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CHINA’S ECONOMY

CHINA’S ECONOMY. 30 October 2013 by Sigrid Brevik Wangsness. I. The Old China: Mao’s China 1949-1976. Official name since 1949? Communism Workers in the cities: in state-owned factories or public offices Workers in the country: on state-owned collective farms.

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CHINA’S ECONOMY

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  1. CHINA’S ECONOMY 30 October 2013 by Sigrid Brevik Wangsness

  2. I. The Old China: Mao’s China 1949-1976 • Official name since 1949? • Communism • Workers in the cities: in state-owned factories or public offices • Workers in the country: on state-owned collective farms

  3. The Old China: Mao’s China 1949-1976 • Clothing choice: blue or grey Mao suits • The Cultural Revolution: persecution, brutality • Severe poverty - starvation • Heavily subsidized housing, public services (health care)

  4. II. The New China:Early 1980s - today • Population? • Measures to prevent over-population? • More than 400 million people lifted out of poverty; more than 600m now belong to the Chinese middle class • Increasing urbanization, but around 50% still live in the countryside

  5. The New China:Early 1980s - today • Early 1980s: Introduction of market reforms (Deng Xiaoping) • From central planning to market-led capitalism • 2001: Member of the WTO

  6. III. China’s Current Economy Economic indicators for 2013: • GDP growth: 7.5% (Q2) Est. 2013: 7.5% • Industrial production: 10.4% (Aug.) (vs. USA: 2.7%) • Inflation: 3.1% (Sep.) (2013: 2.6%) • Unemployment: 4.1% (Q2)

  7. China’s Current Economy • Current-accountbalance:+ $42.3bn (Q2) +1.9% of GDP • Budget balance: -2.1% of GDP • Speedyrecovery from global financialcrisis; China’sgrowthhelpstheworldeconomy • Steady economic pace –but is it too fast to be sustainable? The sourceofitsgrowth?

  8. China’s Current Economy • What do you know about China’s banking system? • Any bad debt in China? • Steady growthand jobcreationnecessary to preventsocialunrest

  9. China’s Current Economy • Domestic security – anxious state • Has globalisation led to political freedom? (e.g. The Olympics, the Nobel Peace Prize) • Change of leadership – continuation of “modernized business- supported repression”? (See Compendium, p. 161) • Xi Jinpingas the new president of China

  10. IV. The Chinese Dream • What is Xi Jinping’s dream? • Are there indications that Xi Jinping’sslogan is a deliberate reference to “the American Dream”? • Which aspect is NOT part of the dream? • According to the article, what are the main dangers of Xi Jinping’s dream? (See Compendium, p. 162)

  11. China’s Domestic Challenges • The challenges emphasized by Xi Jinping • Bo Xilai • China’s other growing domestic problems: huge wealth gap, pollution, health care, human rights

  12. V. The Relationship between China and Japan • The two economic giants in East Asia, “China and Japan, have been rivals for the best part of a millennium” (Compendium, p. 156) Who has had/ has the upper hand –economically and politically? • How important are China and Japan as trading partners today etc. etc.?

  13. Tension between China and Japan • Historical enemies • 1972: Normalization of diplomatic relations between China and Japan • Still anti-Japanese feeling in China. Recent examples? • Current reasons for tension between the two countries?

  14. VI. China As a Global Power • The world’s largest new car market and automobile producer • The world’s largest oil importer (as of Oct 2013 when it surpassed the USA) • Chinese companies are expanding – several on Fortune 500 list – foreign acquisitions

  15. China As a Global Power • Huge investments in fixed assets: factories, equipment, property, infrastructure • Focus on capturing markets abroad and obtaining natural resources • Forming alliances with countries such as Venezuela, Iran and Sudan

  16. China As a Global Power • Africa and Latin America: Taking advantage of weak economies to get hold of valuable assets? • The IMF, the WTO and the summit on climate change – examples of increasing Chinese dominance • China and the EU: Trade and competition

  17. VII. Chinese Business Culture • Outline the main aspects of the Chinese business culture as Richard D. Lewis portrays it (Compendium, pp. 10-13, 33-34, 58, 70-73) • Hierarchy, harmony and face-saving • Communication: reserved, formal, subtle and indirect

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