China 's economic challenges-paper代写

留学生paper代写精选范文：“China 's economic challenges”，这篇论文讨论了中国经济面临的挑战。自从上一次金融危机之后，到2012年新一代的国家领导人上任，尽管这段我国的经济发展一直都在快速增长，但依旧还存在着很大的问题。像国家官员的贪污腐败、环境污染和贫富差距越来越大等问题，对我国来说都是非常大的挑战。

China's Economic Development in 2012 The year 2012 witnessed many changes in global politics. Fifty nine countries re-elected their new leaders, including the most powerful countries like the US, China, Russia and France. These countries accounted for over 53% of the global population and about half of the world GDP (Zakaria, 2011).1 The most important political event in China was the 18th National Congress of the Chinese Communist Party (CCP) held in November 2012 in Beijing. Xi Jinping was appointed to succeed Hu Jintao as Party General Secretary and Chairman of the CCP Military Committee. It is expected that by March 2013 at the Ninth National People’s Congress (NPC), he will also become State President, and Li Keqiang will be appointed as primary ministry of the State Council to replace Wen Jiabo. Based on past experiences, Xi and Li will be China’s most powerful decision makers for the next decade. As a result, their personality and leadership skills will critically affect China’s future development in a major way. In plain political language, Xi and Li are regarded as the fifth generation leadership of the CCP. The first two generations of leadership led by Mao Zedong and Deng Xiaoping had their natural legitimacy due to their military and revolutionary background, the latter three generations led by Jiang Zemin, Hu Jintao/Wen Jiabao, and Xi Jinping/Li Keqiang have been and will be based on their ability and popularity to create their legitimacy to rule the party and the state.

Fast economic growth and prosperity have been two important reasons to justify the legitimacy of their ruling power by Jiang and Hu/Wen. However, despite fast growth and rising prosperity in the last two decades, there have been many problems and challenges in the Chinese economy and society. The biggest problems and challenges are rampant corruption of party and state officials, environmental pollution and rising inequality between the rich and the poor. Consequently, the most important tasks faced by the new generation leadership are to mitigate or resolve these problems. The year 2012 was the starting point for the new leadership to demonstrate their ability and willingness to make changes that will give China and the Chinese people a better and more hopeful future. As a result, it is important for us to understand what had happened in China during the year in more detail. In 2012, China faced both internal and external challenges amidst the world financial crisis and the European debt crisis.

Externally, export growth and foreign capital inflows slowed down due to a sharp contraction in the bilateral trades between China and its largest trading partners, including the EU, the US and Japan. Despite its efforts to diversify its international trade with India, Brazil, Russia, Africa and the Association of Southeast Asian Nations, the volume of trade grew by only 6.2% in 2012, compared to 22.5% in the previous year. In addition, the inflow of foreign direct investments (FDI) declined rather unexpectedly after a few years of sustained growth from 2009 to 2011. Internally, asset bubbles, especially high house prices, rising land and labour costs, and currency appreciation reduced China’s international competitiveness.

Numerous small and medium sized enterprises specialising in export processing in Guangdong and Zhejiang were closed down or downsized due to rising production costs and weak foreign demand.Although China’s gross domestic product (GDP) reached a record high at 52 trillion RMB, or $8.3 trillion using the current nominal exchange rate between the US dollar and RMB, it represented a real growth rate of 7.8%, the lowest level since 1999. GDP growth started to slow down from the first quarter of 2010 for 11 quarters in a row, declining from 11.9% to only 7.4% in the third quarter of 2012. The growth rate rose to 7.9% in the last quarter of the year, raising hope for China to avoid a monolithic decline in its long term economic expansion (Figure 1).

Although economic expansion slowed down significantly, it still outperformed many major economies in the rest of world by a big margin. For instance, GDP growth in the US, Euro zone, India, Russia and Brazil were respectively 2.3%, -0.4%, 4.5%, 3.6% and 1.0% in 2012. In the same year, China’s GDP accounts for 9.5% of the world’s total, up by 0.7 percentage points from 2011. China’s per capita GDP measured by the US dollar in current prices rose from 5,500 in 2011 to 6,100 in 2012.

