People’s Republic Of China (PRC) also named China is a country in East Asia with a population of around 1.404 billion. They are also known as the world’s most populous country. The capital of China is in Beijing. Occupying nearly the entire East Asian landmass, it occupies approximately one-fourteenth of the land area of Earth. Among the major countries of the world, China is surpassed in area by only Russia and Canada, and it is almost as large as the whole of Europe.
China has 33 administrative units directly under the central government; these consist of 22 provinces, 5 autonomous regions, 4 municipalities (Chongqing, Beijing, Shanghai, and Tianjin), and 2 special administrative regions (Hong Kong and Macau). 1.1 LANGUAGEThere are as many as 292 living languages in China. Standard Mandarin, a variety of Mandarin based on the Beijing dialect, is the official national language of China and is used as a lingua franca in the country between people of different linguistic backgrounds.1.2 CULTURE With more than 4,000 years of recorded history, China is one of the few existing countries that also flourished economically and culturally in the earliest stages of world civilization.
Indeed, despite the political and social upheavals that frequently have ravaged the country, China is unique among nations in its longevity and resilience as a discrete politico-cultural unit. Much of China’s cultural development has been accomplished with relatively little outside influence, the introduction of Buddhism from India constituting a major exception. Even when the country was penetrated by such barbarian peoples as the Manchu, these groups soon became largely absorbed into the fabric of Han Chinese culture.
2.0 CHINA ECONOMY BACKGROUND China also named as the People’s Republic of China is the world’s second largest by nominal GDP, and they also had the world’s largest economy. Since the reform and open policy, China has achieved rapid development in the economy, whose GDP rose from 364.52 billion yuan in 1978 to 39.7983 trillion yuan in 2010, it is increased nearly 108 times. China has been the world 8217’s fastest-growing major economy, with consistent growth rates of around 10% over the past 30 years. Since economic reforms began in 1978, China has developed into a highly diversified economy and one of the most consequential players in international trade. Major sectors of competitive strength include manufacturing, telecommunication, automobile, tourism e-commerce and many more. In 2018, China had 9 out of the top 20 most valuable internet company in the world meanwhile in 2019 China market is expected to overtake the US to become number one in the world.In terms of purchasing power parity which also called as (PPP) GDP, according to the world bank, China economy has been the largest in the world since 2014. *China and other major developing economies by GDP Per Capita which is from the year 1990 until 2013. The blue stripes which represent China show its economic growth is apparent.China’s economy is already the world leader regarding the annual output in the manufacturing sector and it is also the world’s largest trading nation and biggest exporter as well. China’s economy is represented by the most numerous labor force worldwide. It adds up to nearly 800 million people and forms an expanding consumer market, which is going to have a huge impact on the future of China’s economy. These are some of China’s record-breaking economic. Firstly, The Primary Sector which is Agriculture. Its agricultural output needs to feed nearly 20% of the world’s population. Its produce is indeed intended for the domestic market. Agriculture employs about a third If the country’s workforce, but it’s only responsible for 10% of the GDP. This uneven ratio points at fairly low productivity. Most products are simply bought by local consumers, and most agricultural exports from mainland China go to Hong Kong.Secondly ,the secondary sector is manufacturing. About 30% of the working population is employed in manufacturing in some capacity, creating 44% of the GDP.Secondly, the secondary sector is manufacturing. About 30% of the working population is employed in manufacturing in some capacity, creating 44% of the GDP. The heavy industry for example steel production and metalworking makes up a large part of the secondary sector. However, the focus of China’s economy has traditionally been on quantity of output rather than on its quality. This, combined with government subsidies for many companies, has resulted in overcapacities and indebted enterprises which is the issues that the industry has to address sooner or later. While the heavy industry produces mainly for the Chinese market, so does the growing automotive sector. The light industry has always been more export-oriented. Cheap textiles and apparel, consumer goods and consumer electronics made in China add to the country’s export volume.2.1 Standard Living In ChinaChina development is uneven.China brought more people out of poverty than any country in history. Between 1978 and 2018, they have reduced approximately 800 million and also reduced ex poverty rate per international standard from 88% in 1981 to 1.85% in 2013.These make the number of poverty in China to drop from 756 million to 25 million between 1990 and 2013. China’s own national poverty standards are higher and thus the national poverty rates were 3.1% in 2017 and only 1% in 2018. The fruits of economic growth were largely negated by population increases until the end of the 1970s, which prevented significant advances in the per capita availability of food, clothing, and housing beyond levels achieved in the 1950s. a) FoodIn the 50s, while the production of food rose substantially, the population has risen nearly as great as in the 1980s. Production of grain grew at an average rate of 2.7 percent a year between 1952 and 1979. Total grain output per capita grew from 288 kilograms a year in 1952 to 319 kilograms in 1978. It has an increase of only 11 percent in 26 years. However, a fantastic harvest produced 396 kilograms of grain per capita in 1984, an increase of 24 percent in only 6 years. In 1985 grain output fell below the peak level of 1984, to 365 kilograms per person, and recovered only partially in 1986 to 369 kilograms per capita only partially in 1986 to 369 kilograms per capita 3.0 CHINA UNEMPLOYMENT TREND The China Unemployment Rate measures the total number of employees in China that are a part of the labor force, but are without a job. Unemployment rates can be a good gauge for how the economy is performing in a particular region. Historically, the China Unemployment Rate reached as low as 1.8% in 1985.The statistic shows the rate of unemployment in China from the year 2012 until 2019. From the statistic above, we can see that the rate is fairly constant at around 4% and it does not have any drastic changes over the last few years. However, in the year from 2016 to 2017, the rate has dropped from 4.05% to 3.9 %. In China’s current state of employment lies within the still large regional differences. As of 2016, the unemployment rate in more central and western regions of China was notably higher than in China’s eastern parts. In Beijing, China’s political and cultural center, unemployment ranged at merely 1.4 percent for 2016. This may be explained by the fact that due to its socialist heritage, full employment policy historically has played a major role in economic considerations of the Chinese government. Next, another possible explanation may be found in the index’s methodology, which according to the National Bureau of Statistics, it gathers only employment data for urban regions. The debate of whether to adjust the methodology accordingly in order to create a more accurate statistical image is still ongoing among Chinese politicians and statisticians.Then, in the year 2017 until now, the rate has risen from 3.09% to 4.00% and it does not change since then.It may rise soon from 4.00% to 5.00% due to the population in China that is rising from year to year.In the short term, the unemployment rate is negatively related to economic growth, so that the high unemployment rate will cut down economic growth. The economic growth itself, the lagged period of GDP has a positive influence on the current period, while the two-lagged period of GDP has a negative influence on the current period which is greater than the former.