The jobs market in China has been surging since 1978, when the communist regime opened its doors to foreign investment. The continuous arrival of foreign capital boosted the Chinese economy, making it the fastest growing economy in the world. As China embraced globalization, new industries were established and production hubs were created. Gradually, the country became a key contributor to the global economy, which opened the floodgates of employment opportunities.
According to the National Bureau of Statistics, China’s employment stood at 774.80 million persons at the end of 2008. Around 306.54 million were employed in the primary industry, accounting for 39.6% of the workforce. The secondary industry employed 211.09 million individuals, representing 27.2% of the total employed population. The employment figure for the tertiary industry was 257.17 million, accounting for 33.2% of China’s workforce.
According to an International Monetary Fund analysis, the growth rate of the Chinese economy hit a five-year low in 2008. From an impressive double-digit rate of 12.7% in 2007, China’s economic growth plummeted to 9.6%. The IMF also revealed that China’s per capita income in 2008 was equivalent to $3,180.The Gross Domestic Product (GDP) estimates based on Purchasing Power Party totaled $7.8 trillion. Owing to this, China became the second-largest economy in the world.
China’s central budget is prepared annually by the Chinese Ministry of Finance. Provincial budgets are also prepared by the local government. Both the budgets are presented in March, but before revealing the final figure to the public, the budgets are ratified by the National People’s Congress and local people’s congresses. According to the country’s budget law, even the plan of adjustments and final accounts are approved by the Standing Committee of the National People’s Congress and the local congresses before the final presentation.
Inflation in China soared during the 1930s and 1940s, when the country’s economy became highly unstable. The economic scenario worsened due to a civil war in the late 1940s. Food prices soared and hit purchasing power. In the early 1950s, the government implemented a series of recuperative measures, such as currency reforms, nationalization of banking institutions and the strict regulation of product prices and money supply. These policies continued till 1978. Owing to this, China succeeded in achieving record breaking price stability.
Among the most encouraging recent developments in India China Economy and India-China ties is the rapid increase in bilateral trade. A few years ago, India Inc had a fear of being swamped by Chinese imports. Today, India enjoys a positive balance of trade with China.In 2004, India’s total trade to China crossed US $13.6 billion, with Indian exports to China touching $ 7677.43 million and imports from china at US $ 5926.67 million. But major industry players in India feel there is no need to give the Chinese a free ride into the domestic market so early.
Think about vast population and China is the first country that comes to mind. It is also the world’s most populous country but has achieved tremendous success in controlling China population growth. In mid 2008, the country’s population stood at 1.3 billion.
China’s population growth and uneven distribution span two periods. From 1949 to 1970, the population growth was dispersed evenly but from 1970 to 1990, the population disparity increased and concentrated in the east of China.
China is a Lower Middle Income economies coming under East Asia and Pacific Region as to the classification made by the World Bank on the basis of Income and region for the year 2006.
China Government in the year 1978 has brought tremendous success for the country’s economy.
