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Q.

Does the present economic status of China mean economic prosperity for the common people there? Any idea?

Asked by Good Citizen, 02 Aug '10 03:36 pm
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Answers (2)

 
1.

China's export -led growth since economic reforms were launched three decades ago was underpinned by the labour-intensive, low-wage,large-scale and highly efficient factory model. But in recent months the durability of China's factory model has come under incresing scrutiny , after a series of strikes across China's manufacturing heartland. A dramatic spate of suicides in the worldfamous Foxconn's factory has stirred up public debate in China on the bleak conditions of its factories. Ten workers had committed suicide in this factory, protesting over low-wages and strnuous work schedule.. Soon production at Japanese car maker Honda's plant in Foshan came to a gfrinding hale as workers struck work demanding better wages.The Company had tp acquiesce to the demands , giving a 24% increase in wages.The success of the strke saw more strikes in other factories, demanding wage increase
This is an indication that depite the economic prosperity China has ...more
Answered by thampy chacko, 02 Aug '10 04:30 pm

 
  
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Very interesting question indeed especially in the backdrop of equally impression growth story of India.

1)Unlike India, China s growth story is not all tall claims. China has been able to successfully transform the scorching economic growth of 10% plus per annum of the past three decades into economic prosperity for its billion strong populace. Please check the following statistics.
2)China s present per capita income is about USD 3, 677 (2009) which is about three times higher than that of India.
3)Poverty in China fell from 53% in 1981 to 2.5% in 2005. That is no lesser than a miracle.
4)Some skeptics still argue that about 10.8% of the total populace still lives @USD 1 per day.
5)Rest of the things like sound infrastructure, job opportunities, health care, education etc need not be elaborated here. China today boasts of world class facilities.
Answered by Tony Fernandez, 02 Aug '10 06:12 pm

 
  
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