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As China’s economy continues to blossom - a result of the changes that have taken place since the end of the Maoist era and subsequent birth of the Open Door policies in the 1970’s - it can be argued that many Chinese simply don’t have the tools to manage the widening wage gap, growing middle class and almost unrealistic wealth for their highest earners. |
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On January 1st, 1999, a new currency was born. Created out of the desire of 11 (now 13) countries to have a standardized currency amongst them, the Euro began as a leveling of conversion rates between the country’s currencies and, in 2002, entered circulation in the form of unique coins and banknotes. |
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Though China is still considered a developing country, consistent economic growth over the last 30 years bodes well for its government and citizens.
Often compared to the Japanese economy of the 1960’s, China appears on the verge of rapid and sustained growth that could well last the next two to three decades. Noted financial advisor and founder/director of the China Center for Economic Research at Peking University Justin Yifu Lin is optimistic about China’s economic future. He feels that China’s 7.8% GDP growth rate during the 1998-2002 deflation period, the highest growth rate in the world for that period, is a sign that China is managing its economic growth well. With measures and a plan for sustained growth in place, China could very well become one of the world’s leading economies. |
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