Country (China) - Research Paper Example

As a function of seeking to understand and find the current economic situation that China faces today, the following analysis will not only provide a brief historical glimpse into the determinant factors which it helps to define China within the way it can currently be understood, the analysis will also be contingent upon discussing the outlook and ramifications of economic policies that are currently engaged within the People’s Republic of China. Through such a unit of analysis, it is the hope of this author that the reader will gain a more informed understanding with respect to the determinants of Chinese economic policy as well as the threats and potential weaknesses that the nation faces within the immediate and distant future.

Firstly, in seeking to answer the question of whether or not the People’s Republic of China can be considered as a triad nation, the reader must understand that triad nations are defined as those nations that only represent 8% of the world's total population – but account for 50% of its gross domestic product. Due to the fact that the Chinese population is currently in excess of 1.3 6 billion individuals, it cannot be assumed or understood that China is in any way indicative of a triad nation.

Whereas it is true that the GDP of China is massive, the population differential that is thus far been discussed ultimately convinces the reader that China cannot be considered as such. Currently, China exhibits an unbelievably low unemployment rate of around 4.1%. Before discussing or analyzing this statistic to a further degree, it must be understood and appreciated that many of the statistics that come out the People’s Republic of China are ultimately suspect. Without casting further aspersions upon the way in which the People’s Republic of China is administered, it must be understood that the Communist Party is ultimately the sole power that directs the fiscal and economic policy within the People’s Republic of China.

As such, the level and extent to which this entity can be relied upon for verifiable truth and reasonable statistics may well be quite limited. However, notwithstanding this fact, the rate of unemployment that is exhibited within the People’s Republic of China is astoundingly low. By means of comparison, the gross domestic product of the People’s Republic of China is currently in excess of $8.20 trillion dollars. Somewhat surprisingly, the GDP per capita, measured within the same 2012 time period, only stands at $6090.

As can relatively be noted, the GDP per capita as compared to the total gross domestic product of the entire nation is quite low; blending a level of understanding with regards to why she labor is so abundantly available within China and helping the reader to come to an understanding of why the People’s Republic of China continues to the a producer of so many consumer goods that require simple and complex levels of application. Many economists and businessmen alike have termed China’s rapid growth as an economic miracle.

Part of the reason for this is the fact that the GDP growth rate between the period of 1990 and 2010 averaged approximately 12%. Although the GDP growth rate currently stands at a lower level due to the 2007/2008 economic slowdown,