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The story of China and the United States illustrates which of the following concepts? Catch-up Growth...

The story of China and the United States illustrates which of the following concepts? Catch-up Growth for China depended on its own development of new technology. China grew rapidly by creating the technology that later transferred to the United States. The United States' growth rate is lower than China's because the U.S. is engaged in heavy capital accumulation. U.S. creation of new technology did not allow for as much economic growth in the short run as did China's capital accumulation.

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US economic growth is driven by technology, whereas Chinese Economy is driven by capital accumulation even if they have low cost workers. It made China to be exporter nations and achieve faster economic growth. In contrast to it, US economic growth is based on technology, though not at a faster pace in the short run.

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