China Growth Flashcards
What was China’s GDP Per Capita in 1995 and 2005?
In 1995 it was $620 and in 2005 it was $1,700
What has China become in the last 20 years
4th largest economy and 2nd largest manufacturer of goods
What Physical Factors does China possess that have allowed their rapid growth
Lots of raw material’s and their geographical position
What Raw materials does China have
They have vast reserves of Coal, oil and natural gas. Which have help to fuel the industry
How is China’s location beneficial
China is surrounded by developing markets such as South Korea, Taiwan and India which buy from China due to its cheap products. It is also on major trade routes.
How has China’s workforce allowed them to grow so rapidly
They have a huge workforce that is constantly growing and it is expected in the next 2 decades 500,000 million people will leave the country in search of work
Why can China pay such low wages and still have workers
The unemployment rate is 25% so they are paid roughly 40p an hour and are the lowest paid workers in the world, this is because if they demand higher wages they can easily be replaced. In England they minimum wage is 18 times that of China’s average wages
How have Government policies effected the growth if the economy?
Foreign companies were not allowed to set up in China but they law has been abolished and now many foreign companies relocation to China for the cheap workforce and raw materials
How has education helped
Over the last 20 years literacy rate has risen dramatically to 90% and there are many highly skilled workers trained every year, for example China trains 600,000 new engineers every year
How has energy helped
China has expanded its energy source dramatically with the use of nuclear power and hydroelectricity from dams like the three gorges
How has Globalisation helped
Its allowed goods to be assembled in China at the fraction of the cost an then shipped or even flown globally to their location easily and cheaply where they can be sold
