China's Economic And Social Development

1042 Words 5 Pages

Summary: For the past three decades, China’s economic and social development trajectory has been growing at an average of about 10 percent GDP growth rate and more than 600 million people have been lifted out of poverty. With a population of about 1.4 billion, China became the second largest economy and is a major political and financial player. Aspirations to become a world leader, in par with the U.S run deep. China is setting up complementary or parallel structures to existing western dominated institutions to augment strategic autonomy, which in future can challenge international rules and shift the balance of global order. President Xi Jingping’s foreign policy reflects his wariness of western influence and his desire
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It has high disparity of income, consumption, assets and opportunity. While extreme poverty has almost been eliminated, it has the second largest number of poor in the world after India. China’s growth has been capital intensive and environmentally damaging. Its market reforms are inadequate and incomplete. The Central Bank devalued the currency and lowered interest rates several times in the past few month. There are growing concerns of an economic downturn, a housing slowdown and other internal conditions that could impede further progress. Experts believe increasing threats to China are more likely to come from within that could disrupt the social base and …show more content…
There are a large number of disenchanted citizens. With a growing domestic society, there is less space for free and candid exchange of ideas that allow for innovation and creativity within the society. The absence of ‘rule of law’ and ‘unwritten rules’ that suppress citizens and activists is a political reality. The draft foreign NGO law if passed will affect more than 1000 foreign NGOs that operate in China, some that provide a funding gap at the grass root levels.

China’s demographic tidal wave will soon take effect and is irreversible because of the infamous “one-child policy.” The percentage of aging population is increasing and its working population will start to decline. China’s healthcare system is underdeveloped and this will have implications on the younger generation and on the overall economy. Dependency ratio will rise and household savings will decline. “Often referred to as the 4-2-1 problem, the policy has meant that one child has to support two parents and four

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