China's economic policies
- Created by: thesassypanda
- Created on: 08-03-17 21:14
China's economic policies |
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Overall summaryWhen it comes to economic growth, China has been going above their target of 6.5-7% with growth going up to 7.3% during 2014 as China introduced plans to build a multi-tier transport network, comprising railways, roads and airport and to create a new economic belt alongside the Yangtze River. However between 2015 and 2016 economic growth has been at its slowest pace. This is because of excess capacities in industries such as coal, steel and cement.China has been successful in reducing it unemployment rates as the trend is negative meaning more people are employed compared to a few years ago. The government's objective is for unemployment to be lower than 4.5 % and the most recent statistic is just 4.04%. This has met the target and has gone below.Overall, these rapid economic performances has been driven by changes in government economic policy that have progressively given greater power to market forces.The government also rigorously enforced a number of competition laws while sharpening the business environment by allowing foreign direct investment in the country, reducing tariffs and ending multiple exchange rates. |
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