Economic And Political Challenges Facing China - 1474 Words

Having a historical record of over three thousand years, China is considered as one of the few countries with a significant continuous civilization. Before the twentieth century, it was under the rule of various dynasties. â€Å"The Xia dynasty was the first dynasty to rule in the country† (Tanner 35). The bureaucratic systems of these regimes resulted to the agrarian civilization that was much better off than the existing nomadic cultures. â€Å"Through the entire period from the 1990s, the country has regained its effectiveness towards both legal and economic reforms prioritized by the government, enabling it to focus more on the improvement of criminal law system as well as in the modernization of the legal personnel† (Niu and State Information†¦show more content†¦In the recent past, China’s economy has grown at a high rate attracting the attention of the foreign investors. Its gross domestic product has also been high, with the year 2014 recording t he highest figure of over ten percent of the world’s economy. The overall structure of its economy has also improved; the unemployment rates have gone down with prices rising at a moderate rate. It is always clear that with a high rate of unemployment within a country, the income levels also tend to be low affecting the living standards of the people, which in turn results to lower productivity levels in the country. Regardless of maintaining a positive balance of payments, the country’s economy also faces some challenges. â€Å"China’s economy is facing economic challenge regarding possibilities of deflationary risks† (Mulroney 15). Its economy is also experiencing relatively high costs incurred during the financing of the enterprises. The local governments are overburdened with massive amounts of debts that need to be clear. All these challenges are slowing down the rate of its economic growth. Politically, the communist party forms the nation’s founding and the ruling party in the modern society. A large number of the party members, approximately eighty-six milling gives it the power to influence various policies not only nationally but also internationally. One of the most pressing issues that the