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Media Release

August 2 2011

The real China - transformation and future opportunity

Director of UniSA’s Centre for Asian Business, Professor Ying Zhu, said media reports of China’s economic strength mask the many challenges the country faces.China may have the world’s second largest economy, but a UniSA expert says how it copes with the challenges ahead will be key to its continuing prosperity.

Director of UniSA’s Centre for Asian Business, Professor Ying Zhu, said media reports of China’s economic strength mask the many challenges the country faces.
 
“There are lots of reports on China’s GDP growth, foreign reserve and trade surplus that paint a rosy picture of China’s emergence as the world’s second largest economy, but sometimes we forget about the other side of China,” he said.
 
“Generally speaking, on a superficial level we can see China’s transition has been successful, because China still maintains very high economic growth, can feed a population of 1.3 billion people and has a reasonable income increase, when the income of other countries has decreased. China has maintained that momentum well, so generally speaking China should take credit for that success.
 
“However, there are lots of tensions, problems and ongoing dilemmas. There are key challenges such as disparities; society has become less equal as the gap grows between rich and poor, and there are growing gulfs between rural and urban communities, the eastern coast region and the inland and western regions.
 
“There is an urban workforce as well as rural migrant workers. They are different and have different benefits for different citizens, so society is divided.”
 
Prof Zhu said the government is facing increasing demand for political reform, but that it is more likely to adopt a political system along the lines of Singapore or Japan than a western democracy.
 
His lecture The Chinese Economy – its transformation and future opportunity will trace the transformation of the Chinese economy by examining the links between economic development and labour market issues, analysing its development in the light of China’s history and imagining its future.
 
Professor Zhu’s lecture is on Wednesday 10 August at the Allan Scott Auditorium, Hawke Building, North Terrace, City West campus, 5.45pm for a 6pm start. To register or for more information, please visit the Knowledge Works website.

 



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