Economic Issues In China

Introduction: China has a rich and old history of being the world's leading civilization, outpacing the rest of the world in the arts and sciences. In recent years China has faced incapacitating issues that entered the stage in the 19th and early 20th centuries. During this period of time the country was beset by civil unrest, major famines, military defeats, and foreign occupation. After the end of World War II, the communists under MAO Zedong established an autocratic socialist system that, while ensuring China's sovereignty, imposed strict controls over everyday life and cost the lives of tens of millions of people. After 1978 China's government focused on market-oriented economic development and by 2000 output had quadrupled. For much

China borders four different sea masses which are identified internationally as the East China Sea, Korea Bay, Yellow Sea, and South China Sea. On a political map China borders with 14 nations which are North Korea, Russia, Mongolia, Kazakhstan, Kyrgyzstan, Tajikistan, Afghanistan, Pakistan, India, Nepal, Bhutan, Myanmar, Laos and Vietnam. China experiences a very diverse climate depending wether your in the south where it is tropical or in the north where it is subarctic.China has an abundance of natural resources that include coal, iron ore, petroleum, natural gas, mercury, tin, tungsten, antimony, manganese, molybdenum, vanadium, magnetite, aluminum, lead, zinc, rare earth elements, uranium, hydropower potential (world's largest), arable land. Although china has a wide variety of resources one of them being water it also experiences and abundance of environmental issues. Some issues included air pollution from reliance on coal which in turn produces acid rain. Furthermore China is the world's largest single emitter of carbon dioxide from the burning of fossil fuels. Water pollution from untreated wastes is also a rising issue. Deforestation; estimated loss of one-fifth of agricultural land since 1949 to soil erosion and economic development; desertification; trade in endangered

Furthermore China has seen major and influential in the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China moved to an exchange rate system that references a basket of currencies. As a result of the June 2010 global financial crisis Beijing was allowed resumption of a gradual appreciation. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. The Chinese government faces numerous major economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (c) reducing corruption and other economic crimes that in recent years has been a prevalent