I just came back from China, and would say that it has shown an overwhelming growth in every sense of the word over a short time span. Below are seven simple facts about their economic growth that I have come to witness during my recent visit.
1. Robust economic growth
Everywhere you turn your eyes it will be met by astonishing progress in every angle possible. Infrastructure projects are really overwhelming. Construction ventures are ever present. In almost all aspects of economy, China is really achieving rapid and consistent growth. China has recorded an 8.5% yearly growth which is by itself a feat. Indeed its economy is making an unquestionable impact that resonates to every country in the world. It is a kind of impact that made them independent from the clutches of power of United States.
2. Noticeable achievements in different fields
The stimulus package of $586 billion has revved up economic activities back to its usual form. And the results are seen in so many varying ways that can be noticed in:
- Major cities around China such as Shanghai and Beijing are given magnificent improvements. Most facilities in those cities are of International standards comparable to some of the best place around the globe.
- Second class cities even went through an impressive make over at all sense, gaining impressive investments along the way.
- English language are now used and spoken in particular by the youth
- The services they offered now are of comparable quality already with some great places abroad.
3. Increased consumption volume
Its population are increasingly consuming so much during the past years. This truth can be best seen in the streets of major cities. This however could pose a challenge for China, they should think ahead of addressing the ever increasing need of its own population while maintaining its fast-paced growth.
4. Leading renewable energy producer and user
China has been utilizing renewable energy resources to meet its domestic energy demand. Among its widely used energy resources are Solar and Wind which are evident in its usage in many of its public places. In fact, China makes use of the solar energy way greater than all the other countries in the world combined.
5. Significant increase in opportunity for private business sector
China has been extending an impressive effort of increasing the opportunity for private business sector to flourish in its system.
6. Relevant improvement in manufacturing quality
My visit made me see the many changes the Chinese government undertook to improve its quality standards in manufacturing. The world market is demanding a high standard and China took on the call.
7. Australia is ignoring China’s growth is not taking China seriously enough
Many Australians do not seem to share the same opinion as businessmen from other countries do; that China is making its way to become a global influence. Australians are not giving the Chinese much attention as they deserve, the result of which is losing many key business opportunities for which we could competitively offer especially in areas that we really have a distinct edge over the others. We have the capacity to make opportunities over these changes, and I am hoping to see a more aggressive plan of our government to put things into action the soonest time possible.