Mr. Weiss Economic Freedom in China Mr. Weiss Economic Freedom in China Mr. Weiss Economic Freedom in China Modern China – The Peoples Republic of China – (2:34) Mr. Weiss Economic Freedom in China Through the 1990’s and continuing today, China continues to move more and more to a market based (capitalism) economic system. China’s economy grows 9.5% in 2004. ……Gross Domestic Product (GDP cam to 13.65 yuan (US$ 1.65 Trillion) as exports continued to drive expansion. It’s very strong data. There is no sign of a slowdown in 2005. This is an economy fully capable of growing 8 to 10 percent for many years, said Tim Condon, economist at ING Barings. (chinadaily.com.cn) Mr. Weiss Economic Freedom in China GDP growth in China 1977-2010 Year 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 % Growth in GDP 7.6 11.7 7.6 7.8 5.2 9.1 10.9 15.2 13.5 8.8 Average U.S. GDP growth is 3 – 4% per year Year 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 % Growth in GDP 11.6 11.3 4.1 3.8 9.2 14.2 13.5 12.6 10.5 9.6 Mr. Weiss http://www.chinability. com/GDP.htm Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Economic Freedom in China GDP growth in China 1952-2011 % Growth in GDP 'Rapid growth to sustain 8.8 20 years‘ - By Chen 7.8 Weihua (China Daily) 7.1 Updated: 2007-06-11 08:54 8.0 China has been in a high growth mode since it started 8.3 economic reforms in the late 70s. Its almost three decades 9.1 of high growth is the longest among the 11 high-growth 10.0 economies in the world and part of "a recent, post-World 10.1 War II phenomenon". And the Chinese economy will 9.9 sustain its fast growth for at least two more decades. These are the words of no less a person than Stanford 11.1 University professor Michael Spence, who shared the 2001 11.4 Nobel Prize for Economics with Columbia University 9.6 professor and former senior vice-president of World Bank 8.7 Joseph E. Stiglitz and University of California (Berkeley) professor George A. Akerlof. 10.4 Mr. Weiss Economic Freedom in China Poverty in China: Is There a Way Out? Poverty in China is often overshadowed by average annual GDP growth rates of 9% or more. According to the World Bank and UN statistics, approximately 200 million Chinese people live on less than 5/day; Furthermore, 482 million people live on less than US$2/day – a figure that is greater than the populations of the US, Germany and the UK combined. Although many are quick to point out to the number of people lifted from poverty in China over the past few decades, poverty reduction is slowing down and a gap between the rich and the poor is opening up: http://laowaiblog.com/banking-for-the-poor-2/ Mr. Weiss Economic Freedom in China ENVIRONMENTAL PROBLEMS IN CHINA Environmental problems in China are already at a critical level and they are getting worse. Rapid development has transformed huge swaths of the country into environmental wastelands. Acid rain corrodes the Great Wall; parts of the Grand Canal resemble open sewers; parts of Shanghai are slowly sinking because water beneath them has been sucked out; and some cities are so clogged with air pollution they don't appear in satellite pictures. Reports indicate that only 32 percent of China's industrial waste is treated in any sort of way. Already there are concerns of millions of environmental refugees in China and sulfurous rain clouds drifting from China to Japan and Korea. http://factsanddetails.com/china.php?itemid=394&catid=10&subcatid=66 Economic Freedom in China Appetite for energy fuels China’s fears. Mr. Weiss (NY Times – 6/28/05) China: Environmental Issues – China’s gradual transition to a market economy, which has been proceeding for two decades, has put China among the world’s fastest growing economies. While economic growth has increased incomes and improved health indicators, as well as reduced overall poverty levels, growth has not been totally benign. Environmental pollution from coal combustion is damaging human health, air and water quality, agriculture and ultimately the economy. Mr. Weiss Economic Freedom in China Powerful economies; abundant poverty Asian giants China, India strive to keep ahead of problems Associated Press Posted Sunday, January 14, 2007 SHANGHAI, China — Poverty, water shortages, environmental crises: Asia’s booming giants, China and India, confront daunting challenges as they strive to keep their economies expanding fast enough to raise growing numbers of their 2.3 billion people out of poverty. Mr. Weiss Economic Freedom in China Powerful economies; abundant poverty Asian giants China, India strive to keep ahead of problems Associated Press Posted Sunday, January 14, 2007 …China’s communist leaders, who face no electoral pressures and do not tolerate public or organized dissent, have acknowledged the threat to the party’s nearly six decades’ old rule from public anger over widespread corruption and the widening gap between rich city dwellers and the rural poor…. Economic Freedom in China Mr. Weiss Time Magazine – January 22, 2007 Mr. Weiss Economic Freedom in China How China’s exploding appetite for natural resources is reshaping the world. Chicago Tribune – December, 2006 - Evan Osnos Cashmere Timber Oil Your cheap sweater's real cost The coming fight for oil The hidden cost of your hardwood floor http://www.chicagotribune.com/news/specials/chi-china-special,0,6789511.special