Economic Growth - China Essay
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China's Economic Growth, Its Causes, Pros, Cons, and Future
It's good that china's growth is slowing. really., disadvantages, future growth, the bottom line, frequently asked questions (faqs).
China's economy has enjoyed 30 years of explosive growth, making it the world's largest. Its success was based on a mixed economy that incorporated limited capitalism within a command economy. The Chinese government's spending has been a significant driver of its growth.
China's economy is measured by its gross domestic product. In 2020, China's economy shrunk by $4.2 trillion to $125.65 trillion.
Here is China's growth rate by year, showing how it has slowed since the 10.6% growth in 2010:
China fueled its former spectacular growth with massive government spending. The government owns strategically important companies that dominate their industries. It controls the big three energy companies: PetroChina, Sinopec, and the China National Offshore Oil Corporation (CNOOC). Government ownership allowed China to direct the companies to high-priority projects.
China requires several things of foreign companies who want to do business in China or work with Chinese companies. One is that they often must share their technology. Chinese companies use this knowledge to make the products themselves.
The People's Bank of China, the nation's central bank, tightly controls the yuan to dollar value . It does this to manage the prices of exports to the United States. It wants them to be a little cheaper than those produced in America. It can achieve this because China's cost of living is lower than the developed world. By managing its exchange rate, China can take advantage of this disparity.
China's growth has reduced poverty. Only 3.3% of the population lives below the poverty line. China contains about 20% of the world's population. As its people get richer, they will consume more. Companies will try to sell to this market, the largest in the world, and tailor their products to Chinese tastes.
Growth is making China a world economic leader. China is now the world's biggest producer of aluminum and steel.
Chinese tech companies quickly became market leaders. Huawei is the world's top telecommunications equipment maker. It is quickly becoming a world leader in developing 5G technology. Lenovo is a world-class maker of personal computers. Xiaomi is one of China's top smartphone brands.
Government spending created a total debt-to-GDP ratio of 317% as of the first quarter of 2020, the highest on record. This includes debt held by the government, corporations, and consumers. Since the state owns many corporations, it must be included. The consumer debt may have also created an asset bubble. Urban housing prices have skyrocketed as low-interest rates fueled speculation. High growth levels have come at the cost of consumer safety. The public has protested pollution , food safety, and inflation.
It also created a class of ultra-rich professionals who want more individual liberties. They live in urban areas, since that's where most of the jobs are. In 2017, almost 60% of the population lived in urban areas. In the 1980s, it was just 20%.
Local governments are charged with providing social services but are constrained in the taxes they can collect to fund them. As a result, families are forced to save. China doesn't offer benefits to people who've moved from the farms to the cities to work. Interest rates have been low, so families don't receive much return on their savings. As a result, they don't spend much. That keeps domestic demand low and slows growth.
Chinese leaders have taken steps to boost domestic demand from its 1.4 billion population, the world's largest. A strong consumer market allows China to rely less on exports and it is diversifying into a more market-based economy. This means relying less on state-owned and more on privately-owned companies to reap the rewards of a competitive environment.
To boost growth, China needs more innovative companies. These only come from entrepreneurship. State-owned companies make up 25% to 30% of total industrial output, down from 78% in 1978. But China must do even better.
China's leaders realize they must reform the economy . To that end, President Xi Jinping authorized the “Made in China 2025” plan. It recommends advances in technology, specifically big data, aircraft engines, and clean cars. China has become a world leader in solar technology. It is cutting back on exports, including steel and coal production.
The worst risk is the ticking time bomb within the nation's financial system. Banks are state-funded and owned. This means the government sets interest rates and approves loans. They pay low-interest rates on deposits so they can lend cheaply to state-owned businesses. As a result, banks have channeled government funds into an unknown number of projects that may not be profitable.
China's leaders now walk a fine line. They must reform to remove asset bubbles. On the other hand, as growth slows, the standard of living may fall. This could cause another revolution. People have only been willing to turn over personal power to the state in return for rapid increases in personal wealth.
One way to boost wealth is by encouraging investment in China's stock market . That allows companies to rely less on debt, and more on selling stocks, to fund growth. It also helps the tech companies that are listed on the Shenzhen exchanges. China recently installed the Connect program between the mainland exchanges and the Hong Kong stock market.
Massive government spending has stoked China’s unprecedented growth over the last 30 years. Government control over major companies and the yuan’s exchange rate have generated large improvements in the Chinese economy. Its regulations on foreign businesses have helped as well.
China’s present debt-to GDP ratio is one of the highest in the world. Its domestic consumer demand is low. So, the nation relies heavily on exports. These factors are now considerably slowing growth.
China’s government is facing the necessity of instituting delicate economic reforms. Such reforms include encouraging investments in China’s stock market, aggressively promoting the Made in China 2025 program, and developing innovative companies, among others. They want to prevent the possibility of another people’s revolution should a pervasive economic downshift occur.
How does the U.S. economy depend on China?
China's economy has become intertwined with the U.S. economy in several ways. For example, China is the top source of U.S. imports, and it's the second-largest holder of U.S. Treasury debt .
What type of economy does China have?
China has a mixed economy that combines elements of market and command economies. It has more of a command economy than the U.S., but its system does incorporate aspects of a market economy.
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China’s Rapid Economic Growth Essay
Executive summary.
Economic growth is a positive concept that every country would be proud of. It entails an increase in the level of production in goods and services from one season to the other. Economic growth is attributed to various factors like technological development and adaptation of appropriate strategies in carrying out different activities in different sectors of the economy. The economy of China has experienced incredible growth following the economic reform that started in 1979.
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The rapid economic growth has been linked with a lot of positive progress especially when it comes to alleviation of poverty among the citizens. This is evident from the statistics showing the reduction of the poverty levels between 1978 and 2004. The decrease in poverty level was from 30 per cent to less than three per cent, according to China’s official poverty line (National Bureau of Statistics (NBS) 2007).
Some of the sectors that are touched by the rapid economic growth include agriculture, industry, and services sector as well as government finances among others. Although the accomplishment associated with the rapid economic growth in China is attractive, there exist some challenges and negative effects that need to be looked at.
They include income disparity as well as other implications of the rapid growth upon the rest of the world. This study will clarify on the various issues associated with the rapid economic growth in China especially the key factors that contributed to the rapid economic growth and the impacts of China’s rapid economic growth on other parts of the world, such as Australia and other countries.
Introduction
Economic growth can be defined as a positive change in the level of production in a given country over a certain period of time or rather an increase in the capacity of an economy in regard to producing goods and services as compared to past years. Economic growth is a concept that could be gauged in nominal terms as well as real time terms. Nominal terms take account of inflation whereas real terms are adjusted for inflation.
Economic growth is attributed to many factors, for instance, technological advancement. China is a country that is well known for its rapid economic growth towards the end of 1970s. There are various factors that are associated with the rapid economic growth in China in the last three decades all having some implications to the global economy.
Some of them include technological innovation and positive external forces that lead to progress (Barro and Sala-i-Martin 2004). This piece of work gives a critical discussion of the various factors that are associated with the rapid economic growth in China in the last three decades and their implications in the country as well as to the global economy
The Key Factors That Contributed To the Rapid Economic Growth in China since the Implementation of Its Economic Reforms in Late 1970s
The economic reforms in China in the late 1970s are known for economic developments that were experienced in the country and other parts of the world. Some of the factors that can be pin pointed in regards to the rapid economic growth in China will be discussed.
Economic reform is one factor that has been credited by many to be the leading contributing factor towards China’s rapid economic growth. The creation of private enterprises in different sectors of the economy as well as the encouragement of a high saving rate has played a great role in the rapid economic growth in the country (Woo 1994).
Another factor that is linked to the rapid economic growth in China is the availability of a large pool of under-employed workforce in the country with the will to work for relatively low pay while at the same time working hard to uplift the production of goods and services.
Availability of favourable economic policies is also a contributing factor towards the success experienced in the country (Qian 2003). This can, for example, be seen through the involvement of the government in providing incentives as well as the growth that was seen in free trade.
The removal of price controls and freeing of internal trade and foreign investment also contributed a significant percentage to the rapid economic growth (Aghion and Durlauf 2005).
Morrison (2006) asserts that China’s economic growth can be linked to large-scale investments that are financed by domestic savings and foreign investments as well as a rapid growth in productivity. There has been enhanced efficiency and capacity to obtain resources that are required to facilitate growth in industrial and agricultural output.
A structural change from an agricultural country to a highly productive industrial nation and exports has also played a significant role in the growth. Adoption of advanced technology in various activities is another key positive factor. Price equalization is also a factor that can not be left out.
Reduction of unemployment in the country increases productivity. Increase in wages in turn allows for growth in industrial output. Growth in the export sector is also crucial and helped China’s integration into international markets, an aspect that enhances economic growth (Golley and Song, not dated).
Great level of decentralization and the quality and quantity of human capital can also not be under-emphasized. The economic growth has been favoured by both internal as well as external factors and situations. Internally, there were positive legacies that were inherited from the planning system, for instance, a good industrial base, favourable infrastructure, a relatively well established education system.
In regard to external conditions, the reforms in China corresponded with the growth in globalization where there were more open global trading opportunities due to reductions of tariffs and other forms of trade protection (Chen and FENG 2000). A combination of all the above factors played a significant role in enhancing the process of globalization around the world which in one way or the other has increased the demand for products and services from China greatly (Holz 2008).
The Impacts of China’s Rapid Economic Growth on Other Parts of the World, Such As Australia
The rapid economic growth in China was not without some impacts. Effects were realized both in the country as well other parts of the world. In other words, it is a global phenomenon. The country is taken to be an economic growth instrument in both regional and global levels. Some of the countries that can be mentioned to have been affected by China’s rapid economic growth include Hong Kong, Taiwan, Japan, India and Australia among others.
In order to have a better understanding of the international implications of China’s rapid economic growth, we ought to look at its domestic implications. Some of the notable impacts include; enhancement of not only its food supply and security but also that of the world due to its commitments to agricultural and rural development (Lewis 1955).
There are also chances of growing as a renowned importer as well as exporter in the in the world in the near future through the consistent search of a conducive external trade and political environment which will in turn promote a sustainable economic growth. Restructuring of the agricultural sector and globalization are also aspects that developed as a result of the economic reform in China and thus the rapid economic growth (Brandt and Rawski 2008).
On a global arena, China’s speedy economic growth grants openings as well as challenges for the rest of the globe. All in all, the openings far much more outweigh the challenges. For instance, the increase of China’s imports both the labour-intensive products as well as the land-intensive agricultural commodities (Lei and Yao 2009).
This has a positive impact on other countries as it provides opportunities to expand production for most developing countries located in Central as well as South America. Some developed countries such as Australia, Canada and the United States of America are also in a better position of increasing their levels of production (Wang and Yao 2003).
Another positive impact of China’s rapid economic growth is that it will not be related to an increase in the imports of wheat and rice but only that of maize. This, therefore, follows that the rapid growth in China will not threaten the overall world staple food supply which could lead to a rise in the prices of staple foods in the world market, an aspect that is not good (Valdes1999). Export is another area of concern.
With time, it is likely that there will be an increase in export of many horticultural products as well as the processed foods from his nation. This development is clearly a negative move in the eyes of other nations that sell the same commodities to the global market. This is because China posses a comparative advantage and other countries may be required to put more efforts, which could cost them a lot in terms of time as well as money (Wu 2004).
Being more competitive in the textile and other sectors, China will pose a threat to most developing countries which export the products for instance India and other Asian countries (Tisdell and Chai 1997). Apart from the agricultural sector, impacts of the China’s rapid economic growth also affected the industry sector, trade and foreign investment sector; services sector like finance and banking as well as government finances among others (Garnaut 2007).
Although the economic reforms have been associated with a lot of positive aspects in regard to economic growth, there exist some criticisms. For instance, the economic stability of the country is threatened by the monopolies retained by the government in different sectors of the economy such as banking. There is, therefore, a need for reduction of State intervention for there to be a sustained growth in the country.
Another issue is the fact that despite reducing poverty in the country, the reforms have in a way increased the level of inequality through privatization. This is not a good aspect since it widens the gap between the poor and the rich an issue that is not desirable and hence should be avoided (Huang and Rozelle 2009)
It is evident that China experienced a rapid economic growth towards the end of the 20 th century. This is attributed to various factors such as liberalization, price regulation as well as decentralization and ownership transformation, each contributing a certain percentage of the economic growth.
The rapid economic growth in China was not without some impacts. Effects were realized both in the country as well other parts of the world for instance Australia. For this reason, it is a global phenomenon worth discussion. This is through affecting various sectors of the economy for instance government finances, industry, agriculture and services sector among others. All these affect China and some other countries in one way or the other through international and foreign trade.
The rapid economic growth in China has both positive and negative impacts in the country as well as internationally through influencing the factor of production and competition. It is also clear that the economic stability of the country is threatened by the monopolies retained by the government in different sectors of the economy such as banking.
There is, therefore, a need for reduction of state intervention for there to be a sustained growth in the country. All in all, the progress is so far admirable although steps have to be taken to avoid negative effects but rather add on to the positive effects, both to China and other countries with which it is associated.
List of Tables
Table1. The annual growth rates (%) of China’s economy, 1970–2004
Source: Huang J and Rozelle, S, 2009, China’s rapid economic growth and its implications for agriculture and food security in China and the rest of the world.
Table2. Changes in structure (%) of China’s economy, 1970–2004
Source: National Statistical Bureau, China statistical yearbook, various issues; and China rural statistical yearbook, various issues.
Reference List
Aghion, P and Durlauf N.S., 2005. Handbook of economic growth , Volume 1, Part 2. London, Elsevier.
Barro, JR and Sala-i-Martin, X. 2004. Economic growth , New York, MIT Press.
Brandt, L. and Rawski, T. G. 2008. ‘China’s great economic transformation’, in L. Brandt .and T. G. Rawski (eds), China’s Great Economic Transformation, Cambridge University Press, Cambridge and New York, pp. 1–26.
Chen, B; and FENG, Y. 2000. Determinants of economic growth in China: Private Enterprise, education, and openness. China Economic Review 11, 1-15.
Garnaut, R. 2007. China: Linking Markets for Growth , London, ANU E Press Golley J and Song L. not dated. Chinese Economic Reform And Development: Achievements, Emerging Challenges And Unfinished Tasks . Web.
Holz, C A. 2008. China’s Economic Growth 1978–2025: What We Know Today About China’s Economic Growth Tomorrow, World Development Vol. 36, No. 10, pp. 1665–1691.
Huang J and Rozelle, S. 2009. China’s Rapid Economic Growth and Its Implications for Agriculture . Web.
Qian, Y 2003, How Reform Worked i QIAN, Y 2003n China, In D. Rodrik (Ed.). Search Of Prosperity: Analytic Narratives On Economic Growth . Princeton, NJ: Princeton University Press.
Lei KC and Yao S, 2009. Economic Convergence In Greater China: Mainland China, Hong Kong, Macau And Taiwan . New York, Taylor & Francis.
Lewis, W. A. 1955. The Theory of Economic Growth. London, Unwin University Books.
Morrison, W, 2006. “ China’s Economic Conditions ”. In: CRS Issue Brief for Congress . Web.
