By Bitan Bhadra
The red dragon has never showed off its fire better. The growth story of china has been amazing. Everyone knew that china was rising but it was on one fine morning in the last decade that everyone realised that it had already risen. It?s a unique system of top-down approach system. While the whole world shunned communism, china hung onto it, warded off criticism, and stuck on its roads. But it would e wrong to say that it is still any more a communist nation. it may be communist by polity but it?s surely more of a capitalist by economics.
The red leadership have been focused on industrialization and cut out a way of its own in the world economy. Using its biggest asset, its population, and china found a formula best suited for a rapid rise, prosperity and distribution of wealth. The huge labour force coupled with cheap labour wages made way to mass industrial productions at low costs. It developed goods not for itself but for the world. Then it would earn money to develop itself. It harvested on people?s soft skills and concentrated them to certain industries. They vigorously developed the coast for easier transport and trade. They developed coastal cities and industrial revolution was planned around certain cities and what industries in those regions produced. The government made huge investments fuelling markets and improving infrastructure: linking up industrialized regions and towns. It made efforts on all fronts of technology. One of the most looked after sector was the electronics sectors developing gadgets, chips and other electronic necessities of the world. The country was linked up and people were encouraged to migrate to developed regions where jobs were plentiful. It eased its clutches on industries and brought privatization around contrary to what the world expected. The government slowly started concentrating on planning and managing whilst its industries made giant strides forward. There was a time when china?s investment as a share of its GDP was almost 50%.
According to science, no experiment is 100% efficient. Even this beautiful successful model had its glitches. Its one child per family policy has slowly over three decades have brought China to a time when it faces a huge demographic problem. Its upcoming young generation is smaller in size and will have to support a huge aging population. This not only hurts china?s very ingredient of cheap and huge labour force but also threatens of inflation. There remains widespread problems and dissatisfaction among masses. Its labour securities and well being have been questioned time and again. Chinese cities have seen a lot of protests and agitations. Dissatisfied masses have taken to the streets almost every week in the last years and they have been dealt with strongly every time. The whole system has been criticized and questioned: what prosperity really matters when the citizens? well being remains unsure. Though china is all good on paper, almost everyone believes china is in huge debt. Its shadow banking sector where banks play middleman between corporation and people lending money to one another is said to be one of the greatest reasons for this unnoticeable debt scenario.? The Chinese are also said to be low consumers. The demography problem with low consumerism can be a vicious mix for china in coming years. And they need some innovative measures to counter them in return for a promising future. Nevertheless, they remain a world player and highly denunciated.
Bitan Bhadra?is a mechanical engineering student from KIIT University. His areas of interest include politics, international affairs, social systems and economics. He is optimistic of India and its future. He has previously written in many platforms on various issues. He is also an avid traveler, trekker and chess player.
