China Edged up No. 31 in International Competition

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Last updated at: (Beijing Time) Thursday, July 11, 2002

China Edged up No. 31 in International Competition

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China is known lately to take the world 31st place from last year's No.33 for its enhanced competitive edge, according to a report of Swiss International Institute for Management Development. What impacts have this been meant to China's advances made?

China had been regarded as a country most competitive in the mid-1990s according to an authoritative listing of the time. To this day, backing it up is an aggregate economy of over 1 trillion US dollars of GDP making it world No. 6 economic power after the US, Japan, Germany, Britain and France.

Economic feats must have been and being created by China with its economy at a fast growth rate. A view by the international community is that a 7 percent growth of economy will last China over 15 years. By its economic force it is expected to take the world 4th place in five years after its WTO entry.

China's WTO entry will create more chances for world competition. Currently it has an import/export volume totaling 500 billion US dollars behind only the US and Japan. WTO members' foreign trade volume is at an aggregate total of 7 trillion US dollars.

China's foreign trade has kept a two-digital growth, being in expectation of over 600 billion US dollars in the coming year.

Investment from transnational corporations is the wisest choice China has made. About 95 percent of world top 500 big-shots have invested in China. Of these, Shanghai has alone accommodated over 400.

The thriving economic environment has turned China into a "typhoon shelter" of world capital.

By 2004, China will be assured a place of that of the US to become world's largest investment destination.

Though having specific vantages at its disposal it should by no means take its for granted for various disadvantages facing it. In spite of motley high pitches struck up about China's being a "world factory" its production is merely restricted to processing with material supply or samples from abroad.

Native enterprises are anxious to succeed, technology and innovation still lag behind, as unfavorable factors affecting China's development.

Labor protection is also a compelling problem. America's coal production makes up world's 20 percent last year merely with a death toll of 40 from accidents. In contrast, China's coal production stands at half of the US but suffers a fatality amount of over 15,000, pointing to up-to-date technology and labor protection in crying need in China.

China has not created a world-class university yet, there still exists undesirable methods affecting in raising new personnel in China.

Indian junior university students can do software developing, while in the same major, Chinese graduates have to undergo at least half a year of training irrespective of the fact that they can do the same thing in China.

In addition, there are two things ahead that are still unpredictable: the RMB free exchange system and state-owned enterprises reform. What role is assumed to be played by the reforms going to be carried out in China's economic advancement as a subject matter to be studied.

As economy continues to go up, both employment rate and income will be raised, competition environment and chances will be more transparent and individuals' career-pursuing opportunity will become more maturing.

However, in the meantime, labor intensity and working burden will be heavier than before, life will be found hard and nothing relaxed. As material life advances to a new level, people's spiritual life will become more utilitarian.

By PD Online Staff Li Yan

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