Examining of Advanced Technology on employment

Order from us for quality, customized work in due time of your choice.

Examining the Impact of Advanced Technology on Employment Patterns in China

Name

Institution

Abstract

Technological advancement is an essential driver of industrial and economic development through improved efficiency and productivity. The development of a nation is, therefore, dependent on technological development. The advancement of technology in the industrial sector is categorized into periods of the industrial revolution. The industrial revolution has both positive and negative impact. This study seeks to evaluate the impact of technological advancement on employment patterns in China with the focus being on technological unemployment. The study used external secondary information from different Chinese publication sites including China Statistical Yearbook, Chinese national Bureau of Statistics, and scholarly articles, to extract information on industrial development in China between 2009 and 2019. The main focus was on the impact of industrialization on employment patterns with the emphasis on technological unemployment. The study findings indicate the importance of technological unemployment. In 2011, there were reported 21.6 million registered unemployed people. The figure had reduced in 2018 to 9.75 million in urban areas. However, the national unemployment figures remained constant at 4.1% as of 2019. Besides, the introduction of artificial intelligence in the coastal cities of china resulted in 30 to 40% job losses as of 2019. The estimated job losses as of 2050 will be 26%. Therefore, the introduction of automation technology has a negative impact on job opportunities. The study findings are vital in mitigating the future risk of introduction of robotics to the industry. There is a risk of job losses if the current trend persists. Therefore, the Chinese government must develop and implement policies to ensure the same technology can create job opportunities for the entire Chinese population.

Table of Contents

TOC o 1-3 h z u 1.0 Introduction PAGEREF _Toc44783892 h 11.1 Background Information PAGEREF _Toc44783893 h 11.2 Research Questions PAGEREF _Toc44783894 h 31.3.1 Main Objective PAGEREF _Toc44783895 h 31.4 Justification PAGEREF _Toc44783896 h 41.5 Dissertation Structure PAGEREF _Toc44783897 h 62.0 Literature Review PAGEREF _Toc44783898 h 72.1 Industrialization in China PAGEREF _Toc44783899 h 82.1.1 Industrialization Development Stages in China PAGEREF _Toc44783900 h 82.2 Chinas Industrialization Achievements PAGEREF _Toc44783901 h 112.2.1 Economic Growth PAGEREF _Toc44783902 h 112.2.2 Employment Opportunities PAGEREF _Toc44783903 h 132.2.3 Industrial Challenge of Unemployment PAGEREF _Toc44783904 h 143.0 Methodology PAGEREF _Toc44783905 h 163.1 Secondary Information Search PAGEREF _Toc44783906 h 163.2 Data analysis PAGEREF _Toc44783907 h 173.3 Technological Changes Affecting Chinese Labor Force PAGEREF _Toc44783908 h 173.4 Impact of Advanced Technology on Chinese Labor Force PAGEREF _Toc44783909 h 173.5 Contribution of Advanced Technology on Unemployment in China PAGEREF _Toc44783910 h 174.0 Industrial Revolution PAGEREF _Toc44783911 h 184.1. The First Industrial Revolution PAGEREF _Toc44783912 h 194.2 The Second Industrial Revolution PAGEREF _Toc44783913 h 204.3 The Third Industrial Revolution PAGEREF _Toc44783914 h 214.4 The Fourth Industrial Revolution PAGEREF _Toc44783915 h 225.0 Data PAGEREF _Toc44783916 h 235.1 Total Employed and Unemployed Population in China PAGEREF _Toc44783917 h 235.2 Total Unemployed Youth in China PAGEREF _Toc44783918 h 265.3 Total Number of Rural to Urban Migrants in China PAGEREF _Toc44783919 h 285.4 Number of Employed People per Sector PAGEREF _Toc44783920 h 305.4.1 Agricultural Sector PAGEREF _Toc44783921 h 325.4.2 Manufacturing Industry PAGEREF _Toc44783922 h 335.4.3 Service Sector PAGEREF _Toc44783923 h 355.5 Technological Changes in in China PAGEREF _Toc44783924 h 375.5.1 Investment in Research and Development (R&D) in China PAGEREF _Toc44783925 h 376.0 Data Analysis PAGEREF _Toc44783926 h 416.1 The Relationship Between the number of employed people and advancing technology PAGEREF _Toc44783927 h 426.2 The Relationship between Unemployment and Technology in China PAGEREF _Toc44783928 h 436.3 Relationship between Technology and Total Unemployed Youth in China PAGEREF _Toc44783929 h 446.4 Relationship between technology and the Total Number of Rural to Urban Migrants in China PAGEREF _Toc44783930 h 456.5 The Relationship between the Number of People Employed in Agricultural Sector and Technology in China PAGEREF _Toc44783931 h 466.6 Relationship between the Number of People Employed in Manufacturing Sector and Technology in China PAGEREF _Toc44783932 h 466.7 Relationship between the Number of People Employed in Service Sector and Technology in China PAGEREF _Toc44783933 h 486.8 Comparison with R&D PAGEREF _Toc44783934 h 497.0 Findings and Discussion PAGEREF _Toc44783935 h 527.1 Findings PAGEREF _Toc44783936 h 527.1.1 Technological Changes Affecting Chinese Labor Force PAGEREF _Toc44783937 h 527.1.2 Impact of Advanced Technology on Chinese Labor Force PAGEREF _Toc44783938 h 547.1.3 Contribution of Advanced Technology on Employment in China PAGEREF _Toc44783939 h 567.1.4 Contribution of Advanced Technology on Unemployment in China PAGEREF _Toc44783940 h 577.2 Discussion PAGEREF _Toc44783941 h 597.2.1 The Demand and Supply of Labor Force in China PAGEREF _Toc44783942 h 597.2.2 Factors Contributing to Automation Need in the Industries in China PAGEREF _Toc44783943 h 617.2.3 Artificial Intelligence and Technological Unemployment PAGEREF _Toc44783944 h 637.2.4 Limitation of the Study PAGEREF _Toc44783945 h 668.0 Conclusion and Recommendations PAGEREF _Toc44783946 h 678.1 Conclusion PAGEREF _Toc44783947 h 678.2 Recommendations PAGEREF _Toc44783948 h 68References PAGEREF _Toc44783949 h 70