National Bureau of Statistics (NBS) 2007. China Statistical Yearbook 2007. China Statistics Press, Beijing.
Tisdell, AC and Chai H.C., 1997. China’s Economic Growth and Transition: Macroeconomic, Environmental and Social/Regional Dimensions . New York, Nova Publishers.
Valdes, B. 1999. Economic Growth: Theory, Empirics and Policy. UK, Edward Elgar Publishing.
Wang, Y and Yao, Y. 2003. Sources of China’s Economic Growth 1952–1999.
Incorporating Human Capital Accumulation. China Economic Review , volume 14, Issue 1, 2003, pages 32-52.
WOO, W. T. 1994. The Art of Reforming Centrally Planned Economies: Comparing China, Poland, and Russia. Journal of Comparative Economics , 18(3), 276–308.
Wu, Y. 2004. China’s Economic Growth: A Miracle with Chinese Characteristics. Routledge, RoutledgeCurzon.
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China Economic Growth Essay
Modern economic growth can be defined as a period with a sustained rate of growth caused by natural, environmental, political, economic, or external forces. Many countries have experienced periods of modern economic growth, but the most prominent is China. Prior to 1949, China’s economy was relatively stagnant and localized. With the formation of he People’s Republic of China, a new era of economic possibilities was created. Since 1978, China has experienced exponential modern economic growth. China is the largest country in the world in terms of population, with 1,379,302,771 people (CIA Factbook, 2017). With such a large population, China is considered one of the largest emerging economies that offer market opportunities for foreign investment . Located in eastern Asia, China is the fifth largest country in the world by size, is bordered by 14 countries, and has over 14,000 kilometers of coastline. With a majority of land being uninhabitable due to mountains, desert, and grasslands, Eastern China is heavily concentrated. Approximately 771.16 million …show more content…
In this essay, the author
- Defines modern economic growth as a sustained rate of growth caused by natural, environmental, political, economic, or external forces.
- Explains that china is the largest country in the world in terms of population, with 1,379,302,771 people.
- Explains that the communist party of china set the tone for future adaptations to modern economic growth. since the open door policy was implemented in 1978, china has been one of the world's fastest growing economies.
- Explains that the communist party of china is the world's largest political party, and the only ruling party in the people’s republic.
- Opines that the communist party of china must continue to open the economy globally and increase their domestic consumption.
- Explains that china has a high literacy rate of 96.4% and low unemployment rates. economic reforms have bolstered modern economic growth, but additional measures must be taken to make it sustainable.
- Explains that half of the population, 48.51%, is between the ages of 25 and 54, which demonstrates the ageing population. the one-child policy contributes to the low growth rate of 0.4%, and china's dependency ratio for retirees is estimated to be 44%.
- Opines that the aging population is a disadvantage, but if invested properly, it can be an advantage for the economy as well. regulators must continue to make changes to allow foreign entities to grow and expand their scope of business within the chinese market.
- Explains that china is a member of the world trade organization (wto), and has gradually decreased tariffs from 2002 to 2010 as per the agreed upon reductions
- Explains that communication and media systems face interference by the government, due to the communist parties overarching control, and china's technology will also improve.
- Argues that an increase in technology will prove beneficial as urbanization continues throughout china. the majority of land in china is uninhabitable due to the himalayas, gobi desert, and dry grasslands.
- Opines that china's economic growth has slowed due to government restrictions, the aging population, and a closed off economy.
In 1978, the party went through an economic reform. Since the Open Door Policy was implemented in 1978, China has been one of the world’s fastest growing economies, and is now the world’s second largest economy, manufacturer, merchandise trader, and foreign exchange services holder (Congressional Research Service, 2017). According to the CIA World Factbook in 2016, the GDP in purchasing power was $21.29 trillion and the official exchange rate was $11.22 trillion. Due to China’s exchange rate being determined by fiat, the GDP at purchasing power is the best representation of actual output. The value of fiat money is determined through the relationship between supply and demand, rather than the value of materials (Investopedia,
- explanatory
- argumentative
- comparative
- Explains that they found the article "foreign direct investment: companies rush in with the cash" on the financial times website. china's economy is the fourth largest in the world when measured by nominal gdp.
- Explains that china has grown at nearly 10 percent a year over the past 20 years. china is the second largest foreign direct investment recipient country in the world and the largest recipient among developing countries.
- Explains china's economic output for 2006 was $2.68 trillion usd and its per capita gdp was approximately us $2,000. china is the most populous country in the world with 1.298 billion people.
- Explains that foreign direct investment inflows have been concentrated in china's coastal provinces, while the central and western regions have attracted only marginal share of the national foreign.
- Opines that foreign direct investment has played an important role in the chinese economic reforms. the chinese government needs to promote domestic demand especially consumption in order to reduce china reliance on investment and export.
- Analyzes the writing style of the article "foreign direct investment: companies rush in with the cash" by joe studwell.
- Explains that the people's republic of china has the largest population in the world. the government implemented the "one couple, one child" policy in 1979 to help control the population.
- Explains that china's "new deal" or most recent stimulus package is going into the countryside, where two-thirds of the nation’s 1.3 billion people live.
- Explains that china has invested 8.5% of its gdp in infrastructure since 1992, which is far greater than any other country.
- Explains that china is one of the most populous countries in the world with over 1.35 billion people and a wide array of natural resources.
- Explains that china has many diverse ethnicities within their race. the largest ethnic group is the han chinese, which constitutes 91.5 percent of the population.
- Explains that china is an east asian country roughly the size of the united states of america that boasts a history of great achievements.
- Explains that china has a diverse landscape, including the himalayas, tibet, and the gobi desert. the yangtze river is china's longest river and principal navigable waterway.
- Explains that the last dynasty of china was established in 1644, when the manchus overthrew the national ming and implemented the qing. after the 19th century, china became a republic with early leaders including general yuan shikai and sun yat-sen.
- Explains that china has become decisively committed to economic reform and opening to the western world. china boasts the world's fourth largest economy and an average economic growth rate of 9.5 percent over 26 years
- Explains that agriculture constitutes 10.9 percent of the economic sector in china.
- Explains that china boasts the 7th largest industrial production growth rate in the world at 8.1 percent. major exports include electrical and other machinery, apparel, textiles, iron, and steel.
- Analyzes how china's economy has grown over the last decade. the united states and china established the joint commission on commerce and trade (jcct) as a communication line to discuss trade issues.
- Explains that china is classified as a communist state, according to the cia. the legislature is the unicameral national people's congress, seating nearly 3,000 people.
- Explains that china ranks at the top of the world in terms of population with over 1.3 billion people claiming china as their homeland.
- Opines that although there are no major disputes between ethnicities, one problem china has is human trafficking. men, women, and children who are trafficked are subject to sexual exploitation and forced labor.
- Explains that china's military consists of 375,009,345 males and 354,314,328 females ages 16 to 49. china is a leader in arms exporting and supplies military equipment to sudan.
- Opines that china's relations with russia are even more important than those with the us. putin and jintao have established a deal to put an oil pipeline from siberia to daqing.
- Explains that china has a prominent role in the united nations. since october 24, 1945, the republic of china, now known as taiwan, has tried to join the un. the un in china mission statement includes goals such as: sustainable and rights based developments to empower chinese citizens.
- Explains that china has only used a veto six times since its admission to the security council. beijing uses the power of abstention to not take one side or the other, but to still have voice in matters.
- Explains that china has a very interesting background—from history to politics and military to economic issues.
- Cites the permanent mission of the people's republic of china to the un.
- Describes china's economy, including expedited visas, visa applications, rush passports. china gdp grows by 8.7 percent in 2009, according to cnn.
- Explains that china military online english edition1 is available at http://eng.chinamil.com.cn/news-channels/china-military-news/2010-02/04/content_4131603.
- Explains china's voting behavior in the u.n. security council.
- Describes the human development report 2009 - country fact sheets for china.
- Explains that china's economy is growing at over nine percent, ranking seventh in the world.
- Opines that a world power can be felt by practically every nation of the globe involved.
- Opines that in order to complete this major task china will enlist the aid of major countries.
- Describes the conditions that must be met by china before the nation can become a gatt member.
- Explains that one should graph the supply of chinese goods and services and demand for chinese products by other countries. the supply curve shifts to the right because of improved quality standards and higher production capabilities.
- Explains that with inflation the amount of saving decreases as they are bound to spend more in order to fulfill their basic requirement. a person can invest more only if he/she has sufficient funds left after their expenditure and has very strong savings.
- Explains that exchange rates are the value of money of a country prevailing in other countries. high inflation affects trades (import and export), transaction across border, and money value.
- Explains that if inflation is high, the unemployment rate is low. the growth of a nation is also dependent on the rate of employment.
- Explains that when inflation is high, the value of money goes down leading to the reduction of purchasing power. increase in inflation also causes rates to increase, so the cost of the good changes and people will have to use more money.
- Explains that stocks represent the equity stakes of the owners. inflation leads to changes in monetary as well as fiscal policy.
- Explains that inflation is the rate at which the price of goods and services rises and thus leads to falling in purchasing power.
- Explains that gdp is the most fundamental indicator of a country's economic health. the main components of gdp are consumption, investment, government spending and net exports.
- Explains that growth indicates rise in living standards, providing more employment, and increasing more money in the market, which in turn hampers economic growth.
- Opines that the balance between growth and economy must exist. low inflation rates help in growth but an increase in rates causes harm to long-term growth rates.
- Opines that china's economic juggernaut could run off the rails and remain relative to the now rich countries in a state of disrepair.
- Analyzes the prospects of a sustained future growth for china and its economy based on the diamond framework whereby the enterprise system is analyze and decomposed on 4 aspects.
- Explains that key policy challenges for sustainable and balanced growth include facilitating the allocation of resources to the most productive sectors, broadening the access to quality education and enhancing competition through further product market liberalisation.
- Analyzes how china was a centrally planned economy under the leadership of mao zedong.
- Explains that china's growth is attributed to two main factors: rapid growth of productivity through an efficient economy and greater output in relation to the resources available.
- Opines that china's economic growth has been based on exports, which were hurt by the recession in the u.s. and the ongoing eurozone crisis.
- Argues that china's legal and political infrastructure should be trusted by the chinese population and foreign investors. the country needs a coalition of leadership to have an organized urbanization and economic development.
- Argues that china's financial system is complex and difficult to navigate. the five largest chinese banks are majority-owned by the central government and there are significant government stakes in many other banks.
- Explains that china's transition from a planned economy to market-oriented economy has been supported by its government investments but also by the industrial base.
- Argues that the country has a different attitude towards leadership and management, which contradicts the economic development that china had experienced in the past decade.
- Explains that asia's population will grow by 1.35 billion between 1995 and 2025, while china is estimated to be around 1.24 billion.
- Analyzes how china's aging population is eroding amidst rapid social transformations touched off by market-driven reforms. most senior citizens prefer self-care as opposed to home care.
- Opines that human resource is the key to socio-economic development, but western china is being bogged down by a fast-growing population, an incompetent work force and an irrational population structure.
- Opines that china's per capita share of natural resources is far less than the world average, and that a negative growth strategy must be adopted to release the pressure of population growth on resources and environment.
- Opines that labor-intensive industries might be a solution for surplus laborers, but only the negative growth strategy can ease the pressure of population growth on employment after the mid-21st century.
- Explains that single children are the sun in the family, and the parents and grandparents simply the planets orbiting around them.
- Opines that china's policy of one child per family is causing a nation of overindulged children.
- Explains that if the chinese government's goal of containing the population within the 1.2 billion mark is to be achieved, the annual population increase must be maintained at under 1 percent until the year 2000.
- Explains that the chinese government has been forced to take increasingly unpopular measures to ensure the widespread practice of its one-child-per-couple policy.
- Explains that family planning has been promoted only since 1971, after the nation's population jumped by 122 million in the early years of the cultural revolution. under the 1980 marriage law, all couples are required to practice some form of contraception.
- Explains that the national policy called on urban dwellers and government employees to have only one child. this was enforced with special privileges and bonuses for single-child families and sanctions against couples who overstep the limit.
- Explains that the "job responsibility system," which raises opportunities for sideline, privately owned industries in rural areas, strengthens the traditional preference for large families and sons.
- Explains that china is now able to challenge the america's decades-long dominant position in economic area.
- Explains that nixon declared the open trade between america and china, a country that has been isolated from the west since 1949.
- Explains how nixon's hard work paid off when he warmed up the relationship between china and america by sending a team of ping-pong players to china to play.
- Explains that the opening trade between the us and china changed the world's economic pattern.
- Compares china's gdp as percent of world economy to that of the us. the us economy was three times the size of china, but by the end of 2013, it was only twice as large.
- Explains that america didn't want to see china's economic rise, but was confident that they could control the growth of the chinese economy by controlling the yuan currency.
- Explains that every country's currency needs a fixed amount of monetary aggregates; too much will cause inflation, while very little would cause deflation.
- Explains that if china sells its 1.6 trillion american securities, a new great depression would take place all over the world.
- Analyzes how the us-china relationship developed from two strangers to twin brothers. the us tried so hard to keep the younger brother vulnerable, but he could not stop him from catching up.
- Explains rawski, thomas g., "the rise of china's economy." foreign policy research institute.
- Explains that china overtakes japan as world's second-biggest economy.
- Explains that asia has always had a problem with counterfeiting to provide the asian market with fake alcohol, cigarettes, cloth, books, etc. china is seeing copyright infringements in optical disk piracies and internet piracy.
- Explains that optical disk piracy is affecting the music industry, the movie industry and the software industry.
- Explains the rampant internet piracy in china, citing the motion picture association (mpa) and the 58 million internet users.
- Analyzes how the chinese government created copyright laws in order to have good trade relationships, but the reason for their creation is questionable.
- Explains that the copyright law of china, last changed in 2001, is complete in addressing what counts as intellectual property that would be protected under that law.
- Opines that the copyright law protects intellectual property rights for both chinese and foreigners, which is welcomed by all the other countries in the wto.
- Explains that they copied down the process of making ethical decisions developed by santa clara university's markkula center for applied ethic.
- Explains the utilitarian and fairness approaches to piracy. the copyright industries can profit from the distribution of optical disk products and make people in china buy genuine products.
- Opines that the problem of piracy in china is complicated because the chinese copyright law adequately protects and punishes violators ethically.
- Opines that chinese copyright protection has storied history, strong future, http://sourcetrix.com/docs/whitepaper-china_intellectual_property.pdf
- Explains that china is the most populated country in the world and has a huge piracy problem, which affects china's global relations and economic improvements.
- Explains that chinese copyright violators exploited the market demand versus supply gap with pirated console games. the seized gba cartridges amount to 1 million.
- Explains that copyright was an issue for china even in ancient times. china has a communist type government frowned upon by many democratic countries after the creation of the chinese communist party.
- Explains that they will attempt to address the piracy issue in china to arrive at an approach or decision that is ethical under china's laws.
- Argues that piracy in china hurts the earnings of people by letting people access their works without payment royalties to s or creators.
- Compares the different vacation destinations in the world and the differences of each country attributes. china is the second-largest country by land area, while the united states is one of the most world ethical diverse and multicultural nations.
