| China has become a rich nation? | |
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| Nov 27, 2007 02:21 |   |
 | Since China has made great achievements in economic development, many foreign countries or medias have shown their great concerns on China. After the NBS (National Bureau of Statistics) published the GDP growth rate in third quarter and its estimaion of GDP growth rate in the fourth quarter---11.5%, many countries and medias anticipate that China is possible to surpass Germany and ranks the third place in the world. Juding from these, it seems that China has become a rich nation. Even Japanese Prime Minister has announced that Japan will stop increasing its loans and aids to China since March in 2008. Why? China has become a rich nation and does not need foreign loans and aids. Some people even say that China has economically become the strongest in the world. China has become a rich nation? What do you think of it? |
| Nov 27, 2007 07:44 | #1 |
| Members of the CPC have become rich, that is for sure. I am often left to wonder how long the poor peasant, who makes up the vast majority of the population, will be content to come to the big cities and stare in wonder at the riches of Babylon that they see all around them before thinking that they are not getting their fair share of this new found wealth. And yes, I realize that the populace here has been innoculated against complaining and / or showing any political will at all, but a new, young, and increasing educated generation will be coming of age in the next 10 - 20 years. How they deal with the vast corruption and unequal distribution of nationnal wealth will surely decide the future of this new China. |
| Nov 27, 2007 09:47 | #2 |
| GUEST1127 | Dreamlife if ok, dreamtalking is not. |
| Nov 27, 2007 11:06 | #3 |
| What is the value of the nation's foreign reserves? This is part of the national wealth belonging to all the people. It is a policy decision to keep it in reserve rather than share it out (another topic!), but this should be taken into account in deciding how wealthy China is. I don't know what that figure is... anyone know? (too lazy to do a search!) |
| Nov 27, 2007 11:54 | #4 |
| The site I checked said $1434 billion USD as of September, 2007. That is a boatload...in fact, several boatloads of $$$. Here are the top - 10 nations: People's Republic of China $1434 (September) Japan $954 (October) Eurozone $483 (September) Russia $455 (November 9) India $271 (November 16) Republic of China (Taiwan) $266 (October) South Korea $257 (September) Brazil $173 (November 13) Singapore $158 (October) Hong Kong $142 (October) Germany $126 (September) While foreign reserves is one indicator of national wealth an economist would suggest other measures as well. China has advanced rapidly but I am not certain that China is rich yet; the country has many hurdles to cross before those foreign reserves are national wealth. I believe the true measure of China's wealth will be raising the standard of living across the country. ...not that I want to see more mobile telephones and automobiles in China... When China has a national standard of living comparable to the other wealthy nations of the world those foreign reserves will be riches. BTW - The cultural destruction I've observed in China is nothing short of tragic. To my eye, the Chinese people had more of the best things in life (family, friends and satisfaction from simple pleasures) in the 70's ...even though life was much more difficult. But progress has always been a double-edged sword. :-/ |
| Nov 28, 2007 03:54 | #5 |
| Yes, China's GDP and foreign reserve has grown quickly. But how about the per capita GDP or foreign reserve? Very small, right? What's more, the disparity between the rich and the poor is the most emergent issue to be solved (this issue has been raised many times). Many farmers come to big cities to do some dirty and toilsome works to earn their livings. The poor even can not stuff their stomach. But the rich can go to very luxurious restaurants and eat whatever they like. That is the gap. How sad it is! Just look at this little girl! |
| Dec 3, 2007 10:01 | #6 |
| How rich China is and how it shares its wealth between the rich and poor are very different questions. I know we are following Den Xiaoping's advice and achieving growth first and we worry about the side effects later, BUT, as a visitor to China I am disappointed by the increasing gap between rich and poor, at the arrogance of the rich, at the lack of spending by the government on services for the poor (we know the reserves are there), the lack of controls on business and the lack of support for the workers. Why do so many foreign companies want to invest here? Not only is labour cheap, but there are bugger all rules controlling the 'capitalist pigs' (To use a good old phrase from the past) who are free to exploit workers in a way they would never be allowed to at home. |
| Dec 12, 2007 20:22 | #7 |
| Quote: Why do so many foreign companies want to invest here? Not only is labour cheap, but there are bugger all rules controlling the 'capitalist pigs' (To use a good old phrase from the past) who are free to exploit workers in a way they would never be allowed to at home. Very innovative, Paul. It is true that those foreign investors usually choose developing countries to do investment. Just as you said, the labour is cheaper and they could take advantage of the law loophole. For those who work in foreign invested companies, overtime working is very normal (though they could get paid). No one would like to work overtime even they got paid. |
| Dec 12, 2007 20:55 | #8 |
| Yes, China is a very rich nation. No other capitalistic nations on earth have the extreme population factor as China. The Chinese experience is experimental and uncharted. There is, as we speak chronic poverty in the most developed capitalistic nation. Think about the USA, Australia or any other capitalistic nation with the same population average as China. Do you think they can they do any better? |
| Dec 18, 2007 10:27 | #9 |
| Can we define some country´s wealth with GDB? When a country really is rich? It is well known that in China, as well as earlier in Russia there was a very fast growing population of millionaires. Does it make a country rich? There are huge amount of people living practically with no income in China, in Russia, in US.......list can go on. Really, really poor people, some must beg on streets. US is definitely rich, or is it really? Money, money, money, lots to some, some live without. Carlos |
| Dec 18, 2007 20:41 | #10 |
| We can not judge if a nation is rich or not by the number of millionaires or multi-millionaires. If all its people could live happily and are well-being, that nation is rich. If their is no one begging on the street, that nation is rich. China is far from being a rich nation. |
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