List of Figures

TOC h z c Figure Figure 1 A graph showing the GDP contributed by the three sectors of the industry in China. PAGEREF _Toc44783980 h 12Figure 2 A graph showing the GDP rise in China from 2010 until 2019. PAGEREF _Toc44783981 h 13Figure 3 A graph showing the estimated unemployed population in China. PAGEREF _Toc44783982 h 15Figure 4 A graph showing the rate of educated unemployment and low qualified proportion in the total urban unemployed population.. PAGEREF _Toc44783983 h 15Figure 5 An image showing different features of the fourth industrial revolution. PAGEREF _Toc44783984 h 22Figure 6 A graph showing the trend of employed people in China. PAGEREF _Toc44783985 h 24Figure 7 A graph showing the trend of unemployed people in China.. PAGEREF _Toc44783986 h 26Figure 8 A graph showing the trend of the proportion of unemployed youth in China.. PAGEREF _Toc44783987 h 27Figure 9 A graph showing migrant trend in China.. PAGEREF _Toc44783988 h 30Figure 10 A graph showing employment trend in China.. PAGEREF _Toc44783989 h 31Figure 11 A graph showing employment trend in agricultural sector in China. PAGEREF _Toc44783990 h 33Figure 12 A graph showing employment trend in manufacturing sector in China. PAGEREF _Toc44783991 h 34Figure 13 A graph showing employment trend in service sector in China. PAGEREF _Toc44783992 h 36Figure 14 A graph showing R&D expenditure trend in China. PAGEREF _Toc44783993 h 39Figure 15 A graph showing R&D expenditure trend in China.. PAGEREF _Toc44783994 h 40Figure 16 An image showing relationship between employment rate and advancing technology in China.. PAGEREF _Toc44783995 h 42Figure 17 An image showing relationship between the numbers of unemployment people and advancing technology in China. PAGEREF _Toc44783996 h 43Figure 18 An image showing relationship between the numbers of unemployed youth and advancing technology in China. PAGEREF _Toc44783997 h 44Figure 19 An image showing relationship between the numbers of rural to urban migrants and advancing technology in China.. PAGEREF _Toc44783998 h 45Figure 20 An image showing relationship between the number of people employed in agricultural sector and technology. PAGEREF _Toc44783999 h 46Figure 21 An image showing relationship between the numbers of people employed in manufacturing sector and technology in China.. PAGEREF _Toc44784000 h 47Figure 22 An image showing relationship between the numbers of people employed in service sector and technology in China.. PAGEREF _Toc44784001 h 49Figure 23 An image showing the relationship between the numbers of employed people in manufacturing sector from 2012 with technology PAGEREF _Toc44784002 h 51Figure 24 A graph showing work force estimations as at 2050. PAGEREF _Toc44784003 h 53Figure 25 A graph showing impact of technological changes in agricultural sector. PAGEREF _Toc44784004 h 55Figure 26 A graph showing the impact of technological changes in manufacturing industry in China. PAGEREF _Toc44784005 h 56Figure 27 A graph showing the proportion of unemployed people in China. PAGEREF _Toc44784006 h 58Figure 28 A graph showing the demographics substitution probability with automation technology in China. PAGEREF _Toc44784007 h 63

