The Challenges, Aims And Implications Of a New Development Strategy Adopted in China
Wen Jiabao rethinks the financial crisis with a widespread heart in 2010. He uses more effective fiscal and monetary policies that China has faced the crisis’s resistance with a percentage increase of 8.7% annually. It also causes many unemployed workers to return to work again and earn higher salaries than ever before and work conditions better than ever. Additionally, he also gives full attention to the new development strategy which is moving from export growth which can ease domestic and international pressure. Nevertheless, there are still many obstacles to be pursued such as institutions that impede domestic demand and he is also very concerned about the pressure from America on China’s policies on trade, exchange rate, energy, and investment.
Getting targets for sustainable economic growth: Undoubtedly China will continue to be a major contributor to global growth because the Communist party and the national government have set an estimated economic growth of five years at 6.5% lower than the previous 8% but exceeded all other major economies and has the goal of raising the Gross Domestic Product (GDP) and economic per capita income between 2010 and 2020.
Mobilize the emphasis on investment and export into domestic consumption. Soviet-style investments that use the low labor cost can make it a world factory to be followed and used by China to follow the policy. This has led to the creation of both incredible Chinese growth stories and some of the challenges faced such as wealth inequality, excess capacity and environmental pollution. The new emphasis on domestic consumption has escalated from the key policy shift in the upcoming Five Year Plan.
The main aims are improvement of individual well-being through the renewal of well-being and social healthcare, and more precautionary measures to improve social wellbeing and health care to Chinese citizens and to release resources for consumption. To maintain the economic momentum for rising labor costs from day to day and the aging society that needs China to look for newer and better ways as well as changes in social policies that are particularly alarming is the one-child policy reversal.
China has just settled its leadership transition in decades. What has to be emphasized in this new leadership agenda is to change the country’s strategy to better its growth to reduce energy, reduce investment, and not depend on cheap labor as a competitive advantage. Policy discussions among Chinese leaders are the shift from the overdeveloped three-decades-long model of growth that will be filled with technical uncertainty and the most critical political difficulties possible.
To become a richer country requires a change in its formula. Domestic entrepreneurs and innovators are also important as well as innovation, technology and productivity improvement also play an important role. China does not really value science and technology altogether but their own including Chinese leaders are trained engineers and there is no shortage of ideas and technocrats in China. 20 years ago, China has invested in R & D as well as another year nowadays. But unfortunately the investment results are not clear.
Chinese leaders want the country’s economy to become more rapid in technology and innovation based on science that not only involves a good goal but also a very important requirement. The development of China is unbalanced which causes the government’s spending to be higher but the exploitation of labor politics is increasingly expensive as Chinese workers are increasingly aware that they are more entitled and claiming a greater share than ever before from the economic pie.
The Chinese constitution itself is a meaningless document that promises freedom of religion and personal privacy. The frequent amendments did not mean anything at parliament. The various things and endeavors to pursue the genuine constitution have been destroyed as well as other ways to reduce the power of the party also do not go as desired.
In addition, the collective leadership at the top has been destroyed by the destruction of disputed channels and does not agree with what is happening throughout the country. The most obvious actions and actions are the crackdown on the media and the internet. In 2009, the allowed argument was impossible to carry out that China could learn from other countries that political change was likely, that pluralism, civil society, and observance to the law were worthy things.
This is not good for China’s decision-making both domestically and internationally. This is not good for China’s decision-making either domestically or abroad. The previous system was cruel, oppressive, and corrupt – but it also witnessed reforms, both politically and economically, that made life better. Most critical, it avoids unexpected mistakes. At home, there is no repetition of ideological madness that sweeps Maoism. The changes were introduced slowly and thoroughly, tested locally and regionally before becoming a national policy. Abroad, China has avoided foreign warfare and blood since invasions and brief Vietnamese invasions in 1979, a record of peace that the United States and Russia can only dream.