, for help in any economic transformation

Ho Chi Minh City has been ranked third and and Hanoi sixth on a new survey that measures urban centers’ short-term growth and modernization pace around the world. The cities are attracting sizable volumes of foreign direct investment as they integrate into regional and global supply chains for high-technology manufacturing, American investment management company JLL (Jones Lang LaSalle Inc.) said in its City Momentum Index 2018. Such global attention, which is expected to continue in the near future, is helping to spur rapid economic and income growth, leading to among the world’s highest rates of increase in retail sales and air passenger numbers, it said. Vietnam's actual foreign investment reached an all-time high of $17 billion last year, when its aviation industry also served a record number of more than 94 million passengers. Stephen Wyatt, regional director of JLL Vietnam, said that seeing the Vietnamese cities in the top 10 "is not surprising." "The pace of … [Read more...] about Vietnamese cities seeing some of world’s most rapid economic growth: report