List of Tables

TOC h z c Table Table 1 A table showing the percentage of the total employed and unemployed people in China.. PAGEREF _Toc44197737 h 23Table 2 A table showing the number of the urban unemployed people in China.. PAGEREF _Toc44197738 h 25Table 3 A table showing the percentage of the total unemployed youth in China. PAGEREF _Toc44197739 h 27Table 4 A table showing the number of rural to urban migrants in China. PAGEREF _Toc44197740 h 29Table 5 A table showing the number of employed people in agricultural sector in China. PAGEREF _Toc44197741 h 32Table 6 A table showing the number of employed people in manufacturing sector in China. PAGEREF _Toc44197742 h 34Table 7 A table showing the number of employed people in service sector in China. PAGEREF _Toc44197743 h 36Table 8 A table showing the R&D expenditure in China. PAGEREF _Toc44197744 h 38

1.0 Introduction1.1 Background InformationAdvancing technology is a vital driver of industrial growth and rapid economic development through mass production. Technological progress results in increasing productivity, which boosts consumption and per capita income (Allen, 2009). Furthermore, technology influences the nature and quality of work in the industry sector. Therefore, the improvement of technology causes the development of the industry sector and society. Studies have shown that technology, society, and institutions have demonstrated to evolve together. The technological advancement has been gradual over time with slow improvement of the existing technology or innovation of new technology (Colombo et al., 2017). In other instances, the development has been rapid, causing the breakthrough that is experienced in various industries. The advancement of technology has resulted in the transformation of the economies and the organizational structure of societies. However, advanced technology has developed undesirable effects such as technological unemployment within society.

The technology supports the development history of humankind. Historically, the industrial revolution in the 1960s was characterized by the advancement of the machine industry from the workshop handicraft through technology (Hong, 2004). During the period of the industrial revolution, machines were used to replace the workforce to improve productivity. However, studies have shown that technological progress is characterized by improved production and reduced labor in production. The industrial revolution caused the hand factory to be replaced by the machine factory. The massive technological revolution deprived the manual workers of their labor. Hence, continuous technological improvement causes the labor force to experience low-skilled labor. The operation of machines requires high-skilled labor to improve the efficiency of production and reduce machine breakdown (Buera & Shin, 2013). The numbers of machine operators are few compared to handcraft. Therefore, the advancement of technology has resulted in a loss of employment for many people working in primary and secondary sector over time. However, advancing technology has led to creation of employment in the tertiary sector.

Industrialization and development are associated with the advancement in technology. New technology in China has improved economic development by raising national income through increased industrial output (Feng et al., 2017). Globally, policymakers pay attention to technological innovation and inventions. Similarly, Chinese economic policy has promoted science and technology in the past years. The recently released National Guidelines for Medium- and Long-term Plans for Science and Technology Development of China (2006-2020), focuses on the technological changes. The Chinese firms have embraced the promotion with the development of artificial intelligence (AI) machines (Maynard, 2015). The development of AI has caused major technological and production breakthroughs in China. However, these machines require few skilled personnel within the departments. The low skilled staff is laid down because of the reduced services required. Therefore, the advancement of technology has enormous breakthroughs in industrial production but affects the living standards of the people and increases the possibility of increased poverty.

