Term Report

Zeeshan Aslam 10055 MBA IV Direct

Global Economic & Political Environment Submitted to: Ms. Naheed Memon

Date: 23 August 2011


3. 2.Q. Rebellions China’s periodical economic growth was hampered and in many cases destroyed by periodical rebellion like Taiping Rebellion. Punti-Hakka Clan Wars (1855–67). one child policy etc. Nien . Current political system that has been followed is Communism. China is considered as one of the oldest civilizations in the world and with that we can expect that this country has seen many different situations and outlooks. Inconsistent Leadership China has been very unfortunate when it comes to having a leadership who can guide the nation on his way and can carry it forward with other leader after him. new leader has always refuted the policies of prior one and to put the nation under misery. But this has never happened.e. And the policies that are constructive for the whole country can be carry forward by other leaders. political systems and wars.3 billion. governments were we can say least bothered about issues but rather suppressed them. cultural revolution. they have put even tougher conditions. Such a large population has different needs which the government has to fulfill. Few reasons why China has left behind Europe in terms of economic strength are: Background China is the country which has long and deep roots in the history. China is the most populous state in the world with population over 1. Here in China.1 Make a short assessment of why China fell behind of West Europe in economic strength from 18th century onwards? Ans. Government has always tried to control the population through various means i. Reasons Following can be some of the reasons why China has fallen behind of Western Europe: 1. This country has witnessed many changes in terms of leadership. Population Crisis Population has always been a factor of curiosity for Chinese government.

if we observe how it started we will come to know that at that time China was ruled by The Qing Dynasty. the West in specially.Panthay Rebellion (1856–1873) and the Dungan revolt (1862–1877). Miao Rebellion (1854–73). sin-Japanese war. The Second Sino-Japanese War which started in 1937 and ended in 1945 resulted in conflicts between the Communists and Nationalists. burn all and destroy all". Opium War with Europe etc which costed China not only million of peoples’ lives but also destruction on large scale. . There was a war named as opium war with Europe. At this time China opened to the rest of the world. Wars with other countries China has not only faced internal/civil wars but has also fought wars with other countries like Japan i. Industrial revolution started but couldn’t sustain due to the above said reasons. China regained its powers but was financially weak and couldn’t support its economy. Comparison of China with Europe If we try to compare the situation in both the regions we will observe that China has always been surrounded by issues which has disrupted any economic advancement that has occurred in the period had gone to zero level again. Due to this financial position and mistrust between both the parties triggered a civil war in the country. 4. and that was the last dynasty in China. As China showed growth in foreign trade and other productive activities. With that it also resulted in loss of around 20 million deaths. And when China started to show industrial growth. And due to which 2 Opium Wars were fought with Europe that resulted in collapse of the growth trend in China and its open economy to rest of the world. But later with the fall of Japan in the World War. while Europe has maintained the growth on a constant basis.Rebellion (1851–1868). All the destruction after rebellions pushed the economy in extreme backwardness as things were destroyed. Europe has utilized the industrial revolution to the fullest while in China.e. which lasted until 1912. opium produced by British in India was forced onto Qing China. Qing Dynasty’s approach to the economy was defensive towards the Western Europe. Later on rules was established. but due to the civil war many provisions of the ROC constitution failed to work in China. At that time Japanese army had three policies for the war "kill all.

And due to weak economy China couldn’t open itself to rest of the world for economic expansion and as a result was left behind.e. in 18th century kept side lined due to various issues and wars and couldn’t cope up to the rest of the worlds’ progress. .This is how China from very beginning of Industrial Revolution i.