- Explains that the history of china and the united states is well known of life events including its economy. the qin dynasty was the first war of the china.
- Explains china's economy is one of the fastest growing major economies in the world. it is also known for its nuclear weapons, top largest armies, and standing with second defense budget.
- Explains that the chinese government is communist and socialist, authorial and corporatist, while the united states politics is the oldest and still surviving until today.
- Concludes that the deference between both countries is way far different on how it started and how event ended up. the chinese dynasties took place a long time and still the chinese belief on its rights.
Related Topics
- People's Republic of China
- Gross domestic product
- Macroeconomics
China’s Economic Growth and Development
Introduction.
According to Noble price winner economist, Kenneth Arrow, the People’s Republic of China (stated as China from now on) was among the first to have been nominated as the best-managed economies today (Lee). In recent years, the growth pattern of China has been extensive. The Chinese economy has outgrown its closed economic cocoon and evolved as one of the most open to trade countries in the world. It has emerged in the capacity of the world’s third-largest trading nation. In 2006, the country had an FDI to GDP growth of 33 percent, which was three times higher than that of the USA and 13 times higher than Japan (Zedillo). The country has a huge reserve of foreign exchange, which has made China a major international investor (Rossi and Burghart). The economy has grown at a rate of 9 percent in 2009 when most the developing countries are undergoing an economic recession (Economist).
Globalization has undoubtedly helped china to become more powerful as economies, however; there are many economic paradoxes in the country that cannot be overlooked. China is the world’s most populous with a population of 1.3 billion people in 2009 (CIA). Due to the contraception policies that the government follows, the population growth is down to 0.65 percent in 2009. Other than this, there are extensive issues related to poverty, inequality, and other socio-economic factors. Presently there are certain problems that the Chinese government is facing. To name a few of them are real estate prices, excessive liquidity in the market, and inequality of income, poverty, and extremist problems on the western borders of the country.
This paper is a case study of the socio-economic factors of China. The paper will demonstrate the factors, which have made the country, ride a growth rollercoaster and the factors, which are still becoming impediments to that growth. The paper will first present a brief historical background of china and then describe the economic condition of the country. Then it will discuss the various indicators that are indicative of the growth status of the country. The paper will then discuss the problems that the country faces currently before concluding.
Economic Growth in China
China’s economic growth process can be divided into two distinct periods – the pre-reform era (before 1978) and the post-reform era (after 1979). The Chinese economy before 1978 was considered to be “on the brink of disaster” due to imbalances and issues related to low productivity growth and bad incentives (Zhang). The main imbalances observable in the Chinese economy then were capital construction and neglect of small industries and agriculture. Further, there was gross neglect of people’s livelihood, on distribution even when there was stress on distribution and efficiency of consumption. These imbalances led to high urban unemployment, rural poverty, and a sluggish growth rate of productivity.
In 1978, the government of China came out in one pursuit of a major economic reform after leaving state control of all major productive assets. In order to bring forth an economic giant, china encouraged the formation of rural enterprises and privately run businesses. It subsequently liberalized foreign trade and investment in the country, relaxed state control on certain products and their prices, and invested heavily in industrial infrastructure development, advancement, and education of its workforce. This comprehensive plan for growth worked miraculously for China (Hu and Khan).
Zang presented a comparison of the gross national product (GNP) growth rate and that of the population in the 1980s and 1990s and those of earlier periods. He found that there was a substantially high growth rate after the reform period. Before 1978, China had an annual growth rate of just 6 percent (which was inconsistent) (Zhang). After 1978, China posted an average real growth of more than 9 percent a year, which was more or less consistent with a high growth rate being 13 percent. The per capita income has almost quadrupled in the last few decades, and it is forecasted that the Chinese economy will be double the size of the US in the next 20 years (Hu and Khan).
In an IMF report, the reasons for China’s growth have been evaluated. The report suggests that some important and usual factors such as capital accumulation – the growth in the country’s capital stock like new plants, manufacturing units, and machinery, communication systems, etc. – played an important role. However, the driving force of the development was the Chinese workers or the plethora of human resources it had due to a very large population. Thus, the main driving force behind the Chinese growth was an increase in workforce efficiency. During 1979-94 “productivity gains accounted for more than 42 percent of China’s growth and before the 1990s”, it has overhauled capital as the most important source of growth (Hu and Khan 2). Therefore, this takes a departure from the traditional view of development wherein it is believed that capital investment becomes the driver of economic growth.
The other factor that has been said to be the influencer of Chinese growth is foreign trade and investment. Zang studied the growth index of the gross value of imports and exports compared to the 1979 level (1979=100) and the degree of openness of the economy. He found that the degree of openness of the economy (calculated as the ratio of trade to GDP) in china has been strikingly rising from 11 percent in 1978 to 18 percent in 1985 to 25 percent in 1990 to 40 percent in 1995 (Zhang). Further, China also has a huge foreign reserve, which was $90 billion in 2002. China has also implemented extensive exchange rate system reforms in 1994. Further, China has been an attractive destination for foreign direct investment (FDI) ranking second after the US.
Now the question that arises is if the economic growth faced by China has been transformed into development for the country. What is the present situation in China? How the development of China can be traced? The next section will analyze the data derived from the National Bureau of Statistics of China (China Statistical Yearbook 2008).
Development of China
There is no doubt that China has experienced extensive growth in terms of economic growth however if it has experienced development is a question that still persists. This section will study is China’s growth has been carried out through a round developmental project.
First, an analysis of the economic growth of the country will be carried on. Considering macroeconomic data, (see table 1 in Appendix) we see that the GDP of the country has grown tremendously since 1978. The growth of GDP in 2007 vis-a-vis 1978 was 1500 percent and that to 2006 was 112 percent (China Statistical Yearbook 2008). The average annual growth rate of GDP since 1978 to 2007 has been 9.8 percent. Thus, there has been a tremendous growth since 1978 in China.
In terms of sector wise growth, we see that the share of secondary sector in GDP was highest followed by primary sector and then by services sector. As is shown in figure 2, there has been an increasing trend of contribution of tertiary or services sector to the country’s GDP. There has been a decline in contribution from primary sector to GDP and a consistently high contribution from secondary sector. This indicates that, according to the three-sector model presented by Colin Clark and Jean Fourastié, China is in the third stage where it has reduced its resilience on primary sector production and has moved towards a more industrialised economy.
Government expenditure has been increasing (see table 2 in Appendix). Government expenditure has increased by 123 percent from 2006 to 2007. Since 1979, there has been an increase in government expenditure by 4439 percent. Government revenue as a percentage of GDP has declined from 31 percent in 1978 to 20.6 percent in 2007. Proportion of government expenditure to GDP has also declined from 30.8 percent to 20 percent. This indicates that the economy’s resilience to government financing has reduced and the economy has opened up for private investment. This is a departure from the earlier totalitarian control of the government of the economy.
The opening up of the Chinese economy has been demonstrated through a development of trade. Net import export as a percentage of GDP has increased 9.7 percent in 1978 to 29.8 percent in 1990 to 39.6 percent in 2000 and 66.8 percent in 2007 (See table 3 in Appendix).
Human Capital
Further, it can be observed that the Chinese government has financed extensively on development of the human capital of the country. That is why the level of education obtained by the Chinese has increased considerably. The rate of graduates has increased from 27 percent in 1990 to 71 percent in 2007. This is a huge leap in terms of imparting education. Further, there has been an increased expenditure allotment to research and development in the country. R&D expenditure of the country increased from 0.9 percent in 2000 to 1.49 percent in 2007.
Per Capita Income
However, in terms of development of the lives of the people, China is yet to reach the status of the developed countries. China has a per capita income of $ 5,420 as compared to East Asian average of $ 4,969 (World Bank). However the per capita of China is lesser than the European average of $11,262 or Latin American average per capita income of $ 9,678 or Middle East Asian average of $ 7,402. This indicates that in terms of per capita income, China falls behind many other developing countries in Latin America and Middle Eastern countries.
According to the key indicators published by World Bank in 2009, the industrial production index of the country has undergone a decline since 2007 when it fell from 18 percent in 2006 to 8 percent in 2007 (World Bank). The real GDP growth too fell in 2007 as there was fear of impending recession. Inflation in the country had fallen to 2.8 percent in 2006 however it started increasing in 2007 when it was 10.8 percent to 13.5 percent in 2007. This is indicative of a growing economy however the growth has become a bit sluggish due to the recession.
Poverty alleviation is one of the main problems that China has faced since pre-reform period. In 1996 19.9 percent of the population of China was below poverty line (World Bank). Further the country has a wide inequality in income with the lowest 10 percent of the population 1.8 percent of national income while the highest 20 percent have a share of 50 percent of total income and highest 10 percent has 33.1 percent of the income (World Bank). Therefore the richer population of the country has a share of 83 percent of the total income, while rest 17 percent of income goes to 70 percent of the poor people. Further the Gini Coefficient of the country is 44.7 in 2000 (Earth Trends; World Bank). This indicates that the country has not sufficiently developed in terms of developing the social life of the people. The government has implemented a few reform projects to alleviate poverty in china like the Development Oriented Poverty Alleviation Program in Rural China (2001-10) (National Bureau of Statistics). A more in depth analysis into the poverty condition in China show that there 17 percent of the population of China is living on less than $1 a day (Earth Trends). Therefore the condition of poverty in China is very high which is becoming the main roadblock to the path of development.
Foreign Direct Investment
Foreign Direct Investment (FDI) in China has been very high. Figure 3 shows that there has been an increase in the increase in FDI in China. The growth has increased from 64 percent in 2004 to 210 percent in 2005. Thereafter the increase in FDI was intact however there was a fall in the rate of growth of FDI which fell to 27 percent in 2006 and then rose to 83 percent in 2007. The reason behind such high growth rate of FDI in Chain is due to a unique FDI policy adopted by the country (Lau and Bruton). The Chinese model of economic development was heavily reliant on FDI. China welcomed FDI from foreign investors to manufacture goods to be exported as well as to be sold in the growing Chinese market. Therefore there is a correlation between the country’s high level of exports and high level of FDI. Currently almost 70 percent of the produce for export is by foreign investors and around $700 billion Chinese exports was from foreign invested companies (Lau and Bruton; FDI.net). In some industries like those related to technology foreign invested company’s share to export exceed 85 percent (Lau and Bruton). Therefore FDI plays a crucial role in development of China.
The question remains – has China developed or grown? Growth of Chinese economy is undeniable. Since 1978, the country has taken giant leaps forward towards becoming self-reliant. The country is very low on Gini coefficient and the nature of poverty in the country of still acute. Inequality of income is a major problem wherein the real benefits of the growth are being accumulated in the hands of 30 percent of the rich population, while the rest 70 percent of the population remains poor. In comparison to the western world, the country has a very low per capita income. Therefore, China – the fastest growing country of the world – needs to carefully solve its internal problem of poverty and inequality.
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“China Statistical Yearbook 2008.” 2009. National Bureau of Statistics of China. Web.
CIA. The World Factbook – China. 2009. Web.
Earth Trends. “China.” 2007. Earth Trend. Web.
Economist. “Bull in a china shop.” Economist 392(8652) 2009: 75-78.
Economist Intelligence Unit. China. Country Profile. London: Economist Intelligence Unit, 2009. Web.
Hu, Zuliu and Mohsin S. Khan. Why Is China Growing So Fast? Economic Issues. Washington, DC: International Monetary Fund, 1997.
Lau, Chung Ming and Garry D. Bruton. “FDI in China: What We Know and What We Need to Study Next.” Academy of Management Perspectives (2008): 30-44.
Lee, John. “Is China Really An ‘East Asian Success Story’?” Policy 25(2) (2009): 9-13.
National Bureau of Statistics. “Poverty Statistics in China.” 2004. National Bureau of Statistics China. Web.
Rossi, Vanessa and Nora Burghart. “China Invests Abroad.” China Business Review 2009: 16-17.
World Bank. “Distribution of income or consumption.” 2005. World Development Indicators. Web.
“East Asia & Pacific: regional data from the WDI database.” World Development Indicators. Web.
“Poverty.” 2005. World Development Indicators. Web.
Zedillo, Ernesto. “China: Rich Country, Poor Country.” Forbes 177(11) 2006: 35.
Zhang, Amei. “Economic Growth and Human Development in China.” 2002. UNDP occasional paper 28. 2009. Web.
Table 1: Macro Economic Data, Statistical Yearbook 2008
Table 2: Government Finance (100 million yuan)
Table 3: Development Indicators
Table 4: China Key Indicators
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- Gross domestic product
China: Economic Growth and China Essay
China has become one of the fastest growing economies over the past forty years. The unforeseen economic growth in Southeast and East Asia, known as the “Asian Miracle” come upon the world as a surprise, and many wrote it off as being a “fluke” (http://www.nber.org/papers/w14967.pdf?new_window=1); however, looking at rise of the Chinese economy, statistics show otherwise. When economic reform began in 1978, China’s GDP was 362.4 billion yuan, and by 2008 this number rose to a staggering 30 trillion yuan (http://www.chinability.com/GDP.htm). As a result, China has maintained an average annual economic growth of approximately 9.9% (http://bb.china-embassy.org/eng/xwdt/t976363.htm) since the late 1970s, making it the second largest economy today. The issue at hand for China is no longer how to achieve economic growth, as this goal has clearly been established in a short span of no more than 30-40 years. The problem now is how to sustain this growth and deal with its consequences (http://business.time.com/2012/07/26/chinas-economic-slowdown-why-stimulus-is-a-bad-idea/). Although the declining global economy has not had as great of a negative impact on China, China still faces a great deal of economic challenges, all of which have lead to the projected decrease in China’s growth in 2012 to 8%, making this China’s worse economic performance since 1999 (http://business.time.com/2012/07/26/chinas-economic-slowdown-why-stimulus-is-a-bad-idea/). China’s primary economic Show More
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China – Economic Development Essay
Kimberly Remijan MWH Mr. Harvey The Pros Outweigh the Cons When one thinks of a major Chinese city such as Shanghai or Beijing, images of sidewalks overcrowded with pedestrians, thousands of bicycles lined on the streets and litter spotted throughout public areas may come to mind. However, with the modernization and industrialization China has gone through, urban citizens are now more frequently using public transport, automobiles are increasingly being used more and people are hired to keep streets as clean as possible.
With a little over three decades having past since the major industrial development, China has industrialized at an astonishing rate. This is especially apparent when comparing its much higher industrializing rates to Japan, the UK and the US. With such high rates of growth, there are both negative and positive aspects that come out of such development. Although general health in China is not at its best, post 1980 industrial development has improved the average Chinese citizen’s life tremendously both personally and publically.
Through the rush of industrialization, Chinese industry and production has had a negative effect on the health of citizens because of the air pollution from coal, water pollution from factory emissions and the inhumane working conditions for some people. The production of coal, a major industry in China, emits sulfur compounds, carbon and other byproducts into the air, which increases the risks of cancer, lung and heart issues. “Sulfur dioxide produced in coal combustion poses an immediate threat to the health of China’s citizens, contribution to about 40,000 premature deaths a year” (Bradsher and Barboza).
