When thinking about the super booming Chinese economy these last few decades, a couple of questions rise up in our minds. How are they able to continue this growth? How come they are able to expand their economy so fast? Who is paying for all this? Will there be an end to China’s growth? While having a massive population of more than 1.4 billion inhabitants, China only has an unemployment rate of only 4.1% and China’s economy grew 7 times fast as America’s the past decade – 316% vs. 43%. These are all amazing facts that any other country can only dream of.
In order for us to understand the state that China is in now, we need to take a closer look at the working class of China. In 2014, there are more than 919.54 million active workers in China. They age from 15 years all the way to 59 years (this will change as the government will rise the maximum age for next year). The working time generally is from Monday to Friday, with the weekends off. Last few years, some companies already started implementing that you need to work on Saturdays too with compensation on the “long” holidays they have in China. The Chinese Economy is being pushed by the billions of hours being worked each day. All the production of Chinese foreign products pushes the GDB to phenomenal heights – 9.2 Trillion USD.
The Chinese people are worldwide known for working long and exhausting hours, this causes a lot of stress on the shoulders of students and recent graduates who are willing to put their first steps to work. Luckily since recently, the Chinese government is keeping a close eye on this matter and provides more support to the working class and students. China is putting everything together to become more and more stronger each day. With it’s population and ambitions it is no doubt that China will surpass the United States around 2025 as world’s largest economy.
This means that the Chinese Currency – Yuan will have a more solid and decisive place between the US Dollar and Euro. Mandarin will also receive a more solid place as a must know world language among English, French and Arabic. Only time will give us more clear answers to our questions but we have no doubt that China is rising as a Titan to claim the number 1 place.
Written by Karim Chaoui | Intern at InternChina Chengdu