The value-added of agriculture, industry and services was respectively 5.2 trillion RMB, 23.5 trillion RMB and 23.2 trillion RMB, up by 4.5%, 8.1% and 10.1% over the previous year. Agricultural production maintained a good growth momentum, but industry and services represented a significant slowdown compared to the growth rates in 2011. Total grain output in 2012 reached a historical high of 590 million tons, up by 3.2% from the previous year, realizing a continuing growth for 9 consecutive years from 431 million tons in 2003. Total output of meat (pork, beef, mutton and poultry) was 83.8 million tons, rising by 5.4% from the previous year. Industrial production followed a similar trend of GDP growth (Figure 2). From July 2011, the monthly growth of industrial value-added declined for twelve months in a row, reaching the lowest level of 8.9% in August 2012. Total industrial production of the year was 20 trillion RMB, up by 7.9%.

In response to the slow growth in industrial production and GDP, the People’s Bank of China (PBOC) reversed its policy to maintain a high level of bank reserve/deposit ratio in 2011 to contain inflation and the housing bubble. Following a 0.5 percentage point reduction in November 2011 from 21.5% to 21%, the bank reserve/deposit ratio was lowered twice in February and May 2012 to 20%. In the meantime, the base rate of interest by the central bank was reduced twice in the first half of 2012, with the one-year deposit rate being lowered from 3.5% to 3%, and the one-year lending rate from 6.56% to 6.06%. Although there was a strong argument for further reduction in the bank interest rate and reserve/deposit ratio, no further action was undertaken in the second half of the year.

However, in response to the 3rd round of quantitative easing deployed by the European Central Bank and the US Federal Reserves from September 2012, China decided to approve many large infrastructure projects worth of over 20 trillion RMB to boost its domestic economy. This may have explained why China was able to achieve a higher quarterly growth of GDP in the last quarter of the year compared to a steady decline of growth in the previous 11 quarters. In 2012, total industrial value-added of enterprises above the designated size rose by 10% over the same period in 2011.

Among different industrial sectors by ownership, private enterprises achieved the highest growth rate at 14.6%. Foreign-funded and foreigninvested enterprises from Hong Kong, Macao and Taiwan achieved the lowest growth rate at 6.3%, reflecting a weakening of China’s external environment. During the same period, the light industrial sector grew relatively faster at 10.1% while the heavy industrial sector was at 9.9%. Meanwhile, the value-added of enterprises operating within the six energy intensive sectors was up by 9.5% while the same growth rate for enterprises in the hightech industries was much higher, at 12.2% over the same period. This in part may reflect China’s efforts to reduce its reliance on the heavy industry to achieve a more balanced economic structure.

Spatial rebalancing and restructuring was another important element in China’s efforts to reduce inter-regional inequality after the world financial crisis in 2009. In 2012, the central and western regions managed to achieve higher growth rate of industrial value-added at 11.6% and 12.8% respectively than the eastern region at 10.4%. Some provinces in the western and central regions achieved the highest growth rates of industrial value-added, including Henan and Chongqing. In contrast, some coastal provinces, such as Shanghai, Zhejiang and Guangdong, were among the slowest growing provinces in the country (Figure 3).

A gradual shift in the centre of growth gravity from the east to the central and western regions has taken place from 2009 as China has been forced to reduce its dependency on exports and foreign direct investments for its fast economic expansion. The rebalancing of economic and industrial production activities from the east to the central and western regions may reduce regional inequality but it may also have a detrimental effect on the numerous small and medium sized enterprises in the coastal region which have depended on cheap migrant labour from the inland areas. For these enterprises to survive and grow, they have to become more innovative and technologically competitiveness. more advanced and efficient to maintain their international.

International Trade Foreign trade has been one of three most important drivers of economic growth for more than two decades. The other two drivers are investment, domestic and foreign, and domestic consumption. Due to the double-dip, or even triple-dip, recession in many members of the EU and the sluggish recovery of the US and Japanese economies, China only achieved a growth rate of 6.2% of foreign trade in 2012, compared to 22.5% in 2011 and 34.3% in 2010. Nevertheless, such figure has already made China surpass the US to become the world’s largest trading nation in goods.2 In 2012, China’s total volume of trade was $3.87 trillion, edging past the $3.82 trillion of trade in goods recorded by the US Commerce Department. Total trade surplus, however, rose by 49% from $155 billion in 2011 to $231 billion.

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