THE POLITICAL AND CULTURAL BASIS OF CHINESE ECONOMIC SUCCESS

Le classi terze A.F.M., giovedì 6 febbraio 2020 dalle 9:00 alle 10:20 hanno partecipato all'incontro qui sotto riportato:

The political and cultural basis of Chinese economic success

- what is “socialism with Chinese characteristics”?

- Chinese model strategy

- Conclusion: advice to remember for future economists

Moderator Prof. Maurizio Zandri, Speaker doctor Sue Xueyan Su, bachelor degree in Tourism & English from Nankai University, China, and Master's degree in Business Administration (MBA) from James Madison University. President of Via Soccer LLC cultural exchange organization based in Virginia USA and Mr. Dario Marcolini, Technical Manager of Via Soccer Company.  

 China claims to operate as a socialist market economy. China has the second-largest economy in the world in terms of nominal gross domestic product (GDP), and the largest economy in terms of purchasing power parity (PPP).Today, China is an upper-middle-income country and the world's second largest economy. However, its per capita income is still only about a quarter of that of high-income countries, and about 373 million Chinese are living below the upper-middle-income poverty line of US$5.50 a day.

Economists generally attribute much of China's rapid economic growth to two main factors: large-scale capital investment (financed by large domestic savings and foreign investment) and rapid productivity growth.

When China joined the WTO, it agreed to considerably harsher conditions than other developing countries. Trade has increased from under 10% of GDP to 64% of GDP over the same period. China is considered the most open large country; by 2005, China's average statutory tariff on industrial products was 8.9%.

According to a new survey from Reuters, China's economy is expected to grow by 6.2% this year, approaching a near 30-year low. The country's economic growth has been hampered by the hundreds of billions of dollars in tariffs levied by the Trump administration over the last year.

The water resources of China are affected by both severe water quantity shortages and severe water quality pollution. An increasing population and rapid economic growth as well as lax environmental oversight have increased water demand and pollution.

In 2017, the Trump Administration launched a Section 301 investigation of China’s innovation and intellectual property policies deemed harmful to U.S. economic interests. It subsequently raised tariffs by 25% on $250 billion worth of imports from China, while China increased tariffs (ranging from 5% to 25%) on $110 billion worth of imports from the United States. Such measures have sharply decreased bilateral trade in 2019. On May 10, 2019, President Trump announced he was considering raising tariffs on nearly all remaining products from China. A protracted and escalating trade conflict between the United States and China could have negative consequences for the Chinese economy.

China is growing global economic influence and the economic and trade policies it maintains have significant implications for the United States and hence are of major interest to Congress. While China is a large and growing market for U.S. firms, its incomplete transition to a free-market economy has resulted in economic policies deemed harmful to U.S. economic interests, such as industrial policies and theft of U.S. intellectual property. This report provides background on China’s economic rise; describes its current economic structure; identifies the challenges China faces to maintain economic growth; and discusses the challenges, opportunities, and implications of China’s economic rise for the United States.

By 2030, China is expected to be the world’s largest economy once again. As the overview shows, obstacles await, such as facilitating domestic consumption and lower savings, reducing debt levels, reforming the SOE (state-owned enterprise) sector and realising a balanced and healthy rise in prosperity with growing living standards for all. Yet the country is on its way to reclaim its position as the world’s largest economy amid the Fourth, not the First, Industrial Revolution.

Pubblicata il 28 febbraio 2020

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