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Our Country's Economy Weaknesses

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Our country’s economy has a number of weaknesses, such as institutional regime, financial system, geography, and technology innovation. However, before we are going to talk about economy weaknesses of our country, we should know a little background of how our country growing economy and getting weaknesses. Firstly, back into 1820, our country was developed very fast to become the world’s second largest economy (the globalist, 2014). Then, we were successfully reached to the world’s largest economy. Next, because we were grown economic very fast, ours GDP reached to 84% of the global average during that time. After that during 19th century our economy was slightly declined because Western grew wealthier due to Industrial Revolution (the globalist, …show more content…

As you can see the main problem that our country faced is growing economy too fast, but we can’t be equally distributed the economy benefits to all regions of the country. Therefore, these problems lead our country to economy weaknesses point affected to standard living of people in country. To begin with first institutional regime issues, enforcement of laws is a significant problem of our country because legislative body has played a weak role in governance system that largely controlled by the party (Zeng&Wang, 2007). According to economy investment in our country should regularly cover by sufficient set of law, but enforcement of law is still insufficiency. In a word means our government institution lacks to ensure success of businesses, which can affect to workers. For instance, because of overpopulated in our country, so they might increase unemployment rates. Thus, this first weakness can affect to the degree of investment, and productivity development of both foreign and local companies. For a second, financial system is one major problem because financial market is hardly provide investment options for China’s huge saving (Zeng&Wang, 2007), or in short financial market doesn’t provide much more investment option for domestic business. That means private firms have much difficult access to get external credit. Therefore, this is one problem for people who live and do business in our country to expand their business including job markets for workers, or planning to begin with new business to increase employment rates. Moving into third issues about geography because our country is a big country, there is a gap between developed and undeveloped areas. Even thought, we have

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