Previous studies have determined that the advanced technology in industries potentially cause rapid and enormous developments. The revolution will become the driving force in future upgrading and economic development (Colombo et al., 2017). This dissertation focusses on the impact of advanced technology in the employment patterns in China. Past studies have different views on employment patterns resulting from advanced technology with different views on technological unemployment. The advanced technology has been demonstrated with the main objective being industrial efficiency (Dollar et al., 2003). However, the link between advanced technology and technological unemployment is not elaborate. Therefore, it is crucial to study the impact of advanced technology on employment patterns in China, with a special focus on technological unemployment. To do this, the employment patterns in China resulting from advanced technology were considered with a special focus between 2009 and 2019 (ten years). The results from this period will give an insight into the current trend, which can be used to provide a likely future trend with a continued trend of technological advances. The findings showed a significant unemployment trend to be caused by advanced technology. Therefore, at the industry level, the stakeholders should find the possible ways of creating employment using the same technology to realize industrial expansion and growth.

1.2 Research QuestionsVarious questions need to be considered for testing the study hypotheses. These questions include:

What is the importance of advanced technology in employment?

What are the changes in technology affecting the labor force in China?

What is the extent that advanced technology causes unemployment?

What actions can be taken to ensure the advanced technology creates employment?

1.3 Research Objectives

1.3.1 Main ObjectiveTo determine the impact of advanced technology on employment patterns in China

1.3.1.1 Specific Objectives

To evaluate the technological changes affecting the labor force in China

To examine how advanced technology results in unemployment

To assess the positive impact of advanced technology on the labor force in China

1.4 JustificationThe first industrial revolution was marked by introduction of machines that were mainly water powered. Besides, the second revolution was characterized by innovations in petroleum, iron, electricity, and steel production. The third revolution was marked by introduction of automation technology. The fourth industrial revolution, characterized by the extensive implementation of current advanced technologies, will result not only in income equity and labor markets but also in global market changes (Walker, 2014). However, the nature and consequences of the change are not established. Therefore, there is a need to create a balance between the labor force and advancing technology to ensure appropriate strategies are in place to avoid undesirable effects of the Industrial Revolution (Ruan & Zhang, 2009). The continued reduction of the need for human labor because of new technological innovation requires proper ways to mitigate the impact and create better ways using the same technology to allow the creation of new employment opportunities that will benefit the growing population. Research studies aimed at reducing the uncertainty due to advanced technology will ensure preparedness for future risks.

Globally, many countries and states suffer from an unemployment problem. The advanced technology enhances the process of development through efficiency in production (Maynard, 2015). Therefore, it is crucial for the countries embracing the new technologies to set up policies that regulate the technological function and labor force to ensure the creation of job opportunities and not cutting off the staff. Studies and research on the significant problems of unemployment are essential to provide proper guidelines and solutions to alleviate the worlds crisis. Effective policies need to be developed, such as reallocation policies in cases where the technology results in less income supply. Therefore, technology should be embraced and policies created to mitigate the effects it has at the country and global levels.

Technology has been identified as the main enhancer of the economy, with policies promoting advancement being put in place. Globally, many countries, including China, have set policies that encourage technological advancement through development and innovation (Feng, 2011). The advanced technology has brought many positive impacts in the industrial sector. However, the advancement of technology has a negative effect causing a significant rise in the number of unemployment cases. Besides, technological changes have affected mainly the manufacturing and the service sector. Moreover, the development of machines using advanced technology, such as the introduction of artificial intelligence (AI), has been associated with improved efficiency, cost reduction, and saving time (Buera & Shin, 2013). However, the different industries have replaced staff with machines that are managed and operated by fewer people resulting in a higher unemployment rate. The low skilled personnel is cut off, and their services replaced by robots to save time and cost. Therefore, both desirable and undesirable effects in the industrial sector accompany advanced technology.

On the other hand, advanced technology has desirable outcomes. The advancement of technology could result in innovations to improve production methods or increase the scale of production in the manufacturing sector. Consequently, the amount of required labor will increase with growing technology. China has a higher population and experience employment problem causing wastage of social labor and social stability of the country. The cost of unemployment is expensive, characterized by increased financial expenditure in the country. Advanced technology is the main priority that causes rapid and stable economic development with its success. Moreover, the advancing technology has created more employment opportunities in the service sector. The fourth wave in the industrial revolution is due to high technology, which becomes the central pillar for the national economy and the transformation of social and economic development.

1.5 Dissertation StructureThis dissertation has been organized into eight chapters. Chapter 1 is the introduction and covers background information, research questions, research objectives, and justification for the research study. The background information contextualizes the study, focusing on global impact and an introduction to the overview in China. The chapter also gives a brief outline of the methodology, findings, and recommendations.

