Chinese Society

It may seem ironic that the country that has a replica of our “42nd st” would also be in growing competition with our economy and it may also seem like China is the “little brother” of the US, but how long will this go on for? Will the US be able to keep up soon enough? This is the direction China seems to be headed for. But what makes China the greatest exporter of goods in the world? Bartlett, a businessman Peter Katel refers to in his article, states that “the unbeatable china price is due not only to low labor costs but also to unethical trade practice.” According to the 2005 article, Congress has yet to approve more than a dozen pieces of legislation that would allow the yuan ¥ to “float” in world currency markets, allowing for free-market forces to establish its value.

The reason this is happening is because people see China as a vastly growing country, corporations and companies want to move there because of the great opportunities they see to grow. Globalization has also impacted Chinese culture in a negative way. Because it is so powerful, the country has a sense of cultural superiority that was once not there. The cultural change started in the 1980’s when a series of reforms was launched. After these reforms were launched tensions emerged in the Chinese culture.

There are hazardous conditions as well as death and suicide in sweatshops that produce goods for these large corporations, particularly Apple, Microsoft, Dell, and Nike. These multinational corporations are motivated to obtain large profits by taking advantage of China’s lack of effective enforcement of labor laws. China’s history of sweatshops and factories has grown because of economic motives and government conditions. Multinational corporations such as Apple or Microsoft are “large corporations that sell goods and services throughout the world” (O’Sullivan 456). In order to maximize profits, these corporations have to find ways to cut corners and reduce input costs.

But the North American Free Trade Agreement (NAFTA) and Most Favored Nation status (MFN) with China taught millions of Americans that economic forces beyond our borders can powerfully affect us, helping determine whether our jobs will be moved away, or whether our wages and benefits will be lowered. One of the great crises facing American workers is “the race to the bottom” within the global economy. As a result of increased capital flow, various “free trade” agreements, and the role of international financial organizations like the International Monetary Fund, workers in the United States are increasingly being put in the position of having to “compete” with desperate Third World workers in Mexico, China, Vietnam and other countries who are forced to work for wages as low as 20 cents an hour. Clearly, Congress must make radical changes in our trade policies and our relationship to such international financial organizations as the IMF and the World Bank.

Trade liberalisation and the reduction in bureaucracy has enabled overseas firms to enter the Chinese market to take advantage of cheap and vast labour, creating millions of jobs. However, the privatisation of state-owned enterprises in the face of international competition as well as economic restructuring has also simultaneously led to mass job losses, especially in rural areas, posing a challenge to the Chinese economy and the government. During the period 2009 to 2015, China’s urban unemployment rate averaged 4.8% which is lower than the world average of around 7%. However, the real unemployment situation is likely to be more serious as migrant workers and newly graduated students are not included in government statistics on unemployment. As well as this, China has had historically low levels of unemployment, thus, a trend of increasing unemployment levels indicates a worsening situation.

Empirical data analyses reveal that China’s hybrid social-capitalist system has been highly successful, evident from its continuously high GDP growth (Chen, Quan, & Liu, 2013), despite the contrasting qualities of the socialist and capitalist model. However... ... middle of paper ... ...omic model. The multi-level governance has also created complications for economic growth even if the CCP wants to shift towards a market-oriented system. The structural interdependency between party-states and private, semi-private and state entrepreneurs coupled with their conflicting interests prevents optimal economic growth but also creates a strong alliance which has been hindering the control of the CCP. This need for the CCP to control China’s political system in turn has led to over-investment through the central government’s investment-driven growth, which would not occur had they not tampered with the natural dynamics of the market system.

Globalization has been a very controversial topic through out our word today; China has been a great example of what globalization can do to a developing country. But when we look deeply into the roots of china we realize china may not have benefited as much as some think. China has had one of the richest cultural backgrounds in the world. This majorly changed as globalization worked its way into the heart of china; changing the culture with it. After china opened its doors to free trade it became a central for factory lines.

The opening of China into international market, the extreme extraction of oil created the possibility of the production chain which eventually supports the world’s demand for industrial goods. The economic driven world has also exploited slower developing countries, which might hinder their growth which they would always be under the influence of more developed nations. Yet, globalization has established an invisible connection between all humans on earth, the goods that a person consume might have traveled across the world made by various material that has to be harvested in different countries, manufactured by different international factories and shipped into the homes of the consumer. Indeed, globalization have created a interconnected and interdependent

The Rise of China Today China is widely notorious for its large dominance in world affairs regarding trade and wealth however china was not always one of the economic superpowers of the world, china like many other parts of the east had not had their industrial revolutions as early as western countries such as Britain and could easily be described as being primitive following 2000 years of imperial dynasties. The pressing issue that the UK government will have to face is what we to do with such an ominous player in world affairs, without a clear idea on what to do upon China’s most recent rise to power the government may just be buying a ticket to watch china steal the show in economic, military and political matters. ECONOMICS The success in china’s development can be known through the use of the tactic peaceful development widely endorsed by General Secretary Xi Jinping and thanks to this Nowadays, China is the world’s second largest economy, and the country with the largest foreign exchange reserves. And is also China is the largest trading partner of 128 countries. Proof of this substantial amount of economic growth china has also become a major consumer electricity calling for the building of thousands of extra power stations to provide electricity for new factories and the vast city growth.

Unfortunately, worker rights have been ignored in order to increase productivity. Governments are heavily invested financial in the different sectors, such as the SOEs of China or the chaebols of South Korea. Power is largely consolidated, and that allows the governments to be invested into these corporations. Overall, economic progress is the product of a sacrificed political progress.