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Market Reforms and Economic Growth in China Assignment Sample

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Financial Stability and Social Development Assignment Sample

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Financial strength and stability are very important factors for the national government of a country. This capability has the potential to put a huge effort into the betterment of social and cultural development. The entire study contains information on the method to enhance the further development of the entire development from an economical perspective. All the methods are based on the given case study of China's mixed culture. The significance and risk factors related to the factor are also elaborated in the entire study with the help of some effective evidence and logical statements as well. All the methods of overcoming the risk actors and collaboration between the central and state government are also evaluated in the study.

Discussion

The market-based reforms

There is a huge change in the market-based reforms of the economy of China. In the year 1980, the entire market and organization is directly owned and controlled by the central government. The entire business and sector are continued by the communist party and their rule. There is no existing private sector or state-control sector. The control of running the business and other financial reforms had been done under one single party. The communist approach was not capable of achieving the determined growth and success of their business (Song, 2020). In many cases, the central economy has collapsed and could not deliver or determine contribution and effort to the development of the country. It has become very important to get over this situation and implement some innovative methods and procedures to boost the economy. The only possible way to do this is through the involvement of the state and the major private organizations.

The situation began to change during the year 1980. The communist government has allowed some businesses to collaborate with the state to increase their expansion and progress. Some private sectors also began to increase along with the huge business growth. But at the end of the day, the control belongs to the government which they have direct access to the market. The situation is capable of fulfilling the efficiency gap and providing a huge effort to the financial stability of China (Zhao et al. 2019). By the end of the year 1980, the situation became more effective along with the introduction of the socialist market economy. The collaboration of the state and the private sector was applicable to implement all the probable changes and transformations in the business for future development. This scenario also played a very crucial role in maintaining the entire market-based reforms and economic stability for a long time.

Current economic system

The present economic system of China is the result of collaboration between the state and private organizations and the national government. The collaboration between them is capable of initializing most of the financial problems and maintaining business efficiency. On the other hand, the present arrangements by the government and other related authorities are applicable for driving economic growth from a positive angle (Hasan et al. 2020). Some industry giants have a huge capture in international trade and business. The approach of the national government became very clear to increase financial stability. The nation also achieved the capability to put an impact on global business and the economy. They also became in the first row of the most economically strong nations in the entire world. Improving the relationship between state and national government along with the policies also had been possible through the scenario and transformation of the year 1980.

China had implemented all the policies to maintain the financial stability of the nation through the collaboration of the state and the national government. The removal of the price control policy was also very helpful for providing determined efficiency in the country. The huge growth and success of organizations such as Alibaba, Tencent, and Huwai can be possible through policy transformation. On the other hand, the improvement in the financial system is responsible for accruing the second position in the list of most effective GDP after the US. The continuous control and the involvement of the national government were very effective in the entire scenario. According to a study, 27.5% of the entire GDP has been contributed by the private sector (Zhu and Deng, 2020). The nation also had a huge impact on the world economy. The social and cultural improvement also had been assured by the given factors in the study.

Privatizing the state's sector

There might be both the chances of huge improvement and destruction of the economic condition by the method of increasing the self-owned sector. The enhancement in the self-owning sector is capable of providing more freedom and liberty to the business by which the national interest of the country might differ. Along with that, it is also possible to reduce the efficiency of the communist perspective completely by the involvement of the state and private organizations in the nation. During the year 1980, there was introduced a huge transformation in the business structure and environment also got changed. The risk factor might also be associated with the policies and implementation of the national government (Ohashi, 2018). The new business and collaboration might not agree with all the regulations. This fact has a huge impact on the national policy and financial sector of the nation by reducing its efficiency and significance.

On the other hand, the increasing dependency and collaboration might also be capable of providing a better scenario of business and other operations for improving business. Improving business and other organizational sectors can have a huge impact on the financial stability and economic growth in entire China. Apart from that the procedure of maintaining a strong relationship can be assured by the help of the collaboration between the state and national government. The increasing GDP is associated with the involvement of the related authority of the nation and might also reduce central control in the financial sectors (Corbet et al. 2021). In simple words, it can be said that the scenario contains both the effectiveness and risk factors in referring to the increasing stability of private organizations. The fact has a huge focus on the socio-cultural development of the nation for the upcoming years related to business and other financial sectors.