Chinese economy prior to reform During the 1930s. Chinese officials and entrepreneurs initiated Chinese-owned steam shipping. such as tea and silk. presented chances for non-Western countries that remained independent to economically develop. as well as intensive European colonization activities. and modern mechanized cotton mills.Q. The pre-1949 global economic environment. to be successful at economic development. The economy was seriously interrupted by the war against Japan and the Chinese Civil War from 1937 to 1949. But China's losses from . China’s portion of world trade and its ratio of foreign trade to GDP achieved levels that were not regained for over sixty years. The Global Economic Environment from 1800 to 1949 From 1800 until 1949. and Western industrial and military technology was accessible to sovereign non-Western countries that had the aspiration and the financial means to purchase industrial technology. Before the downfall of international trade that followed the beginning of the Great Depression. a steam railway. There were international markets for many non-Western commodities and products. Until the 1800s. and the headship to design a design for economic development.2 What might have been some important pre conditions that helped China strong growth trend after 1978 Ans. silk. a country needed to have enough independence to keep mechanism of its economy and foreign trade. ceramics. China established a modern industrial sector. Qing China was never entirely colonized but it still had plenty sovereignty and financial properties to endeavor modest modern economic development. The Qing government also agreed the setting up of a modern iron and steel mill and a Western-style bank. and other Chinese products that enjoyed great international and European demand. after which the triumphant Communists fitted a planned economy. But. a modern coal mine. a telegraph company. the global economic environment was categorized by European-led industrialization. Chinese Sovereignty and Economic Development Efforts from 1800 to 1949 Imperial China had for many years allowed global trade allowing foreigners to buy tea. Chinese authorities did little more than normalize and lightly tax the foreign trade in Chinese goods. which stimulated unsure but significant economic growth. Qing China tried to carry out economic development but the result was China as semisovereign. foreign products commanded little market demand in China. thereby depriving it of important areas of sovereignty and placing obstacles in the path of Chinese economic development efforts.

and the financial burden of indemnities in the wake of the two Opium Wars.opium." This was a policy of trying to import foreign military and industrial technology to give China wealth and power. During this period. Beginning in the 1870s. Chinese authorities had the opportunity to try to economically develop their country with the benefit of full political and economic sovereignty. all). Chinese historian Mary Wright and others have referred to this period as a "golden age" of Chinese industrialization. when Chinese-owned businesses flourished (Thomas. 165). combined to limit the funds available to support Chinese economic development. the Western military invasion and occupation of Chinese "Treaty Ports" caused the Qing Chinese government after 1870 to move toward "defensive modernization. During WWII for the first time in 89 years. such as militarism. The second positive aspect of the global economic system was that it did provide a market for China's exports as well as access to advanced Western military and industrial technology. began to look abroad for political and social models to help strengthen China and save its civilization from demolition through colonization. But China needed to have sufficient sovereignty to collect the tax funds needed for making the purchases. One short period during the 89 years from 1860 to 1949. There were also some constructive characteristics to Western inroads on China's sovereignty and independence during the period of intense Western colonization from 1860 to WWII. First. Chinese economic development efforts significantly accelerated. under the banner of "self-strengthening. p. A third positive aspect of Western military pressure of China was that Chinese reformers. in order to strengthen China to save it from destruction by Western imperialism. But this period ended soon after WWI with the return of the full force and power of the European colonial governments. and provided a blueprint for the economic development that Qing China would have continued to support if it had had full sovereignty and resulting substantial government income from taxes on foreign trade and foreign-owned businesses (Thomas. particularly after 1895. many Chinese leaders reluctantly concluded that China needed to adopt selected aspects of European culture." Chinese-designed economic expansion enterprises were modestly successful. from the limits placedon China's sovereignty. China had to wait until World War II to regain its full sovereignty and resultant Chinese legal controls over its domestic economy and over foreign enterprises in China. These Chinese enterprises enjoyed forward and backward economic linkages with other Chinese-owned modern enterprises. China had a period of about 5 years of greatly lessened foreign control and economic competition. .

