Source: www.reig.jhancock.com
Topic: China's Economic
Sort Desciption: China: How Economic Growth is Re-Shaping The Domestic Landscape As one of the fastest growing economies in the world, China has been hailed for its impact on global trade and on such global economic ...
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China: How Economic Growth is Re-Shaping
The Domestic Landscape
As one of the fastest growing economies in the world, China has been hailed for its impact on global trade and
on such global economic trends as the recent boom in commodity prices. Its impressive rate of development has
also had a dramatic domestic economic, social and political impact. The sheer scale of these developments in
China attracts much commentary and news media analysis on what might go wrong. While a snapshot of
Chinas current circumstances reveals challenges that are in many waysunprecedented, there are clear signs of
progress for those who take a closer look.
Pauline Dan , AVP & Executive Director, Equities for Manulife Asset Management (Hong Kong), addressed
these issues from her vantage point in Hong Kong.
For years, critics have consistently predicted an implosion of the Chinese economy. Some point to the
unsustainable growth rate. Others have gone so far as to suggestthat the rural population has been left out of
Chinas economic boom, which will spark a revolution of sorts. I suggest we take a balanced perspective on
some of the major concerns about Chinas economic growth.
What effect is Chinas economic boom having on the local population?
China has a rural population of about 800 million, of which about 500 mln are of working age. There are about
350 mln actually working on farms, leaving about 150 mln rural Chinese working in non-farm jobs such as
manufacturing, mining, construction or even as domestic helpers. Increasingly, many rural villages are actually
re-absorbing workers from the city because of a rapidly aging population and rising crop values. In the urban
centres, if one compares China to other emerging world markets such as India or Brazil, there are no "slum
quarters"to speak of within the cities. Migrant workers have largely been employed by the growing foreign
investments into China and they are normally provided with accom ...
domestic landscape, china economic growth consequences