China: the economic icon
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These days, all the focus of the world is on China’s economic success. Mauritius is also living a new era of economic cooperation and development with China-the new dragon of Asia. Mauritius enjoys a number of benefits from China, especially the financing of multiple national infrastructural projects. The major one has been the new Airport financed and constructed with Chinese expertise. Another good news is that there is no visa requirement for a duration of 30 days. This initiative clearly shows the privileged relationship that Mauritius has with China. This article will seek to understand the Chinese economy’s success ingredients.
Key facts about China
• Has a population of about 1.3 billion
• Economic growth of 8%
• Still a developing economy
• Many minority ethnic origins (about 28)
• Major Trading Partners: US, Hong Kong and Japan.
Until the 1970s, China’s economy was managed by the communist government and was kept closed from other economies. Together with political reforms, China in the early 1980s began to open its economy and signed a number of regional trade agreements. China gained observer status with GATT and from 1986, began working towards joining that organization. China attempted to become a founding member of the WTO, seeking recognition as a world economic power. This attempt failed because the United States as well as the European states and Japan requested changes in the Chinese economy before accepting it as a member. These conditions included tariff reductions, open markets and industrial policies.
China and Mauritius: socio-economic ties
It is not a secret for anyone that China shares a special bond with Mauritius for many decades. Mauritius has now direct flights to Shanghai and Beijing as our economic and social ties have bolstered. Mauritius imports many products from China-food, clothing, technology, footwear and electronic products. We have many Chinese workers working in the Mauritian textiles and mostly in the construction industry. MCB has also introduced the China Unionpay card to facilitate transactions of importers visiting China on a regular basis for the purpose of trade.This also explains the conference by the Leader of MMM relating to ‘China and Democracy’.
The economic reforms in China
China opened up to the world economy in the year 1978. China has witnessed 35 years of economic reform and reconstruction. However, the real liberalization was bolstered in the year 1995. The results are phenomenal as China has an economic growth of 8% despite the crisis and an unemployment rate of 4% in the cities. China has even registered economic growth of 20% during the past decade.
China liberalized its economic policies and moved from traditional agricultural based economy to manufacturing and services. China is also known to be a low-cost economy which practices the Marxist economy. There are many Marxist schools in different Universities in China. However, the concept of Marxism has been changed to fit the new economic model.
China has become the world's biggest trading nation in goods, ending the post-war dominance of the US, according to official figures.
China's customs administration said the combined total for imports and exports in Chinese goods reached $3.87tn (£2.4tn) in 2012, edging past the $3.82tn trade in goods registered by the US commerce department.
The landmark total for Chinese trade indicates the extent of Beijing's dependence on the rest of the world to generate jobs and income compared with a US economy that remains twice the size, and more self-contained. The US economy is worth $15tn compared with the $7.3tn Chinese economy.
China and educational reforms
The nation’s treasure is in its scholars-Chinese Proverb.
China has invested a lot in terms of education especially at the tertiary level. The implementation of the 985 and the 211 Projects have been very useful in promoting quality education at the tertiary level. The 211 projects are the best Universities that receive the highest support from the government in terms of grants and research funding for projects. There is greater competition between universities to be amongst these two groups.
China seeks to promote academic excellence at all levels of education –pre-primary till tertiary. National projects in different fields are promoted especially those aligned towards national economic priorities.
China has also opened itself to Western education. Some foreign universities have established in China. The national budget for education has constantly increased over the years.
Almost 4 million of students graduate from University annually (4 times the population of Mauritius). The quest for making China a learning nation is very fruitful as students from the whole world are studying in China. Many Mauritian students also study in China for costs reason but also the quality of education being provided.
