Essay On Inflation In China
After the rapid economic growth, China becomes the second largest economic in the world. However, China has the lower welfare for workers in the world which the citizens need to pay on their own contribution such as the cost of education, accommodation, medical treatment, and so on. As a result, the increasing in the cost of living affect the expenses of citizen expecially for the lower income worker and family.
Income and poverty dynamics, living conditions and he broader well-being of migrants
It has long time that rural-urban migrants work under the 'guest-worker' system which have very low 'discount rates' . As they regard themselves as temporarily workers in the cities, they work harder and live a modest life in cities and save as much
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China's residents had faced this problems. Inflation is a continuous increase in living expenses or general price level leading to a fall of value of money. People have to spend more to purchase goods. Hence, the cost of living will increase. There has several examples to show the situation of inflation occur in China. Mostly, the inflation occur is because of increase in price of real estate market and the stock increase. This will leading to the increasing in the prices of foods, vegetables, grains and so on. For instance, inflation has hit its second ten-year high in two month, led again by a further sharp rise in meat prices. China's rate of consumer price inflation hit 6.5% in the year to August 2007, up to 5.6% in July. In 2005, start from the rise in price of pork, followed by the price of foods, vegetables grain and so on. For the low income worker and family, the cost of living become higher and they cannot afford the high price of foods. On the one hand, increase the wages of migrant workers can reduce the dissatisfaction of people against the inflation. On the other hand, increasing the wages will leading to high purchasing power of consumer, hence it will cause the inflation occur again. Since 2007, increase in Consumer Price Index(CPI) has led to inflation occurred many times in differences society due to difference ability against
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