Chapter 2 is the literature review covering the historical perspective of the technological changes through reviewing the literature on the industrial revolution. The section covers the four industrial revolution and the technological changes associated with each industrial revolution. The chapter also reviews research on industrialization in China. Furthermore, it covers the stages of industrialization and economic growth. Besides, the literature on the employment opportunities associated with the technological changes in China is reviewed. Furthermore, the challenge of unemployment associated with industrialization in china was reviewed.

Chapter 3 focuses on the methodology. The chapter focuses on how the secondary information was obtained on various aspects under study, including the technological changes affecting the labor force, the impact of advanced technology on the labor force, and the contribution of advanced technology on unemployment in China.

Chapter 4 focuses on industrial revolution, which is the basis of the technological changes. Technology has changed with time affecting mainly the manufacturing and service sector. Therefore, the chapter discusses the industrial revolutions that have initially and are currently affecting these sectors.

Chapter 5 and 6 focuses on data and analysis. The main areas are the employment and the unemployment trends between 2009 and 2019. The analysis done is main the descriptive analysis to show the relationship between the various variables with the changes in time. the analysis will be performed using Microsoft Excel 2019.

Chapter 7 focuses on the findings and discussion of the findings from the secondary sources mentioned in chapter 3. The main areas of focus include the technological changes affecting the labor force, the impact of advanced technology on the labor force, and the contribution of advanced technology on unemployment In China. These findings form the basis of a discussion of outcomes in the next chapter. The areas of discussion include the demand and supply of labor force in China, factors contributing to the need for automation technology in China, and the contribution of artificial intelligence (AI) in technological unemployment. The chapter also discusses the limitation of the study.

Chapter 8 is on conclusion and recommendation base on the study findings. The conclusion provides a summary of the main points discussed in the various chapters of the study. Besides, the recommendation section offers practical suggestions on the impact of technological advancement, especially on the technological unemployment challenge.

2.0 Literature ReviewThe advanced technology led to innovations resulting in improved efficiency. Many countries have experienced changes associated with technological advancement including development in different industrial sectors and changes in employment patterns. China is currently leading in research and development (R&D) compared to other nations. Therefore, the improved R&D has a huge impact in employment pattern.

2.1 Industrialization in ChinaResearch had shown that before the 20th century, China was utterly an agrarian nation, with 90% of the population living in rural areas. The industrialization process began in the 1900s, with an average of 8-9% annual industrial increase between 1912 and 1936 (Xu et al., 2018). In 1949, during the founding of the Peoples Republic of China, the country experienced different industrial progress through the development and implementation of strategies (Clark et al., 2017). These strategies included prioritization of the heavy industry, developing a balance between light and heavy industries, and re-prioritization of heavy industry. However, China faced setbacks in the process but was able to attain transformation from an agricultural economy to an industrial economy.

Industrialization in China has made tremendous progress in the past years. In 2000, studies reported that the share of the industrial sector on total GDP had increased by two-thirds. The agricultural industrys contribution had registered a reduction from 42% in 1970 to 12% as of 2000 (Bloem et al., 2014). The industrial sectors total output has continued to grow, and in 2017, the industrial sector contributed 46% of the countrys GDP (Xu et al., 2018). Currently, China has been recognized as one of the foreign investment-friendly economies, which is supported by the import-export industrialization model and the economic growth experienced in the country.

2.1.1 Industrialization Development Stages in ChinaThe development of industrialization in China can be categorized into three stages. Firstly, there is the period between 1953 and 1978, where China used the centrally planned economy to prioritize heavy industry (Allen, 2009). The country aimed at rapid industrialization to attain the level of other countries. The first five years of the period were characterized by the countrys focus on efforts towards the construction of the medium and large-sized industrial projects. The studies have reported 694 industrial projects with 156 supported by the Soviet Union. China was able to lay the primary foundation for the future industrialization providing technological and material support to build the national economy (Xu et al., 2018). A huge implementation of industrialization strategy characterizes a period between 1958 and 1960 (Li et al., 2017). The government mobilized a huge amount of workforce and funds investment to support industrial growth, with the major emphasis on the heavy industry, steel, and iron industry. The governments focus was to utilize the cheap labor in high supply and avoid the expenses associated with the importation of heavy machinery. The period was characterized by failures resulting in material shortages and economic decline. The period between 1961 and 1965 was characterized by the development and implementation of the strategies (Knight & Xue, 2006). These strategies included coordination and balance in the development of agriculture, heavy industries, and light industries. The imbalance of economy contributed by the strategies led to the success and improvement of the economy in China. The period between 1966 and 1978 was characterized by the successful implementation of strategies and the division of the country into three fronts, the western, coastal, and central fronts. The division focused on the military strategy instead of the economic efficiency strategies. In this case, 95% of the construction investment was directed to the construction of the industries with defense orientation. The heavy industry share increased from 51% to 56%, but there was a registered difference between the heavy and light industries (Clark et al., 2017). Consequently, there was a regional imbalance in a different economic structure in production and industrial distribution.