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This not only affects the physical welfare of workers but anyone who is exposed to this tainted air. Sulfur dioxide emitted from coal combustion also contributes to acid rain, poisoning bodies of water and vegetation. “Nearly 500 million people lack access to safe drinking water” (Khan and Yardley). With people running the risk of being dehydrated, it is hard to imagine that they can have a healthy immune system and enough energy to function properly. Also, it is much more difficult to move forward in life without having clean water for hygiene and food urposes. Lastly, the horrendous working conditions for some workers in factories are destroying their health. People work where there are no regards to human safety, and live in overpopulated housing and do not have common household appliances, resulting in about 5,000 deaths annually (“Great Leap Backward”). This affects the comfort and safety of workers, resulting in physical and emotional unhappiness. However, even though it true that the health of many is at stake, there are many other effects of industrialization that citizens are benefitting from as well.
In the past few decades, citizens have been experiencing the personal benefits of higher income, a growing middle class and wider choice and availability of household appliances and comforts. Many citizens, especially those living rurally, are seeing an increase in income. “The number of rural poor people decreased from 49. 6 million to 28. 2 million in 2002” (“China Sees Improvements”). With more money to spare, many people are now able to spend on more, better quality food, hygiene, business, education for their children and other factors that create a life with more opportunities for the present and the future.
Also, the middle class has recently been growing and developing. “China’s growing middle class has made it to the second largest luxury good market in the world” (Rapoza). A growing middle class means that the general economy is improving, and there is higher demand for goods. Factories then need to be created, more jobs are available and there is more production. The lower class gets smaller and the middle and upper class grows, which benefits everyone. This then leads on to household appliances becoming more affordable and available to the population. Household appliances such as TV sets, washing machines and refrigerators became more common, and an increasing number of families acquired computers and cars” (“China Sees Improvements”). With such comforts being more widely used than in the past, people are able to live more comfortably and happily. The benefits for the common people do not stop here. On a public level, public transportation is now being frequently used and education as well as heath-care is more available and accessible to citizens.
Public transport such as buses, trains, airplanes and boats are being developed and utilized by many. “China will build or renovate 150 airports…harness water routes along major rivers…build 20 thousand kilometers of roads…and 6,000 kilometers of railways” (“China to Witness Development”). Going back a few years ago when China mostly used bicycles to get to and from places, this burst of transportation development is huge. Not only is it available to many now but the government also continues to improve such means of transport, which will make business, travel, trading and communication much easier.
It gets even better as the government focuses much of its time and money on spreading opportunities for education throughout the country. “In the nine-year compulsory education, the central government remitted 52 million students from underdeveloped western and central regions their tuition fees and extras” (“China Economic Growth”). With education being available to all social and economic classes in China, there is opportunity for a great social leap in the future. With proper schooling, young adults are able to be exposed to more job opportunities and are able to support their families and work their way out of poverty.
Similarly, there have been efforts made to increase availability and quality of common medical care throughout the nation. “As conditions of medical care continue to improve, people’s health has come to a higher level with the average life expectancy reaching 71. 8 years in 2002” (“China Sees Improvements”). With healthcare conditions getting better and people living longer, it is apparent that people’s life standards are improving. Increased life expectancy generally means that there is better hygiene, health and environment than in the past.
Through these three effects that have come out of industrialization, it is apparent that the public is affected positively in many ways. Even though the health situation with some Chinese citizens is not at its peak, post 1980 industrial development in China has colossally increased living standards of many on both a personal and public level. People have and are earning more salary, a middle class is emerging and developing and household applications are now more accessible. Additionally, public transportation is more developed and utilized and education and healthcare availability and quality is improving.
All these benefits are wonderful, but there is still the matter of people’s health being negatively affected by coal production and the conditions workers go through to produce coal and other goods in factors. Before coming up with conclusions, one must look at this issue in context. First of all, the rate at which China is industrializing is much higher than nations in the past, such as the UK taking 150 years and Japan taking 40 years to completely industrialize. With China’s growth spurt being so huge, there are bound to be some consequences in order to achieve all the other benefits stated previously.
Additionally, while still comparing China to past industrial development periods, the UK used to also have bad working conditions in the cities with factories emitting outrageous amounts of pollution. With some time and effort, these conditions improved and more ecofriendly factories and machinery was used. The same goes for Japan and the US. The odds point to China doing the same as well because of the following reasons. With increased education and income, citizens young and old are becoming more aware of their environmental and health situation.
Also, with all the efforts the government is putting into healthcare for its people, it is apparent that their wellbeing is being put into consideration. Hopefully this will lead to actions for the long term by eliminating inhumane working conditions and harm to the environment. If China continually seeks the example of other leading countries and keeps in pace with their efforts for the environment, one can see that the benefits of post 1980 industrialization will continue to and grow in outweighing the negatives of the harmful conditions and factories.
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China’s Economic Growth and Manufacturing
Introduction, article summary: china’s growth and the manufacturing sector, managers’ decisions regarding manufacturing, works cited.
The Chinese economy has been linked directly to the performance of its manufacturing industry for quite long. The connection between the economic growth of the state and its manufacturing sector is quite obvious; as the latter has been the source of employment options for most denizens of the Chinese population for quite a while (Worstall par. 2). Therefore, the recent news regarding the rapid switch from the manufacturing field to a different source of growth can be deemed as fairly surprising. Because of the loss of the connection between the economic success and the development of the manufacturing industry, the companies operating in the latter will have to consider outsourcing to improve their performance and, therefore, be competitive in the global economy.
A recent analysis has shown that the enhanced economic growth, which China is currently experiencing, coexists with a drop in the manufacturing entrepreneurships’ performance (Worstall par. 5). Indeed, the manufacturing sector, which used to power the entire country, has shrunk significantly. The specified phenomenon can be attributed to the fact that China’s economy is being run “on a stable track boosted by new growth drivers” (Worstall par. 7), as economists claim.
It would be wrong to claim that the specified phenomenon should be viewed as unprecedented in the history of economy evolution, in general, as the switch in the source of economic development from one industry to another can hardly be viewed as something unexplainable. However, the change under analysis remains unique for China, as studies show that it has been relying on its manufacturing sector for quite a while: “Economic reforms in China began in 1978 when the Chinese concentrated more on the manufacturing sector compared to the agricultural sector” (Hussin and Yik 39). Therefore, it is the discovery of another source of economic success that makes the situation in China so unusual.
According to Worstall, Chinas’ companies have been experiencing a palpable slackening in the expansion process, which sets the economic growth of the state at a comparatively slow pace (Worstall par. 6). However, the fact that the country has found a new source of its economic progress can hardly be doubted, as cash injections into the state’s largest banks have stimulated the economic progress significantly. It is expected that China will witness not merely an inconsistently rapid increase in economic success rates but also set its economic progress at steady growth.
Based on the information provided in the article discussed above, it will be reasonable to suggest that manufacturers in China should seek assistance from foreign organizations, which are willing to invest in their business development. Indeed, the domestic economy of China does seem to provide the assistance that these firms will require to improve their performance and attain stability in the Chinese market. Specifically, the issue of sustainability of the organizations in question will have to be addressed (Worstall par. 7).
It could be argued that, with the recent stir in the news regarding the decay of the Chinese manufacturing industry, very few companies will be willing to invest in the organizations providing services in the designated domain. Therefore, additional tools for improving the overall quality of the products and the performance of the firms have to be introduced. For instance, using outsourcing, Chinese entrepreneurships will be able to deliver more impressive results by improving the overall expertise level in organizations.
As the article by Worstall has shown, the Chinese economy is no longer dependent on its manufacturing industry. On the one hand, the above-mentioned change in the design of the Chinese economy can be viewed as a major foot forward in the state’s progress; on the other hand, the lack of opportunities for the owners of Chinese manufacturing organizations may trigger a rapid demise thereof and, thus, lead to another drop in the economic growth rates. Therefore, additional tools for improving the performance of Chinese manufacturing organizations aimed at improving the quality of the products will have to be considered.
Hussin, Fauzi, and Soo Yoke Yik. “The Contribution of Economic Sectors to Economic Growth: The Cases of China and India.” Research in Applied Economics
4.4 (2012): 38–53. Print.
Worstall, Tim. “Chinese Official Economists: China Should Grow At 6-7% For Some Years.” Forbes. 2015. Forbes . Web.
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Essay on China's Economic Slowdown: Tighter Financial Regulations & Trade Wars
Introduction.
For the remaining part of 2019 and into 2020, the growth outlook of China is expected to further weaken as a result of challenges, which include the tighter financial regulations and the current ongoing trade wars with the United States. Next year, the Chinese GDP growth will restrain from the 2019 forecast of 6.1% to 5.8% (Morrison, 2013). To reinforcement the economy, there is a need for an intensified policy. There is likeliness that he current financial policies will continue focusing on the tax cut and infrastructure spending, whereas there is a warrant of further monetary policy easing via a combination of interest rates reductions and the reserve requirement ratio in the face of falling producer prices and benign core inflation.
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Decelerating Growth but Rising Incomes
The Chinese government is most likely to experience more rapid growth if it would ignore its commitment to the eradication of poverty, sustainability, and higher living standards, but this would be at the cost of the livelihood of the people, the environment, and their living standards. Too much deceleration cannot be accepted by policymakers either. The efforts to double the standards of living as measured by GDP per capita, with equality in purchasing power between 2010 and 2020, need about 6.1% growth in 2019-2020.
The Great Rebalance
The Chinese government is striving to improve the private sector in a short work of spending more on high-quality research. The importance of this is that I would help in transitioning up low-tech and cheap export-oriented companies. The government is also restricting the country's research and development projects that are managed by foreign countries. Through this, China will grow into an innovative, highly skilled, and efficient economic powerhouse (Pham, 2018). However, China will not just stop at innovation enhancement, and their ultimate goal is to concentrate on experimental development through the support of experimental research.
Implementation of both Monetary and Fiscal Measures
According to Johanna Chua, who is the head of Asia economics and market analysis, he believes that in the short term, there is a reason for China to be optimistic due to all its easing policies that have started to have some impacts (Lee, 2019). The country is, therefore, expecting stabilization and rebound in the next few months. Chinese authorities have implemented both fiscal and monetary measures like reducing the amount of reserves held by banks and tax cuts to support the slowing economy. However, due to the changes in productivity potential and demographics, economic growth will slow down.
The economy of China depends on various factors, both internal and external. The internal factors include the policymakers' decisions, such as the implementation of monetary and fiscal measures to improve the investment index of the people. Innovation is also a significant contributor to the county's economic growth, and China has put in place measures to enhance advancement in its innovation through the improvement of experimental development. External factors can also not be ignored, and one such significant factors are the trade war between China and the U.S that has continued to have negative impacts on Chinese exports.
There are several indicators to prove this, and among them include the decelerating growth and increasing incomes, which would imply an improved living standard among the Chinese people. Another one is the great rebalance whereby the private sector is developed to subsidy the government sector. Lastly is the implementation of both monetary and fiscal measures, which are expected to result in stabilization in the Chinese economy. Therefore, it is clear that China is forecasted to have positive economic growth in the near term.
Lee Y. N. (2019). IMF raises its 2019 growth forecast for China. China Economy. CNBC. https://www.cnbc.com/2019/04/10/imf-raises-growth-forecast-for-china-on-policy-support-trade-outlook.html
Morrison, W. M. (2013). China's economic rise: history, trends, challenges, and implications for the United States (pp. 20-22). Washington, DC: Congressional Research Service. https://www.everycrsreport.com/files/20150911_RL33534_7d506d97ac04bd17c079bd8791c8dfee1da3eb65.pdf
Pham P. (2018). What Will China's Future Look Like? Forbes. https://www.forbes.com/sites/peterpham/2018/03/07/what-will-chinas-future-look-like/#30c84ffa7488
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Economic News
China Sets Lowest Economic Growth Target in Three Decades
Forecast erodes optimism after ending pandemic restrictions
Lintao Zhang / Getty Images
Key Takeaways
- Growth target set lower than last year despite recent economic reopening.
- Property market, jobless rate, local government financing remain troublesome.
- Global economy may receive less help than expected from China—but also less inflationary pressure.
For the second straight year, China set its lowest annual economic growth target since 1991, with a 5% growth forecast that dimmed optimism for a rebound from the nation's second-weakest yearly growth in almost half a century.
Premier Li Keqiang announced the target at the beginning of China's annual legislative session, three months after the government began lifting stifling COVID-19 restrictions.
With those curbs in place, China's economy grew just 3% last year. Aside from 2020, when the country abandoned a growth target altogether during the height of the pandemic, the country had not produced growth that low since 1976, the last time its economy contracted.
Last year's growth also fell far short of the country's 5.5% target set at the 2022 legislative session. As pandemic restrictions abated, analysts and investors had surmised this year's target might increase.
'A New Era'
Instead, Li told the session on Sunday that "it is essential to prioritize economic stability" this year—another signal that growth no longer remains China's priority.
"It is a complete shift," Joerg Wuttke, president of the European Chamber of Commerce in China and a 32-year resident of the country, said late last year. "We just have to realize that the old notion of putting a premium on the economy—these days are gone. The agenda is self-reliance. We've entered a new era."
Even if China meets its 2023 target, it would mark the country's third-lowest year of growth—all in the past four years—since 1990, when the country's gross domestic product rose 3.9% on a real basis. China's economy has expanded every year since 1976, when GDP contracted 1.6%.
Mixed Economic Signals
Li set the target even after China's manufacturing, service, and construction sectors all rebounded substantially in the first two months of the year.
However, China's property market remains in a slump, and demand for Chinese exports has fallen, with analysts expecting low-single-digit growth on a percentage basis this year.
CCB International, a Chinese investment bank, said the "cautious" target likely reflects concern about the elevated jobless rate and problems with financing local governments struggling with the lingering effects of pandemic shutdowns.
China's unemployment rate is hovering near 5%, though many economists say official government figures underestimate the actual figure.
Global Economic Impact
The less-than-ambitious growth target suggests China's economy will provide more modest help than many expected for a global economy facing the prospect of recession—particularly as developed world central banks steadfastly persist with interest rate hikes to fight inflation.
At the same time, weaker growth from the world's second-largest economy may limit the global inflationary pressures that have necessitated those rate increases.
The target essentially matches the consensus projection for 5.1% growth of economists surveyed last month by Bloomberg. The Shanghai Stock Exchange Composite Index, up 7.7% this year and 15% in the past four months, fell 0.2% on Monday.
The Guardian. " China sets lowest economic growth target in decades at annual meeting "
The Wall Street Journal. " China's Economic Growth Fell to Near-Historic Lows as Covid Took a Bite "
The Washington Post. " Economic ties with China take a backseat to national security "
Macrotrends.net " China Economic Growth 1960-2023 "
The Wall Street Journal. " China Sets Conservative Growth Target as Challenges Loom "
South China Morning Post. " China's exports in 2023 weighed down by 'very weak' outlook, analysts say "
Real Money. " China Sets Tame Growth Target for 2023 "
Bloomberg. " China's True Unemployment Pain Masked by Official Data "
TradingEconomics. " China Shanghai Composite Stock Market Index "
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Economic Growth and Environment in China
A foreign businessman inside an office building in Hong Kong was gazing out of the window. The smog was so dense that he couldn’t see the other building. China’s major cities, which have seen rapid economic growth, are witnessing rising pollution, sandstorms, and desertification.
