China has the second largest economy in the world followed by the U.S. In 2012, China was the 18th fastest growing economy. (www.economywatch.com) In 2013, China became the world’s largest exporter. $2.21 trillion worth of production was exported around the world. China also manufactures for business from other countries.
1. Introduction In 2015, China's economic growth rate slowed down, but the per capita disposable income of the whole country increased by 7.4% in real terms, and the GDP grew by 6.9% in the same period. At the same time, in the distribution of income aspect, there are still many problems and challenges, which is mainly shown on the proportion of household income in the national income distribution, big income gap between industries and income gap is even larger between different group of workers. The Report on China's population and labour (2016) notes that China's gender wage gap is widening. According to the Survey on the status of women in China, the average female wage in China's urban employment in 1990 was about 77.5 percent of male wages,
China is the most populous country in the world and also a country of numerous farmers. China’s agriculture feeds a population of 1.37 billion of whose 48.8% of the population lives at the rural region. In the current situation, the rural population is 44.39% as per in the China (total % of the population). Land resources are scare: with 22% of the world’s population, china has only 8% of the world’s farmland about 0.1 hectares per capital. The portion of agriculture in China’s GDP dropped from 28.1% in 1978 to 11.8% in 2005.
The total American GDP increased 5.26 times, the British grew by only 2.24 times so America has become the undisputed world economic powers. In 1977, China was ranked 13th in the world, but 2nd in 2015. The population of the poor people of China decreased from 2.5 billion to 20 million. The foreign exchange reserves of China changed from $1.67 billion to $10.663 billion. The total import and export volume of China increased from $206 billion to $17607 billion.
China is the larger consumer of energy, movies, beer; it is building more high-speed roads, airports than the rest of the world combined. The country’s boom marked the age of fortune and produced a vast wealth and the highest number of billionaires. The Chinese success is one the most striking in the human history. The nation has achieved longer, wealthier, healthier, and more educated lives by almost every measure. Evan Osnos suggests that although Chinese people consider themselves more cautious than Americans, psychologically they are willing to take higher risks with their investments.
China is a country with 56 different ethnic groups and consumers with a vastly verifying level of income. Their culture, taste, preferences and interpretations are different from those of other cultures; hence succeeding in China requires a thorough insight and the ability to adapt quickly to changes and consumer demands. References Business. (2012). Home Depot’s big box plans for China lost in translation.
Shanghai is home to 23 million people in 2013, and is considered to be China's largest city. Today, China’s population has exceeded 1.2 billion people. To put that in perspective, China has about four times the amount of people as the United States of America. In addition to China’s extensive population, their history is just as profound. At first, kings ruled ancient China.
2 Brief History of China China is considered to be one of the oldest civilizations in the world. Its history is very long and could be divided into three main periods: Ancient China (2100–256 BC), Imperial China (221 BC–AD 1911) and Modern China (1912–present). During thousands of years many dynasties have changed until the year of 1911 when the monarchy was repealed. In 1912 was established the Republic of China which turned into People’s Republic of China in 1949. (Orbion.cz, 2015) 2.1 History of Technical and Economical Development Until 19th century China was one of the largest economies, however, around 1850 there was a period of de-industrialisation and GDP started to decline.
Over the past 30 years China has risen from the rubble, it has undergone a social, economic, political and environmental change so quickly that it astonishes the rest of the world. In the blink of an eye, it has become the manufacturing capital of the world. China has proven that it is possible to have a communist-capitalist government system. Although the transformation China has undergone is unbelievable, the country has also run into many problems along the way like overpopulation, environmental issues causing the economic growth is starting to slow down. China has had the largest ongoing migration in history, currently the government is planning to move 250 million people from farms to urban cities (New York Times).
Although, it has heavy energy consumption, industry sector is holding one of the most important role in Chinese economy. There is a tendency that economy growth is equal with the energy consumption level, it is found by a research conducted by Ruth A Judson (1998). To overcome this energy supply problem, Chinese government was deciding to take some steps. For instance, the government gave the encouragement to state owned enterprises to do overseas investment, and also being the main actor in oil and gas industry all over the world. China needs for energy, especially oil and gas, is forcing the government to change their policies.