By Ken Moak, Miles W.N. Lee, Elliot Engel
Through an intensive research of China's contemporary historical past and financial improvement procedure, the authors of this publication search to provide an explanation for the factors of China's financial upward push and its effect at the remainder of the world.
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Additional resources for China’s Economic Rise and Its Global Impact
China, for example, has a relatively well-educated and skilled labor force whose wages are a fraction of those in other developed economies, but whose productivity might be not that far behind. It also has a world class infrastructure system boosting competitiveness because of transportation efficiency, the result of huge spending on railroad and paved road construction. China also has a comprehensive supply chain established by Chinese entrepreneurs who formerly worked for foreign firms or joint venture enterprises.
They claim that China has tens of millions of empty housing units because developers, most of whom are local governments and state-owned enterprises, simply built houses without demand considerations. Consequently, Ordos, a newly built city in Inner Mongolia, and other ghost cities sprung up across the country, prompting critics to speculate that China is heading toward a housing bubble. Will There Be a Housing Bubble? What the critics failed to notice is that the high vacancy rate in Ordos and other communities was not entirely due to overbuilding; rather, it is due to lack of market information and understanding of pricing strategies.
US-educated Chinese returned home to help with economic and technologic development in part because of the “glass ceiling” syndrome. The other motive is financial rewards. Many Hong Kong and Taiwanese investors relocated their production facilities and other businesses to China because of cheap labor and land, offering enormous economies of scale and increasing competitiveness and profits. Effects of High Growth Rates It is true that many mistakes have been made. Growing too fast in the early 1980s resulted in inflation, unbalanced production, and inefficient use of resources.