China’s life expectancy in 1949 was 36 and in 2012 it was 75. Literacy was 20% in 1949 and it was 90% in 2012. See page 151 of Age of Ambition by Evan Osnos.
China and several other Asian nations experienced an “economic takeoff” in the latter part of the 20th Century that has changed the world.
China with a population of 1.4 billion is the largest economy in southeast Asia.
Here in New Brunswick at Fredericton High School there are 400 foreign students (about 25% of all students) mostly from China. A friend in Toronto told me that there are high schools in the Toronto area where 100% of the students are Asian. “China is today the source of more immigrants to Canada than any other nation”. See The Idea of Canada by David Johnston, Governor General of Canada.
The Canadian standard of living has been enhanced by consumer goods imported from Asia. Also the demand for housing in Canada has been enhanced by Asian and Chinese buyers. Maritime Law Book recently sold its Fredericton building to a Chinese family from Beijing, the capital of China.
Asian prosperity and Asian savings rates has resulted in low mortgage rates in North America. China saves an amount that is over half of its Gross Domestic Product. The savings rate in the U.S.A. is 17% of GDP (Forbes Magazine, August 11, 2013). See also Bloomberg Businessweek, June 25, 2015 – “with $21 trillion, China’s savers are set to change the world”.
Canadian homeowners can now find home mortgage loans with rates of less than 3%.
China now has the largest economy in the world if it is measured by purchasing power parity. The Chinese Premier Li Keqiang boasted that last year, 15,000 new businesses were opened in China each day. See the Globe and Mail, June 13, 2017.