In some ways. The government destroyed opium manufacture. took complete control of China. and in the nature of the global economic system. The Chinese government took control of most large economic enterprises and industries. but since 1949 Chinese officials have been in total control of their . using a state-planning economic system based on the Soviet model. gradually eradicated opium addiction. using its full sovereignty. and life expectancy of most Chinese (World Bank. the communications sector.Chinese Economic Development from 1949 to 1978 In obvious contrast to the pre-1949 period. The post-1949 Chinese authorities recognized a new commodity-based currency and abolished paying on foreign loans. agriculture processing. and addressed many other social problems such as homelessness and rampant disease left over from the poverty and corruption of the earlier Chinese governments. The government also took control of China's foreign trade and tariff administration. The new government carried out sequences of economic reorganizations that included land reform in the countryside and the gradual takeover of ownership of almost all sectors of China's modern economy. except through Hong Kong. The major differences are in the levels of Chinese sovereignty and Chinese regulation and control. containing the economy. Before 1949. and the government's social and economic policies had vastly improved the education and health levels. China's 1978 to 2006 economic development goals are similar to those of the 1870 to 1949 period. especially the tragic loss of about 30 million Chinese lives during the policycreated famine of the "Great Leap Forward" during 1958-60. Yet. China had only limited sovereignty. They also carried out land reform in the countryside and economic reconstruction in the cities. starting from a per capita base of about US$50. and with little interaction with the rest of the global economy. Economic development was also carried out with modest but crucial assistance from the Soviet Union. chaos. The result was an economic growth rate in the Chinese economy of about 4 percent per capita from 1949 to 1978. They implemented a successful plan for faltering the widespread inflation of 1946-49 that had been so hurtful to the Chinese middle class. There were expensive and enormous failures. light and heavy industry. and the social destruction. despite all of China's developmental problems. and the financial sector. by 1978 the World Bank reported that China's economic growth rate was faster than that of India and of most other similarly poor countries. from 1949 on the new Chinese communist management. shipping companies. the energy sector. including railways. and began to channel investment into economic development. and persecution of intellectuals and party members during the Cultural Revolution of 1966-76. as well as the financial sector. Chinese authorities established new laws and regulations to restore Chinese confidence in a society and political system run for Chinese benefit rather than in the service of foreign political and economic interests. 1978). unpublished.

colonization and other forms of gunboat diplomacy have gradually become less acceptable in international relations and examples of successful non-Western economic development through intensive interaction with the global economic environment are prevailing. and taxed by the Chinese government. of will a policy benefit China and the Chinese people. Prior to 1949 foreigners owned and controlled large parts of the Chinese economy without economic and legal accountability to the Chinese government. since 1949. . But in the post-1949 period. A major criterion of pre-1949 Chinese policies. China has had sufficient sovereignty to successfully pursue this policy criterion. is the same in post-1949 China. China's economy has been strongly organized.country's economy. Since 1949. regulated.

and particularly. political. which encouraged investment in light manufacturing. The strategy for achieving these aims of becoming a modern. With the short incubation period. China cut down governmental red tape and market interventions while developing a legal and physical infrastructure to support free enterprise. At the local level. The local. rather than political appeals.3 In establishing its priorities for galvanizing the Chinese economy what were the most important considerations in thinking of Chinese planners. local metropolises and provinces were allowed to invest in industries that they considered most profitable.. The leaders argued that China was in the primary stage of socialism. revenues generated by light manufacturing were able to be reinvested in more technologically-advanced production and further capital expenditures and investments. low capital requirements. China began shifting the power of deciding what and how much to produce from central planners to entrepreneurs and the free market. communal. China began experimenting with free-market principles. There was a political elasticity towards the foundations of socialism. including allowing peasants to earn extra income by selling the product of their private plots at free market. To attract foreign investments and know-how. After suffering decades of shattering results under central planning. The goals of these reforms were summed up by the four modernizations those of agriculture. Thus. economic systems underwent significant changes. were to be used to motivate the labor force. industrial nation was the socialist market economy. What business sectors today have greatest significance for China Ans. . centralized management of the macro-economy by precisely proficient bureaucrats. industry. Light industrial output was vital for a developing country coming from a low investment base. management was indirect through market mechanisms. However. material inducements. science and technology and the military.Q. Important Considerations towards Chinese Economic Development Refining associations and relations with the exterior world was one of the important philosophical shifts outlined in Chinese leaders’ perspective of reform. these reforms shifted China's development policy to an emphasis on light industry and export-led growth. In the main move toward market distribution. The leaders believed that socialism does not mean mutual poverty. This eventually reduced the role of philosophy in economic decision-making and deciding policies of verified effectiveness. The reforms actually included the introduction of planned. and high foreign-exchange export earnings. unlike the Soviet model.

