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Country Report:China - Essay Example

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China, most certainly carries an extremely important position in the overall economic axis of the world. Officially known and proclaimed as the Peoples Republic of China (PRC) by the Mao’s Regime in 1949, it is the most populous nation in the world with a population of over 1.3 billion people and the fourth largest nation in terms of total area…
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Country Report:China

Download file to see previous pages... China, most certainly carries an extremely important position in the overall economic axis of the world. Officially known and proclaimed as the Peoples Republic of China (PRC) by the Mao’s Regime in 1949, it is the most populous nation in the world with a population of over 1.3 billion people and the fourth largest nation in terms of total area.An economic giant, China is a country that has a rich history and magnanimous talent both in agriculture and industry. It is one of the five remaining Communist states in the world and regularly cited as the next super power largely owing to its rapid economic progress and international influence. The world’s largest exporter and second largest importer China has immense potential. It is a part of many international organizations including being a member of the G20. The official currency of China is the Yuan (CNY) and is considered to be the next dollar by many analysts around the globe. The two major stock exchanges are Shanghai Stock Exchange and the Shenzhen Stock Exchange having a total market capitalization of plus $4 trillion dollars. Chinese exports largely depend on its major export partners like the United States, Hong Kong and Japan while it relies on imports from South Korea, the neighboring Japan and Hong Kong. With a credit rating of AA- by Standards and Poor’s and foreign reserves well in excess of $3.2 trillion dollars the Chinese economy continues to boom with some hiccups caused by the global economic slowdown. In 2011, the IMF predicted that China's GDP (PPP adjusted) would overtake that of the United States in 2016. (Gardener 2011) Macroeconomic Study: (a) Major macroeconomic Indicators: Real GDP & Real GDP growth rate: Source: (Dr. Sohn’s Economic Network; China’s Second Quarter GDP Growth; retrieved: March 17th 2012) China’s real GDP Growth rate has been steadily rising since the 2009 meltdown where its growth rate dropped to around 6 % which was still substantially higher than the rest of the world reporting negative figures. Recently China posted 9.2% increase in its real GDP far above many countries marking its preeminence in the world. China has kept its currency largely undervalued making exports to other nations very cheap. China continues to take the world market by storm with its cheap products owing to low cost labor and abundance of raw materials. The Chinese GDP hit 47.2 Trillion CNY for the year 2011 amounting to a 9.2% growth rate. The high growth can be because of the economic slowdown in the United States and European nations under the heavy debt crisis. ii) Unemployment Rate: Source: (Trading Economics.com; Bureau of Economic Analysis: Retrieved: 16th March 2012) The minimum wage recently increased to $100 per month as many companies shifted their operations to other cheap labor countries. Agriculture continues to be the chief employer although its share has decreased form 60% to 40% followed by the industries. Women constitute a significant portion to the overall labor force. The rising wages during the 2007 pushed the cost up and exports were being expensive for the US which said that it was putting inflationary pressure on its economy. Although, labor productivity was not being compromised, increased wage rate seems to be the prime concern for China since workers are now more literate and willing to come out for their rights. The unemployment rate has remained steady around 4 % for China which goes on to show that the labor policies are well in place and economy has continued to grow despite being hampered by economic downturns. (Forbes 2011) iii) Current Account Balance: Source: (Indexmundi.com; China Current Account ...Download file to see next pagesRead More
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