China's top economic challenges to maintain as one of the fastest Essay

China's top economic challenges to maintain as one of the fastest growing economies - Essay Example GDP has grown swiftly at an average of 10 percent a year whereas over 500 million people have risen above the poverty line. A gradual shift from a centrally-planned to a market-oriented mixed economy, which is based on the market demand and supply mechanisms, has largely contributed towards China’s economic boost. Since the economic liberalization began in 1978, China’s economy has grown around a hundred times. China has recently emerged as an investment-driven, export-led economic giant. Factors leading towards this enthralling progress include salient economic reforms. Foreign trade structure has been de-centralized and efforts have been made to integrate into the international trading system. China became a member of  Asia-Pacific Economic Cooperation  (APEC) group in November 1991, a step believed to promote liberated two-way cooperation in the economical, regional trade and technological fields. The induction into trade organizations such as World Trade Organiz ation (WTO) in 2001 was also a healthy move to escalate China’s trade figures as WTO required the Chinese government to further liberalize and deregulate trade. Fostering foreign-invested industries has also lent a helping hand towards China’s export growth. All these reforms aggregated into China becoming the fastest paced growing major economy not only in the region but also in the world. ... Today, the government and the policy makers of China have concerns regarding many issues which have arisen as the by-products of intense economic expansion in the country (Zhang 2003). Firstly, one of the major challenges faced by the Chinese economic growth is the prominent US accusation of ‘manipulating’ the Chinese currency. Over the past few years, the official currency of China, Yuan, has been held in a floating exchange rate system, though only allowed a very narrow margin to fluctuate. Many in the US however urge for a more flexible exchange rate which pivots around the market equilibrium determined by the market forces of currency demand and currency supply. Despite of the fact that Yuan has been allowed to fluctuate more liberally and has even risen by 20% in value against the US Dollar since 2005, Japan, European Union and US yet accuse China that it manipulates its currency by deliberately keeping it at a low exchange rate in relation to the US Dollar with a v iew to make the US products less competitive and, simultaneously, the Chinese goods and services more competitive and relatively cheaper than the US goods. This lowered currency rate leads to a rise in Chinese exports whereas US exports decline. A large amount of trade deficit suffered by the US in trade with China adds to the gravity of the accusation. Concerns for China regarding this issue are that the US, World Trade Organization or APEC might impose trade sanctions on China for its ‘problematic’ currency exchange rate. These sanctions may prove very costly for the growing Chinese economy as the world’s second largest economy is principally led by mass amount of exports to its

Diversity Interview Essay Example | Topics and Well Written Essays - 1250 words

Diversity Interview - Essay Example As a function of seeking to understand diversity in a more effective manner, the following analysis will discuss and provide a narrative account and analysis of an interview which was conducted with the owner and director of a US-based financial services and planning group. In such a way, it is the hope of this author that after reading and integrating with the information that has been put forward within this analysis, the reader will be able to come to a more informed and actionable level of understanding regards to the role and overall level of importance that diversity plays status that a given business entity might experience. Further, due to the fact that it is the express goal of this particular student to ultimately directs the company of my own, the analysis will include with an introspective look at the means by which information presented help to formulate a better understanding of diversity and have over regards to my own professional development. Cheryl Holland, develope r/owner/CEO of Abacus Planning Group LLC, located in Columbia, South Carolina, began as a financial planner for Merrill Lynch. Although ultimately satisfied with her career at Merrill Lynch, like so many other entrepreneurs, Holland had a desire to start a firm of her own. Realizing that financial services could best be integrated on a personal level and were entirely and completely ineffective when integrated by at a multinational banking Corporation, Holland set out to create just such a financial planning service. Comprising only for employees at the beginning, the firm undertook and asymmetrical level of marketing which relied solely upon word-of-mouth as a means of generating new clients. However, of particular interest to this analysis is the means of overall diversity and the importance that Holland placed on this diversity even in the early stages of business development. The reason that this level of emphasis upon diversity is something of a shock is due to the fact that Ho lland, educated in upstate Pennsylvania was operating a firm in the deep South. As such, the overall level of cultural diversity that existed within the society at large, let alone the labor force, was extraordinarily limited (Simms, 2013). However, realizing that this was an impediment to achieving a degree of diversity and by extension overall success, Holland sought to maximize the diversity that her start up reflected by hiring a Mexican-American client services representative, a Ukrainian financial advisor, and a female IT professional. Ultimately, the next section of this analysis will seek to measure the importance that diversity plays and played within Abacus Planning Group as Cheryl Holland chose strategies that sought to maximize it. Firstly, when asked regarding what specific cultural background she had and how this impacted upon the level of diversity within Abacus, Holland noted that she was raised in a white middle class family that had little if any interaction with o ther racial or cultural groups. However, once she left to attend Brenmore College in upstate Pennsylvania, she came to see the overall positive impacts that cultural diversity could have. More specifically, when asked concerning her personal views with regards to diversity, Holland noted that increasing diversity is not only the ethically correct step to take, it maximizes efficiency. Due to the fact that