Beginning in the late 1970s, China’s communist regime began changing its policies from a Soviet-style centralized economy to a more free-market-oriented economy. The reforms led to the privatization of agriculture, increased foreign investment, and the emergence of private enterprises. While China has witnessed tremendous economic growth, rising industrialization and development have come at a cost to the environment. The Chinese government has failed to implement effective legislation and regulations to prevent environmental degradation. The government has failed to achieve a balance between development needs and environmental issues (Edmonds, 2005).
Rapid economic development has led to a reduction in the land that can be cultivated. According to current studies, China has lost more than 44.1 million hectares of land since the 1980s. Many jungles, fisheries, and ponds have been destroyed. The majority of China’s forests and jungles are suffering from deforestation and destruction. Desertification and salinization are other major problems affecting arable land. Large areas of the Yangtze River have lost their volume. Environmental problems which have affected China’s arable land have led to a scarcity of water and diminished agricultural production capacity. Serious concerns have been raised about China’s ability to feed its rising population. Soil erosion, desertification, water scarcity, deforestation are some of the major environmental problems faced by China (Edmonds, 2005).
China’s rising industrial capacity has led to pollution, which threatens the environment. Industrial waste products make up a large portion of pollution in China. Waste products have been released into the environment without proper processing methods. Textile, mining, food, paper, oil industries are the leading producers of waste products that have been dumped into the Huang River. The lack of enforcement of environmental regulation laws had led to the spread of pollution by the industrial sector. China’s industries also lack the modern technology to process industrial waste products.
China has ample resources of oil and coal. However, it consumes more energy than it produces. A thriving economy has also fed the need for energy resources. This has led to the degradation of the environment. Coal is the main source of energy for China. The demand for crude oil and electricity has increased with the rise in industries. China consumes about 9 percent of the world’s oil supply. It is increasingly dependent upon foreign producers for oil and energy supply (Edmonds, 2005).
Water is life for China’s huge population, which is approximately one-quarter of the world’s total population. Rapid economic growth has led to an increase in water pollution. The dumping of waste products by industries in China’s water supplies has significantly reduced their volumes. Water is also not utilized properly. China’s Yangtze River has become the world’s largest natural sewer. An estimated twenty billion tons of waste products are released into the river annually. Severe flooding has further led to losses and degradation of the environment. China’s urban population does not have access to safe water. The water is highly contaminated in urban areas. A majority of China’s cities suffer from water problems (Edmonds, 2005).
China is constructing the largest hydroelectric dam on the Yangtze River. This project is known as the “Three Gorges Dam.” The dam, once completed, is expected to carry many benefits. China’s dependence on coal would be reduced, and electricity would be produced in abundance (Morton, 2005).
However, the project has its critics also. The World Bank did not finance the project despite a record of having financed dams in developing countries. Critics say that the dam will have a negative impact on China’s environment and habitat. Large species of animals could become extinct or endangered. Deforestation, increase in the volume of flooding, slow flow of water, and weakening of self-cleaning process would be affected.
China’s air is severely polluted. Carbon Dioxide, methane, nitrous oxide, and chlorofluorocarbon are the major causes of pollution. Air pollution has caused many illnesses. Respiratory, skin, eye, and heart problems are caused by air pollution. China’s food supply has also been severely affected. Air pollution has caused a decline in China’s agriculture production. It is forecasted that air pollution will continue to increase in China due to its great consumption of coal.
China’s massive population has found many new opportunities to increase their standard of living by working for foreign enterprises and opening their own industries. However, this has also produced a negative impact on the population. Most village industries are major generators of pollution. An increase in the living standards of China’s population has fueled a demand for quality food, water, electricity, vehicles, electrical appliances, and air conditioners. This adversely affects the environment. More demand for consumer products fuels an increasing demand for new factories producing those goods. This, in turn, leads to more pollution. The use of fertilizers in agriculture further adds to environmental degradation (Morton, 2005).
China has witnessed tremendous growth in the industry, agriculture, and energy sectors. A huge creation of rural factories has also led to environmental degradation of lakes, forests, ecosystems, ponds, forests, jungles, and coastal areas. The government has focused on economic development at the expense of the environment (Morton, 2005).
China’s government has opened up its markets and given autonomy at the provincial and district levels to promote economic growth. Therefore the result has been zeal in striving for economic development. This has led to adverse conditions for the environment.
Rural populations have been displaced to make way for economic development projects. The number of hectares of cultivable land has been reduced. Industries have proliferated in the villages. These industries have been dumping waste products into the environment. Air pollution has caused extensive illnesses amongst China’s population.
China cannot prevent environmental degradation by emphasizing economic development. Advances in science and technology could benefit China in pursuing sustainable development policies. But so far, it has refused to sign international treaties and agreements that strive to reduce green gas emissions, pollution and pursue sustainable economic development. Chinese government officials have countered that removing poverty and pursuing economic development are more important concerns for the government. China continues to focus on heavy industries, which are the major sources of pollution and environmental destruction. China has more than 100,000 enterprises that are involved in protecting the environment. Foreign companies can help promote environmentally friendly policies in China (Morton, 2005).
China has many laws regulating environmental protection, but the courts are unable to enforce them due to vested interests. China’s government slowly realizes the need for regulation that protects the environment. The Chinese government has in recent years invested heavily in protecting the environment. In the recent five-year plan, the government announced that it would invest 500 billion yuan for the treatment of industrial waste products, minimizing pollution, and pursuing environment-friendly policies. The government has also launched a public campaign to educate its citizens about protecting the environment. An official forum has also been created for discussing environmental issues. Despite extensive efforts to protect the environment, the Chinese government remains committed to economic development. Environment and economic issues are tackled by higher Chinese officials where the economy is given preference over the former (Morton, 2005).
The 1970s and 1980s saw the rise of organizations that were dedicated to protecting the environment. The Chinese government has created organizations at the provincial, district, and village levels to address environmental issues. These agencies have developed guidelines, policies, and procedures for the environment.
NGOs have also proliferated, which have launched their own campaigns to educate the people living in rural areas about the environment. They have organized activities like recycling and cleaning up waste. Universities and colleges have seen student groups advocating environmental protection. However, many of these organizations cannot operate freely due to the authoritarian political structure of China. China’s heavily regulated media does not allow unlimited freedom of expression. Therefore many of these organizations face tough pressure in addressing environmental issues (Cannon, 2005).
China’s environmental organizations suffer from their inability to coordinate their activities with other agencies. They also have been unable to enforce environment-friendly policies due to government support for economic development. The local Chinese government is pressured by the State government to pursue economic development projects at the expense of the environment. The lack of financial resources has also hampered the ability of organizations to carry out their work sufficiently. Other serious shortcomings are lack of trained staff and low fines against the pollution, which do not help in covering the financial costs (Cannon, 2005).
China’s National Environmental Protection Agency is the supreme organization that is tasked with coordinating and standardizing environment-friendly policies and organizations. However, this is only on paper. Other environment organizations have pursued their own independent policies related to the environment. Further local agencies are influenced by officials who favor economic development over the environment. Local officials own many industries, which makes it difficult to enforce environmentally friendly policies.
The Academy for Green Culture, now known as Friends of Nature, was the first Chinese environment NGO. It was created in 1994. Other significant environmental NGOs include the Global Village of Beijing and Green Home. Currently, there are 4000 environmental NGOs in China. These NGOs have launched campaigns like tree planting and recycling. They have also been active in protecting species (Cannon, 2005).
China’s environment NGOs face many problems due to bureaucracy and red tape. The process of registration is still slow and cumbersome. Under Chinese law, an NGO can be registered only if a government department sponsors it. They also face financial difficulties because of lacking funding. There has been limited support from the government in funding these NGOs. These organizations raise funds either by donations or by organizing their own fundraising campaigns. These NGOs are unable to enforce environmentally friendly policies. The powerful industries are backed by local officials and enjoy vast support from the central government. China’s environment NGOs are studying Western organizations about their influence and professionalism. Western NGOs have been able to focus on specific activities rather than attempting to tackle everything. They also have been able to influence their governments about pursuing environment-friendly policies (Cannon, 2005).
China’s environment NGOs have been seeking to educate the people and raise awareness amongst them. They have also been actively seeking the support of the Chinese government in enforcing environmental regulation laws. The NGOs have been instrumental in monitoring the environment and raising awareness amongst the people about the environment (Cannon, 2005).
Despite being a tightly controlled authoritarian society, the Chinese government has allowed NGOs and media to raise concerns about the environment. The Chinese government has actively encouraged grassroots environmental organizations that can educate the masses about the environment. However, these organizations are tightly monitored to prevent any political dissent from using these organizations as platforms for political change. Chinese environmental NGOs refrain from talking about political issues and instead focus on activities like protecting endangered species, conservation, and protecting endangered species. These NGOs have also worked with local officials, trying to persuade them to pursue environment-friendly policies (Cannon, 2005).
Newspapers, magazines, and TV have also been allowed by the Chinese government to talk about environmental issues. Newspapers have written articles about deforestation, soil erosion, flooding, contamination, and air pollution. Special programs have been broadcast in which protecting the environment has been emphasized. For instance, battery recycling programs helped influence people to create such programs in their cities and towns. The media has also highlighted government corruption and tried to convince the government not to pursue environment degradation policies.
The international community has been working hard to cooperate with China in preventing environmental degradation. The Chinese government has also played an active role in cooperating with the international community. China can become a success story for other developing countries pursuing economic development if it successfully implements a sustainable development program (Cannon, 2005).
China has been involved with international efforts to protect the environment. It has participated in numerous seminars, conferences, and conventions where environmental issues have been discussed. Many international organizations have been helpful in promoting environmentally friendly policies. There have been efforts to protect endangered species (Cannon, 2005).
International organizations have also been giving technical and financial assistance to China to help protect the environment. The World Bank has assisted China in loans that have been used in environmental management. Organizations are also investing in science and technology to help the Chinese in preventing environmental degradation.
The World Bank has provided more than US$1 billion in assistance to China to develop its forest sector. The World Bank has assisted China in many agricultural and irrigation projects. Major efforts have been undertaken to plant forests. Farmers have been encouraged to participate as part of poverty eradication programs.
Despite this progress, China is still pursuing policies that favor economic development over environmental issues. China’s national interest is to eradicate poverty and to develop the economy. China has also been reluctant to implement international standards and procedures for environmental regulation and management. China is pursuing those environment management policies which are compatible with its economic development program and do not infringe on its national sovereignty. China has made many commitments to adhere to international standards and regulations regarding the environment, but it has been slow to implement them. It faces formidable technological and financial limitations in properly implementing environment regulation policies. The international community, while applauding the vision and concerns of the Chinese government, has also observed its slackness in preventing environmental degradation (Shapiro, 2005).
The Chinese government has in recent years tried to obtain assistance and expertise from the international community. Japan has been a major provider of aid for environment management and regulation. Other Asian and international organizations have also provided expertise and aid to help China fight environmental degradation. Extensive projects have been funded for preventing pollution, protecting endangered species, and encouraging the use of organic fertilizers. Many multinational companies which have investments in China have been promoting environmentally friendly policies. Foreign companies have been crucial in providing science and technology to better treat industrial waste products and prevent contamination of the environment. However, despite progress, many foreign companies have ignored environmental concerns. Still, the international community has played an important role in transferring resources, expertise, and financial assistance to the Chinese government to fight environmental degradation.
China’s government has 30 environment regulation laws. It has also passed several environmental standards, policies, and procedures. There is still room for improvement in the quality of these laws. Public opinion has also been invited on government websites which is a major achievement for the country’s closed political system. However, despite these improvements, the lack of effective enforcement, political factors, emphasis on economic development, and untrained judges and lawyers makes it difficult to implement these environment regulation laws. There has also been a growth of legal nongovernment environment organizations. These organizations have trained lawyers in environment regulation laws, litigation cases and helped pollution victims get compensation from industries. Political and legal hurdles, however, somehow limit the efforts of such organizations to fight environmental degradation. China’s government has been taking some drastic steps to reduce pollution. The Pearl River is being cleaned up as a major project. Many sewerage treatment plants have been constructed near the river. Major industries have been shifted away from the river. The efforts are impressive, but it still has to go a long way to compare with advanced countries (Shapiro, 2005).
Some researchers believe that China might become the world’s largest producer of greenhouse gases within a few years. The economic boom has fueled a demand for vehicles. The annual rate of automobile purchases has increased in China. The Chinese government has taken steps to substitute energy sources by investing in nuclear, wind, and solar energy. A number of effective procedures have also been implemented to reduce the emissions of sulfur dioxide (Shapiro, 2005).
China has ratified the Kyoto treaty but failed to implement international standards and procedures to reduce greenhouse gas emissions. China can implement steps to reduce greenhouse gas emissions by removing subsidies on energy sources. Another approach can be raising the prices of various energy sources. The technology could be used which uses less carbon for its industries. China faces serious environmental degradation. The coming decades will create more problems for the ecosystem and population (Shapiro, 2005).
China will use massive amounts of energy as its economy develops. Coal is the major energy supply of China’s industries. It has a negative impact on the environment. While the government is making progress in developing nuclear, hydroelectric, and wind energy sources, they cannot provide any significant impact on the energy sector. Unless the price of carbon is changed, there can be little impact by alternative energy sources.
The Chinese government has played an active role in resolving local environmental issues. It has been implementing policies to reduce air pollution, water pollution, and emissions. Japan and Korea are cooperating with the Chinese in reducing sulfur emissions. Carbon has a negative effect on the environment and health of the Chinese people. The government should gradually encourage alternative, less carbon-intensive technologies for the people in the coming years. Control schemes could be implemented in China, which would allow its economy to grow but regulate the price of carbon. This would result in a shifting of less carbon-intensive technologies. Foreign investment can definitely contribute to this area (Shapiro, 2005).
China’s environmental problems are very similar to that of the United States. Inside the United States, industries continue to dump industrial waste products and have gotten away, harming the ecosystem and population. Fines are very low, and local officials are reluctant to implement these laws because of powerful industrialists and companies. These companies enjoy broad support because of the fact that they employ many people. Local and Federal agencies also have failed to coordinate their activities.
However, the major difference between China and the United States is that the former is moving towards a society where the rule of law is prominent. China has no effective litigation mechanism to help victims of pollution. China is turning the tide against environmental degradation just as other advanced countries did. Environment laws have been implemented to protect the environment. Automobile tailpipe standards have been adopted by the Chinese (Horton, 2007).
On 4 th June 2007, China launched a new climate change national plan. The plan aims to balance economic developments and prevent environmental damage. However, the Chinese have also blamed the West for environmental problems. The national plan aims to reduce the major sources of pollution. It has made plans to reduce sulfur emissions. It will also accelerate the process of installing water sewerage treatment plans and using alternative energy resources. However, the report also mentioned that poverty eradication is the main priority of the Chinese government.
China’s import policy also affects the environment. Importing advanced technology can help protect the environment. It can prevent pollution and reduce ecological destruction. Importing paper and wood can help China’s ecosystem. Some imports cause extensive damage to the environment in the form of pollution. These products include metals, rubber, and sulfur products (Horton, 2007).
