Published on : Feb 27, 2018
ALBANY, New York, Feb 27, 2018: China’s financial vulnerability in the past few years on account of a few jolts received to its manufacturing sector which in turn has led to a fall in the value of Renminbi and stock market volatility has led to a push towards the services sector in its economy.
The Chinese government has embraced polices actively in past few years, promising the development of its tertiary sector. These include facilitating access to the Chinese market by outside organizations by increasing the foreign direct investment in various sectors, and also building up a store which will help organizations in the services sector. As per estimates, China’s share of worldwide GDP has ascended from 4.6% in year 1950 to over 20% in the year 2016.
One of the biggest reasons for the push towards the services sector is the emission of hazardous chemicals from factories which has resulted in pollution, which has resulted in framing of strict rules to clamp down on polluting units. This has to some extent slowed down manufacturing sector growth. But in order to support the vast population, the government has to devise other plans and the services or tertiary sector emerged as a viable option.
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However, Chinese policymakers have a stellar image for the nature of economic management but the same was valid for the Japanese policymakers three decades back. For the Japanese, the trouble of moving from their high-funds, high-venture, financial model turned out to be significantly large. This, however has still not been finished. While the Chinese economy has significantly more space to develop than Japan a fourth of a century ago, its fluctuations are much greater. In addition, in spite of standard way of thinking, the transition to another example of development has not yet started.
As of now, the trouble of taking care of this transition is harming Chinese policymakers' notoriety. Missteps in dealing with the implosion of the "bubble economy" of the 1980s did the harm in Japan. Presently it is the Chinese specialists' misusing of the money and the stock market. Thus, the monetary emergency of 2007 and 2008 crushed the image of western policymakers and financiers. Justifiably and correctly, onlookers are calling upon the Chinese experts to be more straightforward. Given their political framework — "the administrator knows best" — that will be difficult to do, however this is a secondary issue altogether. The main demand is that it is not very clear how and whether the transition to a more adjusted economy is to be made or not.
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