China – the world’s is the fastest growing economy with the largest population in the world; we have seen magnificent rate of growth of Gross Domestic Product (GDP) where United States, United Kingdom and Greece have sharply been shanked– But what does this Chinese GDP mean to us and to Chinese nationals?
Having seen China still well above 9-10% of GDP growth, there is evidently widening gap between the rich and the poor due wealth is hardly distributed to output that generated in the economy. My critical view on this that GDP growth does not categorically mean anything to Chinese nationals. In some extent, increase in wage one way helps regional states to urbanize and people can better afford their needs. Yet, currency policy is in the middle of firing squad. In general, GDP is perceived as a macroeconomic measurement. From my point of view, Chinese nationals only look at microeconomic economic perspectives, not macroeconomic measurement, as they do not see consistent improvements in their wealth and standard of living. What is so important about Chinese’s economy? What is the real improvement that nationals recognize in China? Standard of living in Chia is not very far off from living standard in Africa. Can we still say that China would surpass the largest economy, the United States by meeting every economic needs and objectives? Guess what? China already surpassed the Japan. Where are the problems of China? But, they need to develop their economy in more structured manner.
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