China is a major country for investment by foreign countries. Foreign investment has helped Chinese economic development. They have contributed towards developing the industrial, agriculture, and energy sectors. Many foreign companies have created a positive impact on the economy. Many have implemented steps to protect the environment. By using advanced technology, they have reduced the number of carbon-intensive technologies. Some companies have further developed advanced waste reduction technologies. They have also contributed to the growth of food by using organic fertilizers and pesticides. By importing wood and paper products from abroad, they have prevented the destruction of the Chinese ecological system.
China’s environment regulatory policy consists of coordination between economic development and preventing environmental degradation. It has sought to make polluters pay for the cost of destroying the environment. It has also tried to implement prevent and control mechanisms (Horton, 2007).
China has established numerous laws and regulations to protect the environment. It has protected natural resources, endangered species, forests, rivers, waste product management, eliminating air pollution, preventing water pollution, and protecting the coastal areas from pollution. Environmental standards have been implemented. An effective regulatory system has been implemented in urban areas to protect the health of people. Several steps have been taken to eliminate noise and air pollution in urban areas (Horton, 2007).
China is a major economic power. Its economy is expected to develop at a high rate as it continues to raise the standards of living of its people. Economic development, however, has caused serious environmental problems. China must cooperate with the international community in implementing environmentally friendly policies. At the same time, it must strengthen its own legal system and create more awareness amongst its population to protect the environment. It must balance the relationship between economic development and conserving its natural resources. It must also enhance cooperation amongst its local and state agencies for proper utilization of resources. It must also invest heavily in financial and technical expertise to help protect the environment. It must increase cooperation with regional and industrialized nations to help protect the environment.
- Cannon, Terry (2005). China’s Economic Growth: The Impact on Regions, Migration and the Environment. US: Routledge.
- Edmonds, Richard Louis (2005). Managing the Chinese Environment (Studies on Contemporary China) . US: Oxford University Press.
- Horton, Peter (2007). China Investment Environment & Strategies: The Key to Winning in the Greater China Market . US: Cambridge University Press.
- Morton, Katherine (2005). International Aid And China’s Environment: Taming the Yellow Dragon . US: Routledge.
- Shapiro, Judith (2005). Mao’s War against Nature: Politics and the Environment in Revolutionary China (Studies in Environment and History). US: Cambridge University Press.
Problems of Chinese Economic Growth
Since 1978 the Chinese economy has maintained economic growth at an average of nearly 8%. By western standards this is remarkable. The UK, by contrast, has grown at an average rate of 2.5%. However, despite the impressive figures, there are many serious economic problems resulting from economic growth.
Chinese GDP
In particular, the growth rate combined with a population of over 1 billion has caused serious environmental problems. These are a good example of negative externalities of growth. A negative externality is a cost imposed on the rest of society as a result of receiving the benefits from growth.
1. Pollution
Pollution is a major problem in many industrialised cities. Increased car ownership has led to problems of smog and worsening air quality. Pollution also occurs from China’s vast industrial sector. Often regulation of pollution is very limited with untreated sewage often been poured directly into rivers.
2. Shortage of Power
The growing demand from the Chinese economy has placed great demands on China’s creaking power infrastructure. This has led to the creation of projects like the Three Gorges Dam. This has been criticised for creating environmental and social problems. Environmentalists fear that the dam will severely impact on the natural habitats of many species.
3. Growing Income Inequality
China’s economic growth has benefited the south and eastern regions more than anywhere else. This has created a growing disparity between north and south. The agricultural north has, by contrast, been left behind. Many farmers struggle to make a living. Therefore, this has encouraged a migration of workers from north to south. China has struggled to deal with this regional inequality.
However, there has been a marked decrease in absolute poverty as the strong economic growth has lifted people out of the very low-income bracket
4. Property Boom
There are fears that China has been caught up in its own speculative property bubble. Especially in Beijing aSouth South East, house prices have increased significantly. There are concerns that this property bubble could burst, creating negative equity.
5. Inefficient Banking Sector
In particular, the Chinese banking sector has a bad reputation for making bad loans. Many loans are not repaid back. This is a legacy of the Communist intervention in industry. Banks often made loans to large government business’ with little regard for free market principles. As a consequence, it is difficult for genuine new starts to get sufficient capital funding. But, much investment is squandered.
6. Unemployment
It sounds a paradox that the Chinese economy can grow at 8% and yet unemployment is still a problem. The reason is that there are still many state-owned enterprises which are grossly inefficient. Therefore, in the process of privatisation and modernisation, many surplus workers are being made redundant. There is also a lot of unemployment (and disguised unemployment) in the agricultural sector.
7. Undervaluation of Yuan
The Chinese Yuan has been tied to the dollar. As the dollar had devalued the Yuan has also devalued. However, it is argued by many (especially in the US) that the Yuan is undervalued against the US dollar by up to 40%. The impact of an undervaluation of the Yuan is that:
- Increase inflationary pressure in the Chinese economy.
- Make it expensive for Chinese to buy foreign goods.
- Give an artificial advantage to Chinese manufacturers.
8. Overheating Economy.
Because the Chinese economy is growing so quickly there are concerns that this could easily lead to inflationary pressures. This is particularly a problem because of:
- relatively loose monetary policy
- Growth in consumer debt.
- undervalued exchange rate
- Property Boom.
- Inflation is currently 3.8%, but, there are upward pressures.
9. Huge Balance of Payments Surplus
Maybe not such a serious problem for China. But, the US sees it as creating a great disequilibrium. The US, if not anyone else, would like to see China use its balance of payments surplus elsewhere.
10. Demographic trends
China’s one-child policy means that in future years, she faces a demographic bulge. Already the % of the population over 65 has doubled in a short-time, but this is likely to continue to increase over the next 20-30 years.
Problems of Chinese economic growth for the rest of the world
Readers Question: How should we respond to the Economic Impact of China’s rapid economic expansion.
Firstly, I am not convinced that China’s economic growth is a problem for the UK and western economies. I would argue China’s economic development has many benefits. (see: how Chinese economy has affected UK Economy )
However, China’s growth is causing some problems for the rest of the world
Rising Oil Prices . We can’t blame just China for rising oil prices. But, it is a factor. There is not much UK government can do about that. Higher oil prices increase the incentive to reduce consumption of oil and also develop alternatives. See: Dealing with higher oil prices.
Decline In Manufacturing Sector . The growth in Chinese manufactured goods industry has led to a relative decline in UK manufacturing. The government can always try to implement better supply-side policies to improve the productivity of industry, but, there is a limit to how much they can do. Governments may need to just accept the changing structure of the economy. We might be better focusing on the potential of service sector industries, such as education.
Environmental Problems . A problem of Chinese growth is the increase in carbon emissions. Growth from China can easily dwarf any savings the UK make in global emissions. This raises the importance of creating global agreements to limit environmental pollution.
Current Account deficit. The US and UK both have a large current account deficit with China. But, I would say that blaming China for the current account deficit misses the point -most of the deficit is caused by a decade of high consumption and low savings. It is also a reflection that the economies are at different stages of development.
Further reading
- Problems and strengths of Chinese economy (2022)
Citation: Pettinger, Tejvan . “ Problems of Chinese Economy “, Oxford, www.economicshelp.org , 25th Sep 2019
3 thoughts on “Problems of Chinese Economic Growth”
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What if any studies done on the psychological impacts on this millennial generation in China that experiencing the economic revolution at this unprecedented speed and scale?
This reads like an opinion coming from an ignorant outsiders viewpoint. It looks on the difficulties for the developed nations arising from the development of poorer countries.
First of all, China is not rich compared to any Western country. Secondly, the problem of continuing growth together with an authoritarian government that highly depends on this growth is ignored. The resulting dept crisis and oligarchy is not mentioned. Thirdly, the deep problems of deception and fraud on any level of government and economy is also not mentioned. The growth numbers are fake to a significant degree. Even the used data for the aging society are polished. As long as these important elements are not taken into consideration the picture of Chinas development stay flawed.
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China’s Economic Growth Prospects: From Demographic Dividend to Reform Dividend
TL;DR: Cai et al. as discussed by the authors analyzed the drivers of China's economic growth and explained the deceleration in the last decade, concluding that the extinction of surplus labour led to wage increases and contributed to growth decelerations.
Abstract : Cai Fang, China’s Economic Growth Prospects: From Demographic Dividend To Reform Dividend, Cheltenham (UK), Northampton (MA, USA), Edward Elgar Publishing, 2016, 234 + XII pages.Cai Fang is a demographer and economist, currently director of the Institute of Population and Labour Economics, Chinese Academy of Social Sciences (CASS). He is a member of the Standing Committee of the National People's Congress (since 2008) and author of many books and research articles on China's demographic transition and the reality of its growth process.His book, China's Economic Growth Prospects: From Demographic Dividend to Reform Dividend, combines theoretical reflections and empirical work to analyse the engines of China's growth and to explain the deceleration underway. The argumentation highlights the existence of a demographic dividend, the source of a sea of workers behind China's industrialisation and development process until recently. The book's main aim is to signal the end of this demographic dividend, portending the evaporation of China's comparative advantage based on low-cost work and the inevitable slowing of the growth rate. The various chapters discuss the main challenges China has to face so as to avoid getting stuck in the so-called middle income trap and to eventually join the league of rich nations.The reflection covers different themes at the heart of the author's expertise, such as ageing population, labour's contribution to growth, migratory flows, income inequality, and quality of education, for which theoretical argumentation and corrected official figures are mobilised. The rich and at times technical discussion envisages unavoidable adjustments and perilous conditions. The rest of the book analyses rebalancing of growth, from a model drawing on an accumulation of factors (labour and public investment) and export of low-quality manufactured goods, towards a process based on innovation and domestic consumer demand, especially for services. The chapters on recommendations and policies and on pitfalls to avoid are particularly interesting, especially given the author's proximity to the authorities. The discussion implicitly deals with the difficulty of abandoning China's traditional policy of macro-economic support such as its industrial policies, regional strategies, and stimulus packages in favour of those that would actually boost modernisation of the industrial structure and innovation.The book is divided into 12 thematic chapters. At about 15 to 20 pages each, they offer a persuasive analysis of the sources of growth deceleration, the risks to be overcome if China is to become a developed economy, and different proposals for economic policies to get there. The analysis often refers to the experience of China's neighbours, such as South Korea and Japan.The first six chapters discuss the relevance for China of the dual sector development theoretical framework and demonstrate Chinese specificity when it comes to demography's contribution to economic growth. Chapter 1 sets the scene, describing the advantage of lagging behind economically while in a trajectory of catching up: borrowing, purchasing, and imitating technologies that already exist overseas makes for rapid growth, which however inexorably slows as the technological gap begins closing. China is nearing this crossroads. Chapter 2 turns to the theory of dual economy development characterised by a surplus of farm labour. In this model, workers' migration towards urban industry naturally fuels the industrialisation process and productivity gains. This engine, which worked full steam in boosting China's growth, is now nearly extinguished. Chapter 3 relies on recent detailed data to show that in the middle of the last decade, China reached what is called "the Lewis Turning Point," after which the extinction of surplus labour led to wage increases and contributed to growth deceleration. Chapter 4 describes the end of the demographic dividend linked to the reduction in the proportion of the working-age population, while Chapter 5 discusses the inexorably aging population. …
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Cites background from "China’s Economic Growth Prospects: ..."
... In one generation, living standards for many in rural China increased by a factor of one hundred (Cai, 2016). ...
... In one generation, living standards for many in rural China increased by a factor of one hundred (Cai, 2016), an enormous rate of change. ...
34 citations
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... …since reform and openness has relied on a big demographic dividend with enormous cheap labour due to the large working age population and millions of rural migrants moving into urban centres in China since the 1980s (Cai & Wang, 2006; Meng, 2012; Cai & Lu, 2013; Nahm & Steinfeld, 2014; Cai, 2016). ...
27 citations
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... The shift of labour from agriculture to other sectors appears to be irreversible for key reasons (Cai 2016). ...
... Nevertheless, as noted by Cai (2016) and summarised by Li (2017), China’s agricultural labour surplus may already be exhausted and the Lewis ‘turning point’ is imminent. ...
... Cai (2016) highlights the importance of productivity growth as a key contributor to China’s economic growth. ...
21 citations
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Cites background or methods from "China’s Economic Growth Prospects: ..."
... ©2018 Institute of World Economics and Politics, Chinese Academy of Social Sciences 40 Years of China’s Reform and Opening up 13 the Lewisian theory completely (Cai, 2016, chapter 1). ...
... Second, in the reform period, the economic growth has been accompanied by employment expansion and labor reallocation, which has enabled rural and urban households to share the reform dividends (Cai, 2016, chapter 10). ...
... According to the Lewis model and its application to developing countries (Lewis, 1954; Cai, 2016), during the process of dual economy development, having an abundant labor force guarantees sufficient supply of labor and human capital, helps maintain a high savings rate, prevents diminishing return… ...
... …of the poverty alleviation program in rural areas, expanding coverage and equalizing provisions of public services, constructing labor market institutions 40 Years of China’s Reform and Opening up 17 and relaxing the household registration control over population migration (Cai, 2016, chapter 11). ...
16 citations
... The Lewis model and its application to developing countries (Lewis 1954; Cai 2016) show that an abundant labour force not only delivers labour supply, but also helps to maintain a high savings rate, avoids diminishing returns to capital and raises allocative efficiency as labour is transferred from agriculture to other sectors. ...
... These include strengthening the poverty alleviation program in rural areas, expanding the coverage and equalising the provision of public services, raising mandatory minimum wages and relaxing household registration control over population migration (Cai 2016). ...
... The Lewis model and its application to developing countries (Lewis 1954; Cai 2016) show that an abundant labour force not only delivers labour supply, but also helps to maintain a high savings rate, avoids diminishing returns to capital and raises allocative efficiency as labour is transferred from… ...
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Economic Growth And Development Essay
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Economic Growth Theory
THEORETICAL FRAMEWORK 2.1. Inflation and Economic growth Theoretical discussion From many years ago, the relationship between inflation and growth was a debatable topic among economists. More economic theories were developed by various theorists and schools to explain relationship between inflation and growth. These theories are founded on various study of the phenomenon but no theory gives full explanation. The former inflation-growth theories were built on cyclical observations. The persistent
Economic Growth Dbq
Between 1800 and 1900, the United States experienced great economic growth. Two factors that contributed to this growth were government policies and technological developments. America at the time was experiencing cultural and industrial revolutions at a rate that most other new nations, even today, could ever dream of. Government policies and technological developments had a huge influence on the American economy and shaped its character to an extent that defined for the future magnitude of success
Internal And External Factors Affecting China's Economic Growth
considered as the top emerging country in Asia because of their fast economic growth and their economy continue to grow because of strong markets and strong foreign direct investment, technology, manufacturing and production. The economy of China is the second largest worldwide in terms of Purchasing Power and Gross Domestic Product with seven percent to nine percent growth rate average per year (See index below). Their strong economic performance is highly encouraging Foreign Direct Investors (FDI)
Economic Growth In The Ottoman Empire
the economic development began to rise constantly, by changing the speed among periods and regions. This economic growth was associated with certain proximate causes such as new techniques providing productivity and efficiency in functioning of machines and also of human capital. However, some deeper causes have been recognized recently, such as social and political institutional changes. In this paper, I will discuss this latter explanation, i.e. the institutional approach to economic growth by exemplifying
Economic Growth: The Three Important Economic Policies
2.1. Economic Policy Economic policy refers to the actions that are intended to control or influence the behaviour of the economy by governments. Such as the systems for setting levels of taxation, the money supply, government budgets and interest rates as well as the national ownership, labour market, and many other areas of government interventions into the economy. (Wikipedia, 2014) There are the three important economic policies goals that are generally accepted which are economic growth, price
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Economic growth affected society during the Gilded Age in many different ways, both positive and negative. Economic growth affected it in such a way that there was vast wealth, industrial workers and farmers did not share in the new prosperity, and mass immigration. It was a time of Industrialization where the United States made a jump from farms to factories. Many things were happening in the United States during this particular time period, some would say it was an era of reform and others would
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Talent Data and HR Analytics
Introduction.
