Comparative Studies on Development Strategies of Korea, Vietnam and China in the Economic Take-Off Period

Abstract

This article conducts a series of comparison of development scenarios and development strategies among Korea, Vietnam and the mainland China. The research finds that although the take-off periods differ for the three countries there are some similarities in the strategies and successes they achieved on their way to economic growth and development. As to development strategies, China depends less on foreign capital than Korea and Vietnam. The contribution of exports and trade is great in the three countries, which is spurred by devaluation of local currency and stable exchange rates. A typical feature of China’s development strategies which does not apply to Korea and Vietnam is the pursuit of current account surplus.