The second stage was between 1979 and 1999, which was characterized by a balanced industrial development. China implemented the opening-up policy in 1979 and adjusted strategy promoting the prioritization of industrial development (Allen, 2009). Market and private businesses were encouraged and emphasized aimed at the promotion of industrialization. Furthermore, the country focused on obtaining balance and coordinating the development within the different industries, especially the light industry. Tremendous efforts aimed at the attraction of foreign investment and the Chinese government emphasized the importation of advanced technologies. These factors had advantages considering that China began industrialization late. The reports have shown an increased foreign direct investment (FDI) from 19.6 billion US dollars in 1991 to 52 billion US dollars in 1999. Therefore, China recorded success during this second stage of industrialization.

The third stage started in 2000, characterized by the reemergence of heavy industrialization in China. The economy retrieved back to the development phase of industrialization by heavy industry. The physical and financial resources were pooled together by many local governments to launch large-scale projects to ensure economic growth. The heavy industry experienced faster growth than the light industry between 2000 and 2012 (Bloem et al., 2014). During the period between 1999 and 2012, there was an increased proportion of heavy industry from 53.8% to 71.8% while the light industry dropped to 30%. The heavy industry contributed profits of more than 72% of the total profits in 2012. Therefore, the growth in industrialization during this period was dependent on heavy industry.

2.2 Chinas Industrialization Achievements2.2.1 Economic GrowthIndustrialization in China has led to achievements in the past six decades. Firstly, there has been the completion of the industrial systems. The industrialization brought about the introduction of the large scale and technology concentrated manufacturing companies, an independent system. Research studies have shown that China overtook the US in 2010, becoming the leading manufacturing nation. In 2012, the reports showed that China contributed 20% of the global manufacturing output (Maynard, 2015). Therefore, China has become the most reputable nation regarding the global factory output. Secondly, China began industrialization later compared to other nations like the US. However, in the past sixty years, it has reported massive industrialization causing rapid economic advancement. The economic status had risen and experienced great transition since 1978 when the country shifted from its centrally planned economy. The economic growth has been consistent for the past 35 years, with the country registering an increased GDP from 58.7 billion US dollars reported in 1978 to 9.17 trillion US dollars reported in 2013. China is the second-largest globally concerning the economic state, with an average annual growth rate has been estimated to be 10%. The GDP per capita has been reported to increase from below 300 US dollars registered before the revolution to 6,807 US dollars registered in 2013, as shown in figure 1.

The GDP in China is based on the contribution of primary industries, mainly agriculture, the secondary industry that is represented by the manufacturing and construction sector, and the tertiary industry represented by the service sector. In 2013, the manufacturing sector contributed to 23% of the total GDP. The data in 2017 showed that the secondary industry, mainly the manufacturing sector, contributed to 46% of the total GDP (National Bureau of Statistics of China, 2017). In 2019, the agricultural sector contributed 7.1%, while the industry contributed 40%, and the service sector contributed 54% (National Bureau of Statistics of China, 2019). Therefore, the manufacturing sector has contributed significantly to the sustained economic growth in the country. Furthermore, the manufacturing sectors contribution to the GDP is higher than in other countries such as Japan and India.

Figure SEQ Figure * ARABIC 1 A graph showing the GDP contributed by the three sectors of the industry in China. Image retrieved from National Bureau of Statistics of China, 2013.The Chinas Gross Domestic Product (GDP) in 2019 was reported to be worth 14200 billion US dollars. The GDP represents 12% of the worlds economy, according to the data from the World Bank and the projections made by the Trading Economics (Buera & Shin, 2013). The data has shown a consistent rise in the GDP, considering figures reported from 2010 until 2019, as shown in figure 2. Industrialization in China contributed to global economic growth. The country has integrated into the international economy and has driven the economic deve

Order from us for quality, customized work in due time of your choice.