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The Suffering Of China As A Result Of Economic Growth

1250 words - 5 pages

The Suffering of China as a Result of Economic Growth

China, as a crucial country in the world, is suffering from a variety
of costs of economic growth while the economic growth is incredibly
fast in recent years. A division between rich and poor, unemployment,
and various external costs, unbalance of payments, unstable exchange
rate consumption of non-renewable resources and the risk of inflation
and banking collapse have been the common social problems in China.

There is a huge gap between the rich and poor people in China. “The
top 5 and 10% of earners in China accounted for 19.8% and 31.9% of the
country’s revenue” (by Richard Spencer in “The Daily Telegraph”
published in February 27th 2004). Some people enjoy high quality of
living in rich metropolitans such as Shanghai. In contrast, in the
poor rural areas, people seek a job in the big cities, so they cannot
take care of their children; the children cannot even have an
opportunity to receive education, and some of them have been suffering
from starvation and diseases. As a consequence, the poor are left
behind, which means rich people become richer as poor people remain
poor.

A lot of people now have a risk of unemployment in China, because more
and more hi-tech equipment is being used to replace the human-labour,
in addition, Chinese population is much more than existing working
vacancies there are not enough existing working vacancies to cope with
the ever rising Chinese population. For instance, since recent years,
a lot of Chinese local firms have imported technology and equipment
from overseas to product efficiently and grow faster. However, new
facilities mean less demand of labours, which could also mean that
plenty of workers will lose their jobs as their skills are outdated.
The job vacancies are so limited in comparison with the huge Chinese
population. In every year, there are millions of graduates that cannot
find suitable jobs. As a result, it could cause various social
problems such as violence and depression leading to suicides.

External costs of economic growth have reflected in many aspects.
Under the Three Gorges Projects, more than a million people who live
in Yangtze Delta lost their homes; plenty of forests were damaged to
build a river dam. Even though this project can bring many benefits
for Chinese economic development, nevertheless, it has created
enormous environmental disaster. In addition, the low social security
and working conditions have caused a bad result. For example, the
number of the miners who suffer from black lung disease has been
increasing by 10,000 in recent years. Furthermore, the Chinese
government has to increase the expenditure of defense, as China has
been regarded that it could become an aggressive country in the future
because of the fast economic growth.

The low exchange rate of currency can benefit Chinese exports; however
the negative effects still exist. “The cost of imports-both raw
...

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