HR analytics refers to using applications for talent data that are significant in enhancing the crucial talents and outcomes of the business. In organizations, leaders who apply HR analytics are renowned for making data-driven thoughts that enable the formulation of talent decisions. In this regard, talent decisions help enhance employees’ experience and workforce processes within an organization. HR analytics is significant because they allow the collective gathering of information, analysis, and reporting of all human resource information. In such a manner, HR analytics promote collaboration and teamwork within an organization, thus the growth and development of the business (Hila, 2019).
Issues involved the five questions presented
With the development and improvement of technology in the current business environment, various companies are embracing new techniques to enhance their business operations, like HR analytics. As an HR manager, I present my case for adopting analytics within the old-line HR department. In this case, HR analytics will be significant in helping the HR department to develop better and appropriate insights about the whole department and finances (Matthew et al., 2020). Most significantly, HR analytics require some technical know-how to operate and implement them within an organization; the HR personnel is the only one with that capacity. The above claim is because the HR personnel can interpret various collected data within different organization sections. In this regard, HR should adopt analytics to effectively understand the legal issues concerned with collecting, analyzing, and sharing information. In such a manner, this particular organization should adopt HR analytics to improve its strategic contribution within the HR department to achieve better organizational outcomes through making informed decisions (Matthew et al., 2020).
Conducting detailed research about analytics and their relationship to employees’ working environment is the resource anan HR professional can use to build his expertise in analytics. In this case, the research through reading academic articles, journals, and books will significantly help the HR professional to acquire skills in interpreting various metrics (Hila, 2019). In this case, the employees’ resources can be significant in assisting the HR professional conduct research about analytics so that he can build his expertise in the analytic area. For instance, organizations offer employees surveys to identify which areas and skills enhance happiness while at the workplace, and this can be used as an opportunity for transformation within analytics. More importantly, it is understood that a motivated, goal-oriented HR professional will always be trying to gain and develop various skills which seem influential to him; any opportunity granted by the organization should be utilized (Maddalena et al., 2019).
Monitoring employees’ training information, enhancing the recruitment process, and identifying employee retention rates are some ways HR analytics can improve the overall performance of an organization. Monitoring employees’ training information is very significant within an organization because it helps determine the progress of employees’ professional development over time. The above aspect is because when an organization does not offer anything to ensure their employee’s professional development, it is most likely to create bad employee morale. In such a manner, integrating the organization’s processes with HR analytics will enhance employees’ morale leading to high workplace productivity (Matthew et al., 2020). How employees are recruited into the organization is very important for the performance of an organization because incompetent candidates can be drafted ahead of competent ones. In this case, HR analytics is essential in addressing recruitment challenges by helping the recruitment team make the right decisions. The above success can be achieved by collecting data about the previous recruitment sessions and analyzing them to identify gaps and address them in the next recruitment session. HR analytics can be significant in offering data to support information-driven thoughts in terms of the loyalty of employees and why some employees choose to quit the organization. In such a manner, the collected information will be used to study to culture and remuneration of the organization and promote employee retention rate (Maddalena et al., 2019).
The lack of information technology resources and funds to finance the analytic projects is why some companies do not use analytics to solve their HR problems. HR analytics requires using up-to-date IT resources, which seem expensive to some companies especially starting and small companies. In this case, the cost of purchasing the IT resources to run the analytic processes is very high, as well as the funds required to maintain and train the employees. The analytical projects tend to be for an extended period, whereby they can become cost tremendous to a company in running its other business operations. In such a manner, companies with limited revenue find it challenging to use analytics to solve their HR problems (Matthew et al., 2020).
Tracking employee satisfaction and determining potential employees are some HR analytics that helps strategy planning for HR management. Data collected from HR analytics can offer a better insight into the financial model, which can be implemented for every department and employee within an organization. In this case, the company’s goals, work history, and experience levels of every employee can be tracked using HR analytics. The HR department can use HR analytics to determine the performance of each employee within the organization. In such a manner, the HR department can identify potential employees who can be awarded or recognized within the organization as a sign of motivation (Maddalena et al., 2019).
In conclusion, HR analytics refers to the use of applications for talent data which are significant in enhancing the crucial talents and outcomes of the business. My case of using analytics in an old-line HR department is a sign of embracing technology. Conducting research is the resource an HR professional can use to build his expertise in HR analytics. Monitoring employees’ training information, enhancing the recruitment process, and identifying employee retention rates are some ways HR analytics can improve the overall performance of an organization. The lack of information technology resources and funds to finance the analytic projects is why some companies do not use analytics to solve their HR problems. Tracking employee satisfaction and determining potential employees are some HR analytics that helps strategy planning for HR management.
Hila, C. (2019). An ROI-based review of HR analytics: practical implementation tools . Personnel Review. Vol.48 (6). p.1429–1448.
Maddalena, F., Eva, D.C., & Simone, B.E. (2019). Big Data and discrimination: perils, promises, and solutions. A systematic review. Journal of Big Data. 6(1): 12. doi:10.1186/s40537-019-0177-4.
Matthew, S.M., Kelsey, B., Robert R.D., Ruth, D., A., G., & Chung-Yi, H. (2020). Committee, Environmental Data Governance Initiative (EDGI), and Earth Science Information Partners (ESIP) Data Stewardship. Risk Assessment for Scientific Data. Data Science Journal. 19(1): 10. doi:10.5334/dsj-2020-010.
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Round-the-Clock Support. Our paper-writing service works day and night to help you with all current issues. Our friendly support team is available whenever you need them, even if it’s the middle of the night. They will gladly guide you and answer all your questions on how to order customized papers or consult you about the matters at hand. Feel free to share your questions or concerns with them and get comprehensible answers.
High-Class Quality. ‘Will you write a paper for me that meets all requirements?’ This question is frequently asked by many students, and we always answer in the affirmative. Our main goal is to deliver a perfectly written paper the meets the highest possible writing standards. We don’t rest unless you are satisfied with our work. If you hire a paper writer online, we guarantee you that you get 100% original and plagiarism-free assignments of high quality.
Complete Anonymity. We value your privacy and use modern encryption systems to protect you online. We don’t collect any personal or payment details and provide all our customers with 100% anonymity. ‘Can you write a paper for me and let me stay anonymous?’ Of course, we can! We are here to help you, not to cause problems.
Fast Delivery. We completely understand how strict deadlines may be when it comes to writing your paper. Even if your paper is due tomorrow morning, you can always rely on us. Our writers meet all set deadlines unequivocally. This rule is ironclad! The offered range is wide and starts from 6 hours to 2 weeks. Which one to choose is totally up to you. On our part, we guarantee that our writers will deliver your order on time.
Free Revisions. Our mission is to hone your paper to perfection. That’s why we offer you free revisions to make everything ideal and according to your needs. Feel free to ask for revisions if there is something you would like to be changed. That’s how our paper writing service works.
Money-Back Guarantee. You can get up to a 100% refund if you are dissatisfied with our work. Nevertheless, we are completely sure of our writers’ professionalism and credibility that offer you hard-core loyalty to our guarantees.
Comprehensible Explanations. ‘Can someone write my paper for me and provide clarifications?’ This question arises from time to time. Naturally, we want you to be totally prepared for the upcoming battle with your professor. If you need to fill the gaps in your knowledge, you can always ask for clarifications related to your paper. Moreover, when you order ‘write my paper for me’ service, you can always turn to our support agents for assistance. They will be glad to provide you with the necessary information and comprehensible explanations.
Fast and Customer-Focused Solutions. ‘Is it possible to do my paper for me so that I don’t worry about it at all?’ It certainly is! We offer all-encompassing solutions to all your academic problems by defining issues, determining their causes, selecting proper alternatives, and ultimately solving them. You are free to do your favorite activities while we are taking care of ongoing matters. You can always rely on us when it comes to essay-writing online and taking an individual approach to every case.
Who will write my paper when I order it?
Another crucial advantage of our service is our writers. You may have asked yourself, ‘I’d like to pay someone to write a paper for me, but who exactly will that person be?’ Once you order a paper, our managers will choose the best writer based on your requirements. You’ll get a writer who is a true expert in the relevant subject, and a perfect fit is certain to be found due to our thorough procedure of selecting.
Every applicant passes a complex procedure of tests to become one of our permanent writers. First of all, they should provide their credentials. We need to make sure that any prospective writers we hire have the proper experience.. The next step resides in passing a series of tests related to grammar, in addition to subject and/or discipline. Every paper-writer must pass them to prove their competency and their selected field of expertise.
One more step includes writing a sample to prove the ability to research and write consistently. Moreover, we always set our heart on hiring only devoted writers. When you ask us to write your essay or other academic works, you can be sure that they always do their best to provide you with well-structured and properly-written papers of high quality.
The final chord is related to special aspects of academic paper-writing. It means that every writer is prepared to cite properly, use different styles, and so on, so you don’t have to be worried about formatting at all.
‘So, can they write an ideal paper for me?’ We answer in the affirmative because we select only the best writers for our customers. Approximately 11% of all applicants can pass the whole set of tests and are ready to help you. All writers are fully compensated for their work and are highly motivated to provide you with the best results.
We are online 24/7 so that you could monitor the process of paper-writing and contact us whenever necessary. Don’t forget that your satisfaction is our priority. Our writers fully focus on your order when it comes to the ‘write my paper’ procedure. Our managers will immediately send all the information to your writer if any corrections are required.
It’s time to write my paper! What should I do?
‘I am ready to pay to have a paper written! Where do I start?’ Our team hears these words every day. We really believe that every student should be happy. That’s why we offer you to look at the simple steps to make the process even more convenient.
- Fill in the comprehensible order form located on the main page of our website. If you need some help with it, feel free to contact our support team.
- Provide the necessary details, such as the topic, subject or discipline, paper format, your academic level, etc.
- Select the deadline, and we will strictly follow it.
- Pay the total price. Submit a preferred payment method. The full sum will be deposited into your account on our website. The money will be transferred to your writer in case you approve the paper.
- If you have additional materials provided by your professor or may simply assist in writing your paper, please attach them too. They will help the assigned writer meet your professor’s expectations.
Every paper we can write for you is expertly-researched, well-structured, and consistent. Take a look at some types of papers we can help you with:
- Dissertations
- Research papers
- Case studies
- Term papers
- Business plans, etc.
Questions like ‘I would like you to write a paper for me without destroying my reputation. Can you promise to do so?’ or ‘Can you write my paper for me cheap and fast?’ often arise, and we take pride that these options are included in the list. Your safety and anonymity are parts of our common priority, which is to make you fully satisfied with all offered services.
Moreover, our pricing policy is flexible and allows you to select the options that totally suit your needs at affordable prices. You will be pleased with the results and the amount of money spent on your order. Our managers and writers will do the rest according to the highest standards.
Don’t hesitate and hire a writer to work on your paper now!
We believe that students know what is best for them, and if you suppose that it is time to ‘write my paper right now,’ we will help you handle it. ‘Will you do my paper without any hesitation?’ Of course, we will. Our service has all the necessary prerequisites to complete assignments regardless of their difficulty, academic level, or the number of pages. We choose a writer who has vast experience and a breadth of knowledge related to your topic.
Our ‘write my paper for me’ service offers a wide range of extra features to make the ordering process even more pleasant and convenient. Unlike lots of other services, we provide formatting, bibliography, amendments, and a title page for free.
‘When you write my paper for me? Can I monitor the process?’ Naturally, you can. We understand that you may want to ensure that everything is going well. Furthermore, there may be situations when some corrections are needed. We believe that a tool like this can come in handy. The assigned writer will strictly follow your and your professor’s requirements to make sure that your paper is perfect.
‘Is it possible to write my essay from scratch?’ We don’t do just proofreading or editing. Our goal is to fully carry your burden of writing. When this or similar questions appear, we always assure our customers that our writers can do whatever they need. Apart from writing from scratch or editing and proofreading, our experts can effortlessly cope with problem-solving of all kinds;even sophisticated software assignments!
Our ‘write my paper for me’ service is good for everyone who wants to delegate paper-writing to professionals and save precious time that can be spent differently and in a more practical way. We want you to be happy by offering the great opportunity to forget about endless and boring assignments once and forever. You won’t miss anything if your papers become the concern of our professional writers.
Don’t waste your precious time browsing other services. We provide you with everything you need while you are enjoying yourself by doing things you really enjoy. ‘Write my paper then! Do my paper for me right now!’ If you are ready to exclaim these words with delight, we welcome you to our haven, a place where students spend their time serenely and never worry about papers! It’s your turn to have fun, whereas our mission is to provide you with the best papers delivered on time!
Questions our customers ask
Can someone write my paper for me.
Yes, we can. We have writers ready to cope with papers of any complexity. Just contact our specialists and let us help you.
Who can I pay to write a paper for me?
We will help you select a writer according to your needs. As soon as you hire our specialist, you’ll see a significant improvement in your grades.
Can I pay someone to write a paper for me?
Yes, you can. We have lots of professionals to choose from. We employ only well-qualified experts with vast experience in academic paper writing.
What website will write a paper for me?
WritePaperFor.me is the website you need. We offer a wide range of services to cover all your needs. Just place an order and provide instructions, and we will write a perfect paper for you.
Is it safe to use your paper writing service?
Our service is completely safe and anonymous. We don’t keep your personal and payment details and use the latest encryption systems to protect you.
What are you waiting for?
You are a couple of clicks away from tranquility at an affordable price!
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Log in to your personal account to know the current status of your paper(s). You can also turn to our support team for the same purpose. Enjoy your life while we're working on your order.
As soon as we write the paper(s) for you, check it for correctness, and if everything is good to go, just download it and enjoy the results.
Our customers’ feedback
Still hesitant just look: others have already used our services and were pleased with the results.
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You’ll write my paper for me, won’t you? We certainly will!
So tired of writing papers that you’re starting to think of your professor’s demise? Relax, we’re only joking! However, even a joke is woven with the thread of truth, and the truth is that endless assignments are constantly nagging at you and keeping you up all night long.
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Why would I ask you to write paper for me?
