the additional happiness generated by further economic growth begins to fall

At the end of the 1970s, China's per-capita GDP was only US$290 (1,906 yuan). GHD Sale Housing was basic and people struggled to survive. Private bathrooms, personal transportation, refrigerators, televisions, cassette players and telephones were all part of daily life in the United States and Europe, but remained an unreachable dream for most Chinese people. A low level of economic development was preventing the pursuit of happiness
And so China declared war on poverty. With economic growth as its central battle strategy, it went all out in pursuit of higher GDP. Thirty years later, China has overtaken Japan to become the world's second largest economy and has per-capita GDP of about US$3,000 (19,700 yuan). Challenges to basic survival have been met, while some areas have become wealthy and modern. The GDP figure in Guangdong, one of China's most developed provinces, is now close to that of the four Asian Tigers – Hong Kong, Singapore, South Korea and Taiwan – which themselves have entered the ranks of developed nations.
The dream of a better life among ordinary people has driven this economic miracle. GHD UK And economic growth has become the Communist Party's most important source of legitimacy.
Once an individual's material needs have been met, further consumption provides diminishing returns of happiness. For a nation, it is the same – once economic development provides subsistence, or even a comfortable existence, for its people, further GDP growth does not noticeably increase well-being. Sociological, psychological and economic research has shown this to be the case, and our own experiences confirm it. When issues of survival have been dealt with nationwide and when many regions have achieved economic modernisation and comfortable living standards, the additional happiness generated by further economic growth begins to fall.