The economic article “China’s Economic Challenges: Insides China’s Economic Boom” sheds light on the newest economic challenges and the problem of middle class emerging.
The article summarizes that nowadays China became the world’s fourth-largest economy with gross domestic product of $2.3 trillion. During last decades the annual growth of China economy was about 10%. Many economic issues benefit from such economic boom whereas some industries are suffering. Chinese businesses face serious big-budget challenges from multinational corporations, because they are willing to “conquer” millions of new customers in China. Chinese homegrown manufacturers have to struggle seriously and even cruelly with them in order to remain competitive and to keep their markets overseas. The article takes into consideration the manufacturing industry and admits that it plays a really significant role in China’s economic juggernaut.
I think the article is very persuasive, informative and argumentative. Author’s arguments are logical, clear and valid. Moreover, they are properly supported by evidence, official statistics and statements of professionals.For example, when the author writes that construction in China impacts economic boom, she concludes that “China is reinventing itself with an orgy of it”. I agree with many author’s points. For example, she writes that the emergence of middle class in China is able to hasten significantly the development of civil society and I agree with her that middle class impacts positively the development of democratic processes in the country. Further, I revealed many interesting facts about China’s economic challenges.
For example, the purchasing power of this emerging middle class is great and the power leads many Western multinationals to “rethink their products with Chinese characteristics”. Nowadays many companies invest millions in order to research and to create new products to crack the market and to attract new customers from middle class. Apparently, the article relates to the course material as it discusses macroeconomic issues, such as, global challenges and benefits of economic development. Moreover, the article provides macroeconomic overview of the China’s economy.