Despite the obvious and even natural resistance to the idea of paper writing in principle that may occur with any student, you may also ask yourself, ‘Why would I need you to help me write my paper?’ The answer to this question lies in the spectrum of your routine actions. It’s not surprising that studying becomes part of our lives, but sometimes we’ve just got too much going on!
When you write an essay or academic paper, you just do one of the numerous things you face daily or weekly. This part of your life consumes lots of energy and time, so how can you possibly get around to doing other things like having fun, working, playing sports, helping relatives, and spending time with friends?
People are social creatures, and it’s only natural of us to request help from experts.. That’s why we ask doctors, electricians, or plumbers to help us! They’re all specialists. Who writes essays for you better than you do? Right, people who write numerous essays every day. We are experts in academic writing, aimed at satisfying all your needs related to education.
You just hire a professional to get a paper written, like you normally do in other situations. Our team of writers know everything about writing your paper and can cope with assignments of any complexity and academic level. Well-researched and expertly-written papers are what we do for our customers, and we always do our work professionally so that you could kick back and enjoy your life to the fullest.
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Apart from a paper written in accordance with the highest standards, we provide a wide range of contributory advantages to make your life easier. Let’s take a closer look at them.
Round-the-Clock Support. Our paper-writing service works day and night to help you with all current issues. Our friendly support team is available whenever you need them, even if it’s the middle of the night. They will gladly guide you and answer all your questions on how to order customized papers or consult you about the matters at hand. Feel free to share your questions or concerns with them and get comprehensible answers.
High-Class Quality. ‘Will you write a paper for me that meets all requirements?’ This question is frequently asked by many students, and we always answer in the affirmative. Our main goal is to deliver a perfectly written paper the meets the highest possible writing standards. We don’t rest unless you are satisfied with our work. If you hire a paper writer online, we guarantee you that you get 100% original and plagiarism-free assignments of high quality.
Complete Anonymity. We value your privacy and use modern encryption systems to protect you online. We don’t collect any personal or payment details and provide all our customers with 100% anonymity. ‘Can you write a paper for me and let me stay anonymous?’ Of course, we can! We are here to help you, not to cause problems.
Fast Delivery. We completely understand how strict deadlines may be when it comes to writing your paper. Even if your paper is due tomorrow morning, you can always rely on us. Our writers meet all set deadlines unequivocally. This rule is ironclad! The offered range is wide and starts from 6 hours to 2 weeks. Which one to choose is totally up to you. On our part, we guarantee that our writers will deliver your order on time.
Free Revisions. Our mission is to hone your paper to perfection. That’s why we offer you free revisions to make everything ideal and according to your needs. Feel free to ask for revisions if there is something you would like to be changed. That’s how our paper writing service works.
Money-Back Guarantee. You can get up to a 100% refund if you are dissatisfied with our work. Nevertheless, we are completely sure of our writers’ professionalism and credibility that offer you hard-core loyalty to our guarantees.
Comprehensible Explanations. ‘Can someone write my paper for me and provide clarifications?’ This question arises from time to time. Naturally, we want you to be totally prepared for the upcoming battle with your professor. If you need to fill the gaps in your knowledge, you can always ask for clarifications related to your paper. Moreover, when you order ‘write my paper for me’ service, you can always turn to our support agents for assistance. They will be glad to provide you with the necessary information and comprehensible explanations.
Fast and Customer-Focused Solutions. ‘Is it possible to do my paper for me so that I don’t worry about it at all?’ It certainly is! We offer all-encompassing solutions to all your academic problems by defining issues, determining their causes, selecting proper alternatives, and ultimately solving them. You are free to do your favorite activities while we are taking care of ongoing matters. You can always rely on us when it comes to essay-writing online and taking an individual approach to every case.
Who will write my paper when I order it?
Another crucial advantage of our service is our writers. You may have asked yourself, ‘I’d like to pay someone to write a paper for me, but who exactly will that person be?’ Once you order a paper, our managers will choose the best writer based on your requirements. You’ll get a writer who is a true expert in the relevant subject, and a perfect fit is certain to be found due to our thorough procedure of selecting.
Every applicant passes a complex procedure of tests to become one of our permanent writers. First of all, they should provide their credentials. We need to make sure that any prospective writers we hire have the proper experience.. The next step resides in passing a series of tests related to grammar, in addition to subject and/or discipline. Every paper-writer must pass them to prove their competency and their selected field of expertise.
One more step includes writing a sample to prove the ability to research and write consistently. Moreover, we always set our heart on hiring only devoted writers. When you ask us to write your essay or other academic works, you can be sure that they always do their best to provide you with well-structured and properly-written papers of high quality.
The final chord is related to special aspects of academic paper-writing. It means that every writer is prepared to cite properly, use different styles, and so on, so you don’t have to be worried about formatting at all.
‘So, can they write an ideal paper for me?’ We answer in the affirmative because we select only the best writers for our customers. Approximately 11% of all applicants can pass the whole set of tests and are ready to help you. All writers are fully compensated for their work and are highly motivated to provide you with the best results.
We are online 24/7 so that you could monitor the process of paper-writing and contact us whenever necessary. Don’t forget that your satisfaction is our priority. Our writers fully focus on your order when it comes to the ‘write my paper’ procedure. Our managers will immediately send all the information to your writer if any corrections are required.
It’s time to write my paper! What should I do?
‘I am ready to pay to have a paper written! Where do I start?’ Our team hears these words every day. We really believe that every student should be happy. That’s why we offer you to look at the simple steps to make the process even more convenient.
- Fill in the comprehensible order form located on the main page of our website. If you need some help with it, feel free to contact our support team.
- Provide the necessary details, such as the topic, subject or discipline, paper format, your academic level, etc.
- Select the deadline, and we will strictly follow it.
- Pay the total price. Submit a preferred payment method. The full sum will be deposited into your account on our website. The money will be transferred to your writer in case you approve the paper.
- If you have additional materials provided by your professor or may simply assist in writing your paper, please attach them too. They will help the assigned writer meet your professor’s expectations.
Every paper we can write for you is expertly-researched, well-structured, and consistent. Take a look at some types of papers we can help you with:
- Dissertations
- Research papers
- Case studies
- Term papers
- Business plans, etc.
Questions like ‘I would like you to write a paper for me without destroying my reputation. Can you promise to do so?’ or ‘Can you write my paper for me cheap and fast?’ often arise, and we take pride that these options are included in the list. Your safety and anonymity are parts of our common priority, which is to make you fully satisfied with all offered services.
Moreover, our pricing policy is flexible and allows you to select the options that totally suit your needs at affordable prices. You will be pleased with the results and the amount of money spent on your order. Our managers and writers will do the rest according to the highest standards.
Don’t hesitate and hire a writer to work on your paper now!
We believe that students know what is best for them, and if you suppose that it is time to ‘write my paper right now,’ we will help you handle it. ‘Will you do my paper without any hesitation?’ Of course, we will. Our service has all the necessary prerequisites to complete assignments regardless of their difficulty, academic level, or the number of pages. We choose a writer who has vast experience and a breadth of knowledge related to your topic.
Our ‘write my paper for me’ service offers a wide range of extra features to make the ordering process even more pleasant and convenient. Unlike lots of other services, we provide formatting, bibliography, amendments, and a title page for free.
‘When you write my paper for me? Can I monitor the process?’ Naturally, you can. We understand that you may want to ensure that everything is going well. Furthermore, there may be situations when some corrections are needed. We believe that a tool like this can come in handy. The assigned writer will strictly follow your and your professor’s requirements to make sure that your paper is perfect.
‘Is it possible to write my essay from scratch?’ We don’t do just proofreading or editing. Our goal is to fully carry your burden of writing. When this or similar questions appear, we always assure our customers that our writers can do whatever they need. Apart from writing from scratch or editing and proofreading, our experts can effortlessly cope with problem-solving of all kinds;even sophisticated software assignments!
Our ‘write my paper for me’ service is good for everyone who wants to delegate paper-writing to professionals and save precious time that can be spent differently and in a more practical way. We want you to be happy by offering the great opportunity to forget about endless and boring assignments once and forever. You won’t miss anything if your papers become the concern of our professional writers.
Don’t waste your precious time browsing other services. We provide you with everything you need while you are enjoying yourself by doing things you really enjoy. ‘Write my paper then! Do my paper for me right now!’ If you are ready to exclaim these words with delight, we welcome you to our haven, a place where students spend their time serenely and never worry about papers! It’s your turn to have fun, whereas our mission is to provide you with the best papers delivered on time!
Questions our customers ask
Can someone write my paper for me.
Yes, we can. We have writers ready to cope with papers of any complexity. Just contact our specialists and let us help you.
Who can I pay to write a paper for me?
We will help you select a writer according to your needs. As soon as you hire our specialist, you’ll see a significant improvement in your grades.
Can I pay someone to write a paper for me?
Yes, you can. We have lots of professionals to choose from. We employ only well-qualified experts with vast experience in academic paper writing.
What website will write a paper for me?
WritePaperFor.me is the website you need. We offer a wide range of services to cover all your needs. Just place an order and provide instructions, and we will write a perfect paper for you.
Is it safe to use your paper writing service?
Our service is completely safe and anonymous. We don’t keep your personal and payment details and use the latest encryption systems to protect you.
What are you waiting for?
You are a couple of clicks away from tranquility at an affordable price!
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The economics of China have been growing rapidly since the reform and opening up in 1978. Between 1978 and 2005, China's per capita GDP had grown from $153 to $1284, that is more than 8 folds increment. This economic reform has increased inequality in China dramatically.
"Effect of Economic Growth in China on Energy Demand and the Environment" Introduction China has grown economically to be one of the most important countries in the world; with over 1.3 billion population and the sheer size of the country, this economic phenomenon is unprecedented.
According to the survey conducted by China National Bureau of Statistics found that from 1979 to 2012, China has attained an annual average growth rate of 9.8% for its national economy, while the annual average growth of the world economy is only 2.8 % during the same period.
Theories that explain China's economic growth tend to emphasize on the economic transition. As part of the economic reforms, China opened its market to foreign investors (Holz). A cumulative figure of the overall foreign direct investment in China had reached $100 billion by the year 1995.
China's economic development has been recognised or accredited by most studies and economists across the world. In a short period of time, it has improved to become among the biggest economies across the globe and it is expected that by 2030, the Chinese economy may rise above that of the United States (Kambara & Howe, 2010, p. 13).
In depth essay about China's economic growth through out the decade. In depth essay about China's economic growth through out the decade. Documents; Politics; World; Economic Growth - China Essay. Uploaded by Anjali Patel. 0 ratings 0% found this document useful (0 votes) 3 views. 7 pages. Document Information
The Chinese government's spending has been a significant driver of its growth. China's economy is measured by its gross domestic product. In 2020, China's economy shrunk by $4.2 trillion to $125.65 trillion. 1. Here is China's growth rate by year, showing how it has slowed since the 10.6% growth in 2010: 2. 2010 10.6%.
It is evident that China experienced a rapid economic growth towards the end of the 20 th century. This is attributed to various factors such as liberalization, price regulation as well as decentralization and ownership transformation, each contributing a certain percentage of the economic growth.
With a gross domestic product (GDP) calculated at the equivalent of $11.06 trillion and an average growth rate of 1.84 percent, China has the potential to surpass the United States' economy by the year 2030 (citation 1). China's rapid GDP growth is caused mainly by state investment, high exportation, and successes with e-commerce (citation 2).
Explains that china has become decisively committed to economic reform and opening to the western world. china boasts the world's fourth largest economy and an average economic growth rate of 9.5 percent over 26 years Explains that agriculture constitutes 10.9 percent of the economic sector in china.
In recent years, the growth pattern of China has been extensive. The Chinese economy has outgrown its closed economic cocoon and evolved as one of the most open to trade countries in the world. It has emerged in the capacity of the world's third-largest trading nation.
From 1978 until 2013, unprecedented growth occurred, with the economy increasing by 9.5% a year (Scissors, 2009). The enormous growth of China's economy. The primary keys to the growth of China's economy is a combination of socialism and capitalism.
Over the past three decades in China, it goes without saying that it was miracle that economic growth increased rapidly. For the size of gross domestic product (GDP), China grew by around 10% per year on average, so that it became the second largest economy in the end of 2012, behind the United States.
Economic Growth of China Essay China From centuries of imperialist rule, to a misguided conception of socialism, China as we now know today has become a superpower, due to its immense and thriving economy which has slowly built up over years of social unrest.
"China's growing middle class has made it to the second largest luxury good market in the world" (Rapoza). A growing middle class means that the general economy is improving, and there is higher demand for goods. Factories then need to be created, more jobs are available and there is more production.
Article Summary: China's Growth and the Manufacturing Sector. A recent analysis has shown that the enhanced economic growth, which China is currently experiencing, coexists with a drop in the manufacturing entrepreneurships' performance (Worstall par. 5). Indeed, the manufacturing sector, which used to power the entire country, has shrunk ...
The Chinese government is most likely to experience more rapid growth if it would ignore its commitment to the eradication of poverty, sustainability, and higher living standards, but this would be at the cost of the livelihood of the people, the environment, and their living standards.
The agenda is self-reliance. We've entered a new era." 3. Even if China meets its 2023 target, it would mark the country's third-lowest year of growth—all in the past four years—since 1990 ...
China has witnessed tremendous growth in the industry, agriculture, and energy sectors. A huge creation of rural factories has also led to environmental degradation of lakes, forests, ecosystems, ponds, forests, jungles, and coastal areas. The government has focused on economic development at the expense of the environment (Morton, 2005).
Problems of Chinese economic growth for the rest of the world. Readers Question: How should we respond to the Economic Impact of China's rapid economic expansion. Firstly, I am not convinced that China's economic growth is a problem for the UK and western economies. I would argue China's economic development has many benefits.
Abstract: China's reform, opening-up and resultant economic growth in the past 40 years provide a new constellation of experience we can study to understand the nature of modern economic growth. This chapter describes the process of reform and opening-up of the economy, and its nexus to accelerated economic growth. It describes and provides some data on the experience of trade and growth ...
Economic Growth In China Essay 914 Words | 4 Pages. The economics of China have been growing rapidly since the reform and opening up in 1978. Between 1978 and 2005, China's per capita GDP had grown from $153 to $1284, that is more than 8 folds increment. This economic reform has increased inequality in China dramatically.
Along with your finished paper, our essay writers provide detailed calculations or reasoning behind the answers so that you can attempt the task yourself in the future. Hire a Writer China Economic Growth Essay, Thesis Vs Topic, A Website The Types Essay For You, Esl University Business Plan Samples, Nytimes Homework, Custom Business Plan ...
China has experienced tremendous economic growth over the past few decades, becoming the world's second-largest economy. This growth has brought great benefits to both the Chinese people and the world; however, it has also brought about some challenges. In this essay, I will discuss how China's economic growth has impacted the world and how ...
Essay China Economic Growth | Best Writing Service Level: College, University, High School, Master's, PHD, Undergraduate Sociology Category Student Feedback on Our Paper Writers Great company to work... Essay China Economic Growth
Essay China Economic Growth | Best Writing Service Can I hire someone to write essay? On our website, polite managers will advise you on all the details of cooperation and sign an agreement so that you are confident in the agency.