Substantial funds from state-owned banks

The allotted substantial funds are capable of completing all their determined responsibilities and receiving the substantial funds. The small interest rates from the state-owned banks are applicable to arrange more investment and business functions for the future. The method of capturing the international market also has been assured by the help of the method assaulted by the communist government. A range of the market giants like Huawei is applicable to implement a little more effort to the determined growth and success of the financial state e along with the improved GDP of the nation (Ahmed et al. 2018). The below-market interest rate also has the potential to involve more people with the state-owned banks and increase the profitability of this organization. The benefit is associated with providing a better economic structure to state strong competition in the international market. The improvement of the private sector also can be possible with the help of the method.

A little improvement is required in all the policies of investment and international business relationships. The proactive role of the private sector business is applicable to detect the gaps in the existing policy. The policy improvement might focus on the method of fulfilling the market gap and business sustainability. The collaboration between the state and national government also can be capable of adopting the most efficient method and obtaining the mixed financial model. The improvement of the entire sector belongs to the betterment of all the banking and other business sectors (Peters et al. 2022). The probable recommendation should have the capability to connect the requirements of the market and business coordination by the government and private organizations in the country of China. The most suggested method for the entire process is the innovation and improvements assured by the government to implement a strong and effective financial background for the entire country. These might be the most effective remedies for all the existing financial policies.

Conclusion

All the information mentioned in the study has the potential to evaluate the significance of the financial sector of China. The responsibility of communist government is responsible for the huge financial stability of the nation. China also has a huge impact and contribution to global business and the economy. All the methods are based on the given case study of China's mixed culture. The collaboration between the national and state government might enhance the efficiency and capability of the business and other economic sectors. All this factor is also applicable to providing further development and growth in the entire society and nation of China. In conclusion, it can be said that the significance and risk factors related to the factor are also elaborated in the entire study with the help of some effective evidence and logical statements.

References

Journals

  • Ahmad, M., Khan, Z., Ur Rahman, Z. and Khan, S., 2018. Does financial development asymmetrically affect CO2 emissions in China? An application of the nonlinear autoregressive distributed lag (NARDL) model. Carbon Management9(6), pp.631-644.
  • Corbet, S., Hou, Y.G., Hu, Y., Oxley, L. and Xu, D., 2021. Pandemic-related financial market volatility spillovers: Evidence from the Chinese COVID-19 epicentre. International Review of Economics & Finance71, pp.55-81.
  • Hasan, M.M., Yajuan, L. and Mahmud, A., 2020. Regional development of China’s inclusive finance through financial technology. Sage Open10(1), p.2158244019901252.
  • Ohashi, H., 2018. The Belt and Road Initiative (BRI) in the context of China’s opening-up policy. Journal of Contemporary East Asia Studies7(2), pp.85-103.
  • Peters, M.A., Green, B. and Yang, H., 2022. Cryptocurrencies, China's sovereign digital currency (DCEP) and the US dollar system. Educational Philosophy and theory54(11), pp.1713-1719.
  • Song, C., 2020. Financial illiteracy and pension contributions: A field experiment on compound interest in China. The Review of Financial Studies33(2), pp.916-949.
  • Zhang, D., Hu, M. and Ji, Q., 2020. Financial markets under the global pandemic of COVID-19. Finance research letters36, p.101528.
  • Zhao, Q., Tsai, P.H. and Wang, J.L., 2019. Improving financial service innovation strategies for enhancing china’s banking industry competitive advantage during the fintech revolution: A Hybrid MCDM model. Sustainability11(5), p.1419.
  • Zhu, H. and Deng, F., 2020. How to influence rural tourism intention by risk knowledge during COVID-19 containment in China: Mediating role of risk perception and attitude. International journal of environmental research and public health17(10), p.3514.
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