for example. Yields are high because of thorough cultivation. Although electric-generating volume has grown rapidly. . Major non-food crops. pork. by a rise in the digitization of information. the trend toward denationalization is anticipated to continue. Natural gas production still sets up only a small (though increasing) fraction of overall energy production. and oilseeds. potatoes. has increased much more gradually from 1980. One thing China had and still has in abundance is cheap labor. including cotton. Energy Since 1980. China's cropland area is only 75% of the U. But there are noteworthy regional differences with growth intense to date on the southern and coastal areas of the country important to an overall concern to redistribute wealth. tea. total. and fish. soybeans. China is the world's largest manufacturer and consumer of agrarian products and the world's largest producer of rice and is among the principal sources of wheat. as has the percentage allocated to domestic consumption. but gas is replacing coal as a domestic fuel in the major cities. peanuts. China began developing industries where it has relative advantages. which is why so many labor concentrated industries were developed in China. oilseed. fertilizers. the Chinese government began shutting down or privatizing inefficient state-owned enterprises. and technology. grain and meat products. furnish China with a small proportion of its foreign trade income. sorghum. tobacco. fish and shellfish. Major Business Sectors Many of China's resourceful industries are facing rapid growth powered by a mixture of state driven and private sector investment in infrastructure and technology. other fibers. This has been partly because energy prices were long fixed so low that industries had few incentives to conserve. barley. Although a significant portion of China's production still comes from state-owned enterprises. corn. are exported to Hong Kong. expand knowledge and improve social capital with strong implications for many of China's creative industries. As China's economy began to boom. which grew rapidly from an extremely low base in the early 1960s.S. China's energy production has grown intensely. it has continued to fall considerably short of demand.To spur foreign trade. Petroleum production. Agricultural exports. millet. Industry growth has been sustained by a vigorous economy and a young population. but China still produces about 30% more crops and livestock than the United States. such as vegetables and fruits. China expects to further increase agricultural production through developed plant stocks.

000 passenger vehicles to Europe in 2005. The principal focus of progress in the chemical industry is to swell the output of chemical fertilizers. after the United States. China surpassed Japan to become the second-largest consumer of primary energy. textiles and apparel. China's construction sector has grown substantially since the early 1980s.In 2003. and aircraft. and petroleum majorly. China has become a favored endpoint for the relocation of global manufacturing facilities. toys. Steel industry China is the prime manufacturer of steel in the world and the industry has been rapidly increasing its steel production. plastics. which also form an vital chunk of China's exports. consumer products including footwear. but China's rapid industrialization requires imports of minerals from abroad. 12 major foreign automotive manufacturers had joint-venture plants in China. coal. fertilizers. Mining Outmoded mining and ore-processing technologies are being substituted with modern techniques. and synthetic fibers. ships. A new Honda factory was built in 2004 solely for the export market and was projected to ship 30. Main industries include mining and ore processing. In the consumer goods sector the main stress is on textiles and clothing. cement. petroleum. Industry and manufacturing Industry and construction constitutes around 47% of China's GDP. They . coal. Automotive industry China had become the world's third largest automotive vehicle manufacturer (after US and Japan) and the second largest consumer. and electronics. armaments. iron and steel. Its strength as an export podium has backed to incomes and employment in China. China produced 2. automobiles and other transportation equipment including rail cars and locomotives. telecommunications and information technology. The progress of this industry has placed China among the world's leading producers of nitrogenous fertilizers. China is the top exporter of steel in the world. Including iron ore. Iron ore production kept pace with steel production in the early 1990s but was soon outperformed by imported iron ore and other metals in the early 2000s. food processing. chemical. aluminum. machinery. China began to plan major moves into the automobile and components export business starting in 2005. By 2004.450 tons of silver and 215 tons of gold. China's automotive industry has been so fruitful that it began exporting car parts in 1999.

second only to manufacturing. In 2003 China exported US$4.7 billion worth of vehicles and components. 173. To speed up the relocation of scientific and technological achievements. buses. Other industries Others include Telecommunications. Services China's services productivity stands fifth worldwide and high power and telecom density has ensured that it has persisted on a high-growth route in the long-term. and endorse the progress of high-tech industry. Prospects and Challenges Despite of tremendous growth in textile and technology China faces strong competition with India. of which nearly 20 percent have touched the advanced global ranks. Pharmaceutical. and trucks. sport utility vehicles. In 2005 the services sector produced 40.000 units in 2006. Tourism China's tourism industry is one of the reckless emerging industries in the national economy and is also one of the industries with a very different global competitive edge. and 340.000 units in 2004. The vehicle and component export is targeted to reach US$70 billion by 2010.created a wide range of automobiles. .000 key scientific and technological achievements since 1981. Defense and Shipping industry. the government has executed a series of policies. It so requires China to continuously improve on its initiatives in competition for the market share.000 units in 2005. The vehicle export was 78.3% of China's annual GDP. minivans. New and High Technology China has completed 522.

