China's Growing Pains: Current & Future

Discussion in 'Asia' started by Adam's Apple, Jan 18, 2006.

  1. Adam's Apple
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    Adam's Apple Senior Member

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    Nice article with pretty good look inside China, analyzing problems it will face in the future. Probably need to print it out to read as it is long.

    A Giant's Growing Pains
    By Mortimer B. Zuckerman, U.S. News & World Report
    1/23/06

    Here's a piquant illustration of how China is emerging as a global economic and military superpower. The College Board asked a group of American high schools across the country to consider adding Advanced Placement courses in Russian, Japanese, Italian, and Chinese. Ten times the number of schools opted for Chinese over the other three languages.

    The perception of China's rise is sound. In the past two decades, its economy has been growing at 9 percent a year, propelled in part by low-end, labor-intensive manufacturing sustained by an explosive consumer market. China is now also a force in commodity markets, especially energy. The achievement is not one of communism. It can be traced to China's determined shedding of the corset of a planned, top-down socialism in favor of a more market-driven economy that has released the energy and talent of hardworking people. Today, the technical and managerial skills of the Chinese are becoming as relevant as their cheap labor. Indeed, China is graduating so many engineers and sci-entists that they will accelerate its economic growth by throwing more brains at technical problems at a fraction of the cost in the West.

    The Chinese economy is also distinguished by an appetite for investment. If you include foreign direct investments of $10 billion to $15 billion a month, the rate approaches 50 percent of gross domestic product--the highest ever achieved in a large economy and dramatically higher than the 30 percent peaks in Japan and South Korea. Again, more freedom is the trigger. Since it became a member of the World Trade Organization in 2001, China has lowered tariff barriers from 41 percent to below 6 percent today. It has the lowest tariffs of any large developed country.

    For full article:
    http://www.usnews.com/usnews/opinion/articles/060123/23edit.htm
     
  2. waltky
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    waltky Wise ol' monkey Supporting Member

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    Mebbe another slowdown in the global economy on the way...
    :confused:
    Is China's economy slowing too fast?
    March 9, 2011: Some economists and investors wonder if China's economy may slow down too quickly.
     

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