In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. The Chinese government faces numerous major economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (c) reducing corruption and other economic crimes that in recent years has been a prevalent
The demand for oil in China has grown to unprecedented levels. It is one of the leading countries in oil demand growth. China’s dependency on oil has surpassed the USA in terms of imported oil in from the Middle East. The increase in oil demand in China is the result of many economic variables, including a booming economy. The implication of such a booming economy has resulted in political shifts on a global scale for China.
In 2012, China became the biggest trading nation in the world. This has been measured by the amount of exports and imports that China has. The USA’s exports and imports added up to $3.82 trillion USD in 2012. China’s exports and imports added up to $3.87 trillion USD in 2012. Free trade is extremely beneficial for economies as it has influenced China’s GDP and has made It closer to becoming one of the super economies in the world.
In the last three decades, China has been transformed into the second largest economy in the world, in terms of GDP or gross domestic product in 2010; along with that it has also become the highest consumer of energy in 2009. As per the report by Chen et al. (2013) the total energy consumption of China reached to 2.43 billion tonnes of oil equivalent in 2012. According to the same report, the energy consumption of per-capita GDP has risen by 1.4 times higher than the world average. Every growth comes with a price and in China; the population has paid with the ill effect of pollution on the health of the people in China.
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 China is the main concern, the air pollution throughout the world is also detrimental as “98% of cities in low- and middle-income countries with more than 100,000 inhabitants do not meet WHO air quality guidelines. However, in high-income countries, that percentage decreases to 56%” (“Air pollution,” 2016, para. 2). The reason that air pollution is extremely harmful is that of its increased risk of lung cancer, heart disease, stroke, and chronic and acute respiratory diseases, including
The government policies encouraged the privatization of agriculture, the wholesale urbanization of China’s rural population, the development of tens of thousands of small-scale rural industries and an influx of international investment. The results have been staggering: hundreds of millions of Chinese have been lifted out of poverty; China’s economy continues to grow at a rate of 8–12 per cent annually, as it has for two decades and by the end of 2005, China was the fourth largest economy and third largest exporting nation in the world, after the United States and
In the other hand, the consumption of oil in China is increasing due to the development of its industry and population growth. It increased from 2.9 million barrels a day to 5.4 million barrels (Horsnell, 2000). Industry sector in China consumed more energy than any other sector. In 1995, it recorded that oil consumption in industry sector had reached 49%. Although, it has heavy energy consumption, industry sector is holding one of the most important role in Chinese economy.
CHAPTER 2 Review of Related Literature and Studies This chapter presents foreign and local literature, and studied which are found significant in the conduct and result of the study. China’s Tourism Industry Since the 60's of last century, the tourism industry has been developing with the rapid development of the world economy, and has gradually developed into the world's largest emerging industries, the tourism industry has become the world's largest industry in the '90s, international tourism receipts in the world grew with the proportion of export earnings of more than 8%, more than oil, automobile, mechanical and electrical export earnings. Tourism industry has remained the world’s largest industry. Whether it is income, employment, or investment, tax, tourism industry to the development of the world economy has played a pivotal role. China's international tourism began in 1978, to encourage social and economic development.
Analysis China as a country with rapid economic growth, becoming one of the world’s attention on environmental problems. In fulfilling the needs of its people with large number and rapid growth of the industry sector, China provides substantial contribution towards environmental damage. Air pollution is a problem in China. China 's economic growth is pretty awesome, but not many people outside of China know the negative effects of economic growth. This matter emerged because of several reasons: One of them is air pollution.