the pattern of China’s regional inequality strictly follows the history of its development strategies in the past half century. Brandt and Giles. China's ongoing economic transformation has had a insightful impact not only on China but on the world. The institutions that have brought rapid growth so far are now under stress. Regional inequality has become a key issue for China and a number of involvements have been introduced to talk over the problem. The marketoriented reforms China has implemented over the past 2 decades have released individual initiative and entrepreneurship. As shown by Kanbur and Zhang (2005). Other is that the Chinese economy is on the threshold of a major epidemic of inflation. environmental degradation. and has abridged the role of philosophy in economic policy. and that its bursting could jeopardize the Chinese banking system. China has reformed and unlocked its economy. After three decades of growth: Key issues and the challenges of the present and the future There has been great argument over China’s economic problems and challenges. The Chinese leadership has embraced a more practical outlook on many governmental and socioeconomic problems. destabilize the economy and create a huge negative shock to the rest of the world.Q. the problem is no longer how to achieve growth but how to achieve growth’s consequences and how to endure growth. rural/urban and inland/coastal dominates in a country as large as China. 2008). Benjamin.4 Outline some of the key issues of china growth strategies and some of the challenges to Chinese leadership. 2005). China today is the third-largest economy in the world. The heavy industry oriented development strategy justified the creation of the household registration system which was a . Rising inequality is one of China’s most serious problems (Demurger et. and to obtain growth with equity (Lindbeck. The result has been the largest reduction of poverty and one of the fastest increases in income levels ever seen. al. It has sustained average economic growth of over 9.5% for the past 26 years. Ans. and there is a need to reform and innovate on this front in order to sustain rapid growth. they are only symptoms of a much deeper problem: the waning momentum of China’s long-term economic reforms and broader restructuring. Since 1978. Specifically the regional dimension of inequality. 2007. and increasing social tensions. Although these issues represent serious challenges to China’s economic growth.. After three decades of spectacular economic growth in China. and is projected to overtake Japan to become second-largest by the end of 2010. China’s spectacular growth and poverty reduction has been accompanied by rising inequality. One view is that the country faces a massive real estate bubble.

In the rapidly industrializing coastal areas the degree of water pollution and industrial waste hazard is alarming. fiscal decentralization policy promoted local government officials to develop their own economies. . they are more likely to levy heavy taxes on existing enterprises. but differences in initial legacies tends to leave the effective tax rate regressive across Chinese regions (Zhang. Consequently. and land disputes have become a breeding ground for social unrest all over China (Yu. which may dampen famers’ incentives to increase grain production in the long run. 2006b). The inter juridical competition is a key contributing factor to the increasingly serious environmental problems. many local governments loosen their environmental regulations to allow polluters to operate as long as they generate lucrative revenues for the local government. Facing rising food and fuel prices. Their local revenues are sometimes barely sufficient to cover the salaries of civil servants on the public payroll. but left many interior provinces lagging behind. 2003). In the process of procuring farming land for industrial or other commercial use. China has launched a new rural movement campaign in the past several years. which granted preferential treatment to coastal areas. the payment to farmers was often far below the market level. However. the government has provided direct grants for grain production.major provider to the large rural urban divide. Agricultural taxation has been abolished. has helped the coast to better exploit its comparative advantage in the international markets. In responding to rising rural urban disparity and stagnating agricultural growth. the government has placed a ceiling on the grain procurement price. 2007). many relocated farmers filed petitions to the upper level government for help. The open door policy. the local governments in poor regions have difficulty in competing with the governments on the coast to attract investment and develop the local nonfarm economy. Likewise. such as free land. In contrast. Resenting this unfair treatment. worsening the business investment environment. many local governments provide better treatment to investors. The cost of cleaning up the environment problem may eat up a large portion of the gains from industrialization. In order to appeal venture. Regions with better endowments thereby have more revenues left to invest in public goods and improve business environment after turning over a portion of their fiscal revenues to the upper level government and maintaining the daily operation of local government. significant challenges still remain. The investment driven growth model also induces local officials to collude with investors at the expense of the rights of individuals (Zhang. In order to attract investment.

