Understanding China and its Society, Business and Economics, Culture and Languages - Essay Example

? Business Essay: Understanding China and its Society, Business and Economics, Culture and Languages Understanding China and its Society The People’s Republic of China is one of oldest civilizations worldwide. Located in the Eastern Asia, the country has accomplished remarkable success in various aspects of civilization, growth and development. With a population of over 1.3 billion people, the country that borders India, Afghanistan, Nepal, Kazakhstan, North Korea, Pakistan, Russia, and Vietnam among others is one of the fastest growing economies globally (Chow 2010). The country’s capital is Beijing. Although Beijing is among the world’s most populous cities, Shanghai remains the largest city in China going by its population. The Asian country is rich in culture and language owing to diverse nature of tribes and communities occupying the world’s most populous nation. According to the World Bank, the People’s Republic of China is the second largest economy worldwide going by its GDP. In 2012, the country’s GDP stood at $7 trillion. It is the largest importer and the largest exporter of goods globally (Chow 2010). The country imports commodities such as mineral fuels, metal ores, plastics, oil, and medical and optical equipment. It also exports textile, apparel, steel, iron, machinery, and electrical equipment. Countries such as Germany, South Korea, Japan, Taiwan, USA, and Hong Kong are the main trading partners. The government recognizes Chinese Communist Party (the ruling party) as atheist organization (Chow 2010). However, China’s constitution acknowledges freedom of religion to all natives and foreigners living in the country. The government only permits people to practice one of the officially recognized religions that include Islam, Taoism, Buddhism, Catholicism, and Protestantism. China’s main religious organizations are Taoism and Buddhism. The people consider Taoism as the folk history considering its long history among societies and ethnic groups in the country. The literacy rate of the country stands at 92.2 percent according to the World Bank report released in 2012 (Chow 2010). Business and Economics China is among few Asian nations with promising economies with large amounts of imports and exports. It is among the fastest growing economies in the continent, which include Japan, South Korea and North Korea (Chow 2010). Despite the global crisis that has hampered business activities among nations, the Republic of China is determined to craft trading partnerships with countries such as Japan, USA, Germany, Hong Kong, and Taiwan among other countries in Asia, Europe and North America. China has expanded its business quest by forging trade agreements with a number of countries in Africa (Chow 2010). Such partnerships have boosted its balance of payment. New markets in Africa, Europe and America have created more space for the rapidly growing industries in China to export the finished products to various destinations around the world. Apparently, China’s economy has recorded remarkable performance for the last three decades with manufacturing and service industries accounting for the biggest percentage of exports. This has influenced the country’s GDP in positive direction (Chow 2010). Over 500 million Chinese can now afford decent living following various initiative of the government to lift citizens from poverty. Chances are high that China might emerge as the leading economy of the world by 2030 notwithstanding challenges regarding controlling its huge population (Lin 2012). It has the potential to become a modern, creative and high-income society. It is yet to implement strategies that will ensure it achieve its business and economic ambitions. As far as the country’s future prospects in business are concerned, China has the potential to turnaround it technological progresses to achieve greater development (Lin 2012). Apparently, China has a huge human resource base which key to growth and development of industries of various sectors of the economy. It is high time China shifted its business strategies by investing ore of its resources in the development of services sector while minimizing its capital investments in the manufacturing and agricultural sectors of economy (Lin 2012). The official currency of the People’s Republic of China is renminbi. The primary unit of renminbi is Yuan. Yuan further divided into smaller units of 10 jiao (Kane 2006). The jiao is further divided into 10 fen. China started out its development plan in the late 1970s by initiating a policy that encouraged foreign investment. Since the beginning of 1979, the country has shifted its focus to active participation in the global business environment (Kane 2006). For many years, the country has spent resources to modernize its legal, political, social, and economic institutions. In effect, the country has acquired positive following its entry in the Globe Trade Organizations (2001). Since then, the country has attained substantial expansion levels. The country’s exports have increased considerably hitting a record US $ 762.7 billion in 2005. In addition, China has emerged as the second largest recipient of Foreign Direct Investment (FDI) after America (Kane 2006). Today, the country’s economy has a greater potential to change the future prospects of the continent and the world at large. The business culture of the country alongside the goodwill from its huge labor force has been instrumental to propelling the country to greater heights of development (Dudbridge 2002). According to the World Bank, China is the second largest economy considering its GDP. It is also the second largest importer and largest exporter of commodities globally. For instance, the country exports textiles, apparel, steel, iron, machinery and electrical devices. Key imports include mineral fuels, oil, medical equipment, plastics, and metal ores (Dudbridge 2002). Culture and Language The government recognizes the ruling party as atheist organization. However, China’s constitution acknowledges freedom of religion to all natives and foreigners living in the country. The government only permits people to practice one of the officially recognized religions that include Islam, Taoism, Buddhism, Catholicism, and Protestantism. China’s main religious organizations are Taoism and Buddhism (Lin 2012). The country consists of 56 distinctive ethnic groups. Considering the numbers, Han Chinese is the dominant group. China’s social values originate from the Taoism and Confucianism beliefs and practices. According to the CIA world book, the total GDP as of 2009 was $7.8 trillion. The economy has continued to grow over the years. With its huge population, the country does not recognize personal space that has been a common trend in many other countries around the world (Lin 2012). China has eight different styles of food due to considerable differences in terms of geographic and culture. The styles of food include Sichuan (Western China), Shandong (Northern China), Cantonese (Southern China) and Huaiyang Cuisine (Eastern China). The country has nationwide education system comprising primary, lower and upper middle schools, and public as well as private universities (Choi 2005). The republic is famous for its wide range of instrumental music. Bamboo pipes and gin are the oldest known instruments. The process of splitting modern dialects started over 1,000 years ago. The communist party and the government encourage citizens to use Mandarin Chinese (language). Over 20 percent of the population today study English. The majority of the Chinese use languages, which are mutually unintelligible (Choi 2005). References Choi, A. S. C. (2005). Chinese language: A short course. Bloomington, Ind: AuthorHouse. Chow, G. C. (2010). Interpreting China's economy. Singapore: World Scientific. Dudbridge, G. (2002). Religious experience and lay society in T'ang China: A reading of Tai Fu's 'Kuang-i chi'. Cambridge: Cambridge University Press. Kane, D. (2006). The Chinese language: Its history and current usage. Tokyo: Tuttle Pub. Lin, J. Y. (2012). Demystifying the Chinese economy. Cambridge: Cambridge University Press. Read More