The Chinese Individual
The global economic crisis
that started in 2008 affected China a great deal. Reports of millions of
Chinese workers losing jobs were startling and frightening, what with the size
and strength of the Chinese government and its range of influence. China’s
imports, exports, and foreign direct investment (FDI) all slowed as well. The
Chinese government responded by implementing a $586 billion economic stimulus
package, and thanks to that was able to weather the effects of this economic
predicament. In fact, many economists theorize that if China had not been able
to withstand the effects of the economic crisis and had failed to bounce back
that the world would be in much worse shape than it currently is. China has
become the world’s trading capital, as the industriousness of this nation has
prompted much foreign investment, and the effects of depreciating business in
China would have very far-reaching effects. In fact, fixed investment accounts
for a huge portion of China’s GDP, meaning that there is a lot of foreign
dependence on China’s success. This is evident throughout history; China has
been deemed a crucial trading post for hundreds of years
However, even though China is still the
fastest-growing major economy in the world, it seems to be slipping. This last
quarter had China’s GDP growth rate at 7.8%, continuing China’s longest sub-8%
GDP growth in over twenty years (which has been slightly more than a year thus
far). Though this would initially seem problematic for the investors of the
world, this slowed growth is in response to what has been a critical issue in
Chinese culture: individual happiness.
China’s
growth as a modern nation really began to take off during the Maoist Era.
However, it was a very nationalistic growth, by which I mean that the economy
may have soared for the nation and the government, but the individual’s wealth
did not improve nearly as much. Even now, with a much more capitalistic and
citizen-conscious China, the GDP per capita of this forefront powerhouse rates
on the same level as Malaysia. However, that’s where this economic reform comes
in. Chinese President Xi Jinping announced that the
Chinese government is opting for a slower growth rate, saying instead of a
higher growth he would “rather bring down the growth rate to a certain extent
in order to solve the fundamental problems,” (Bloomberg.com). This slowed
growth rate is as a result of increased government stimulus, such as tax breaks
and increased support for small business. Though this is definitely a
significant step, there are still many more areas that the Chinese government
needs to fix, or in many cases, cease activity. This area is the personal lives
of people.
There is no doubt China is
overstepping boundaries in many parts of peoples individual rights. This, as I
mentioned before, has been an ongoing problem for a number of years, and has
been apparent to almost everyone that China, while making incredible economic
progress, is failing to keep up with the evolution in the understanding of
human rights. However, it has only been recently that the citizens of China
have been able to voice their dissent without disappearing. This may be in part
the spread of social media’s range and use, though China still has incredibly
strict internet regulations in place; this may be in part due to Western
influence, which has been present economically for a number of years, but
culturally has been scarce until more recent years, during which it has boomed.
In fact, some of the most avid Chinese citizens voicing their concerns have
been overseas students, students who completed some part of their education
elsewhere, especially America. No matter what the main cause, the citizens of
China are managing to speak up, and for the first time these voices are being
heard. China’s in the limelight now, scrutinized from thousands of angles, and
cannot afford to overlook these issues anymore. So though there are still many
basic issues concerning individual welfare, we can count on these citizens to
be the catalyst for change.
·
"Xi Says China
Chose Slowdown to Allow Economic Adjustment." Bloomberg.com.
Bloomberg, 04 Sept. 2013. Web. http://www.bloomberg.com/news/2013-09-03/xi-says-china-s-slower-economic-growth-is-result-of-adjustment.html
·
Broadberry, Stephen.
"ACCOUNTING FOR THE GREAT DIVERGENCE." Universite De Geneve.
London School of Economics and CAGE, 10 Nov. 2013. Web. http://www.unige.ch/ses/ihise/research/sar/AccountingGreatDivergence3.pdf
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Chowdhuri, Satyabrata.
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Business News, Taiwan and Hong Kong News and Business. N.p., 21 Apr.
2005. Web. 17 Dec. 2013. http://www.atimes.com/atimes/China/GD21Ad01.html
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The
Economist. The Economist
Newspaper, n.d. Web. 17 Dec. 2013.
·
"Historical GDP of
the People's Republic of China." Wikipedia. Wikimedia
Foundation, 13 Dec. 2013. Web.
·
McLaughlin, Kathleen.
"Why China's Youth Find Western Culture Attractive." PBS.
PBS, 13 Feb. 2012. Web.
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W., C. "What Was
the Great Divergence?" The Economist. N.p., 2 Sept. 2013. Web.