The lack of the rule of law in China has led to widespread government corruption. inspire collective bargaining. A number of protests in China have stopped in part from frustrations among many Chinese that they are not benefitting from China’s economic reforms and rapid growth. and bolster education. The current government has taken steps to implement minimum wages. Nevertheless. Many foreign firms find it difficult to do business in China because rules and regulations are generally not consistent or transparent. there have been no new reforms proposed or initiated to enhance the longterm growth of the economy. A 2005 United Nations report stated that the income gap between the urban and rural areas was among the highest in the world and warned that this gap threatens social stability. and intellectual property rights are not protected. income equality and building a harmonious society. are the main element of prosperous firms in China. the rapid implementation of these very costly programs when China’s per-capita GDP is only $4.400 could add an unbearable financial burden to future generations. Public Unrest For China’s Communist Party leadership. In many cases. The report urged China to take greater steps to improve conditions for the rural poor. health care. and land seizures. not market forces. China’s rigid financial market structure has become a key obstacle to steady economic growth. and is now beginning to roll out a social medical program that covers every individual. and the social safety net. However. Addressing matters of income inequality and societal fairness is completely essential and should be regarded as an essential step in moving the Chinese economy from raw capitalism to a more civilized society. including pollution. and perceptions that those who are getting rich are doing so because they have connections with government officials. and many that do have basic insurance must pay a significant amount of medical expenses out of their own pocket. The relative lack of the rule of law . It is estimated that 300 million people in China (mainly in rural areas) lack health insurance. There is much to be done to reorganize the economy. contracts are not easily enforced. every year numerous protests occur in China over a number of issues. and misallocation of investment funds. government corruption. government connections. a growing economy is its main source of political lawfulness. set up a social security system and enable pension funds. Most importantly.Major Challenges Facing the Chinese Leadership The great trademark of the present government has been its emphasis on social justice. financial speculation.

surpassing U. posing series health risks to the population. by 2030. China’s media reported that thousands of children living near smelters had been found to have excessive amounts of lead in their blood. with significant costs to the economy (such as health problems. crop failures and water shortages). This has led to a proliferation of unsafe food and consumer goods being sold in China or exported abroad. and in June 2007. and improve the country’s social safety net (such as expanding health care and pension coverage to rural areas). China’s CO2 emissions are expected to be comparable to those in the United States and EU combined. Growing pollution The level of pollution in China continues to worsen. or 10% of the country’s GDP. China’s energy demand for power generation will more than double by 2030. it has found it difficult to induce local governments to comply with environmental laws. The Chinese government often disrespects its own environmental laws in order to promote rapid economic growth. demand by more than one third. each year. The Chinese government is attempting to address several of these areas. environmental damage costs the country $226 billion. the Chinese National People’s Congress (NPC) passed a law to strengthen property laws to help prevent local governments from unfairly seizing land from farmers. According to a study by ExxonMobil. In March 2007. According to one government estimate. Laws and regulations often go unenforced or are ignored by local government officials. Poor government regulatory environment China maintains a weak and relatively decentralized government structure to regulate economic activity in China.S. The Chinese government estimates that there are over 300 million people living in rural areas that drink unsafe water (caused by chemicals and other contaminants). As a result. In addition. In October 2006. According to the World Bank. Although growing environmental degradation has been recognized as a serious problem by China’s central government.and widespread government corruption in China limit competition and weaken the efficient allocation of goods and services in the economy. improve the rule of law. enhance environmental protection. reduce corruption. it passed a new . Toxic spills in 2005 and 2006 threatened the water supply of millions of people. many firms cut corners in order to maximize profits. China is the largest producer and consumer of coal. In October 2009. especially when such officials feel doing so will come at the expense of economic growth. which accounts for about 70% of China’s energy use. 20 out of 30 of the world’s most polluted cities are in China. the Chinese government formally outlined its goal of building a “harmonious socialist society” by taking steps (by 2020) to lessen income inequality.

and expanding social welfare programs (such as education. and to promote the development of and use of green technology (such as solar power. expected to be in place by 2020. biomass). the government has scrambled to improve health and safety laws and regulations. $124. wind power. promoting the development of the services sector. In addition. social security. In April 2009. The government has also pledged to boost energy efficiency. boosting rural incomes. crack down on polluting industries. For example. the government pledged to implement a three-year. and health care) will be major priorities. promoting consumer demand. it has set a target of deriving 20% of energy from renewable sources by 2020.labor contract law to enhance labor rights. . addressing income disparity (such as boosting wages). The Chinese government’s 12th Five Year Plan (2011-2015) states that rebalancing the economy.4 billion plan to begin the establishment of universal health care plan.

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