Continual economic growth for the past 30 years has allowed China to rise as an economic power. As the Chinese manufacturing industry continued to grow many of the people moved from rural areas into urban centers. The continued economic growth has taken China from a poor country to the 2nd largest economy in the world. Using many of the principals of capitalism China has overcome obscurity and increased exports to the point of drawing a large trade surplus with Europe and the United States. The growing wealth of China has drawn much criticism form the global leaders as trade deficits rise. China has continued on policies of currency fixing and implementation of subsidies that are consistently controversial with the …show more content…
Manufacturing chases cheap labor. China is in danger of loosing the primary reason why the country was able to rise out of poverty. Creating a new competitive edge is essential for China to continue growth and remain an economic power. The economy must evolve. The population has gradually increased their level of education. China must encourage higher education by building universities and attracting the world’s top educators. Without an educated population and a thriving middle class China will loose everything they have worked so hard to gain.
Aggressive infrastructure developments continue but not in a sustainable way. China lacks quality engineers and regulations for construction projects. Low quality designs, engineering, and project management has made the Chinese infrastructure increasingly faulty. Buildings, roads, and bridges have half the life span as those within the US. A lack of codes and regulations on materials and design has lead to increased failures. Development of schools that promote architecture, engineering, and project management must be promoted throughout the country. China is cash rich and knowledge poor. Professionals in the applied sciences must be developed and be comparably to those of the developed nations.
The Chinese economy must adapt in order to sustain growth. The years of hyper growth appear to have ended and are know privy to slower yet continued growth in the range of 7%-10%. As the economy advances from an emerging