₦airaland Forum

grandstar:
When the Japanese economy was booming in the 1980's, this was how magazines wrote wonderfully about it and maligned America and it's system. Businessweek even in an early 1990's editorial suggested that American companies embrace the Keiretsu conglomerate system.

Then, Japanese were buying American assets such as prime real estate such as the Rockefeller center in New York and golf courses.

Despite all these, America out of the 120 critical technologies available controlled 43, Japan 34 and the rest of the globe shared the rest.

In 1991 or so, the bubble in Japan burst and the economy has never been the same again. It began suffering from a huge bank bad debt problem that took it over a decade to confront and eliminate.

It also started suffering massive budget deficits that still plagues it till today. It's public debt is over 200% of GDP!

It's also perennially plagued with deflation and under Kobenomics (the Japanese prime Minister name is Kobe) is now expanding money supply to boost inflation. (Deflation is disliked by economists as it discourages investment. Imagine that you intend to buy a plot of land but heard that prices of land in that neighborhood never appreciates but even goes down. Will you buy?)

Things aren't this fantastic in China.

Also, those over praising China must take to mind a Chinese adage that says, "Money hides a thousand imperfections)

Where China gets the money to build it's transport infrastructure has always amazed me. I can understand the road network is financed through tolling. The money trains and bridges however don't add up. Many are bridges to nowhere.

Also, the trains are heavily subsidized.

Also critics should remember that China's per Capital income is only about a seventh of America's so things are bound to be cheape[b]r. However, many companies are reconsidering China due to rising cost of production[/b]. Many Nigerians have left China as being a middleman isn't no longer that lucrative as China's goods aren't as cheap as they once were.

China will one day over take the USA all things being equal.

However, the US is resilient and despite it's shortcomings should never be written away. Naysayers should learn from America and Japan in the 1980's

urahara:
Some analysts said that this is also due to the rise of automation. The question is that if automation is rising , what then becomes the fate of African countries that hope to attract fdi inorder to industrialise ?

grandstar:
Automation does not pose much of a threat to African countries as they are still quite poor. Wages are therefore still low and therefore no pressing need to automate in order to become competitive.

China can no longer rely on cheap labour as labour is no longer cheap. That is why it is turning automation. Mexico for instance is now the cheapest place to produce goods headed for the US.

China is now an upper middle income country and now needs brain power rather than brawn to grow to achieve rich world status[b].Thankfully, it seems to have a well educated population hence should scale this stage of development.[/b] Japan, South Korea, Taiwan and Singapore were able to become advanced nation's because of a well educated workforce.

Thailand on the other hand is stuck in the middle income trap. It's workforce is not well educated. It is even presently ruled by a military dictatorship.

1stworldview:
Americans Flocking to China

A recent Chinese survey showed that 600,000 Americans were living in China at the end of 2014.

China is now issuing 10 year visas to Americans; in the past, most visas were limited to 30 days. In response, the US embassy has now started issuing 10 year tourist visas for Chinese nationals. With rapid growth of wealth in China, the likelihood of a Chinese person over-staying their visa is considered minimal. Experts say that there are now many more opportunities in China than in the US, thus the Chinese people are no longer looking to come to the US for economic reasons. In the past the US was a magnet for the poor of China, but in the last decade China moved over 600 million people from poverty to the middle class.

So what is drawing so many Americans and Europeans to China?

Education:

Now that China has become the world's economic super power they now have their eye on becoming the world's intellectual super power. A CNN special report last month predicted that China will have enrolled more than 75% of its toddlers in preschool by the end of the year. In contrast, the US has less that 24% of is children in preschool.

China now has over 4000 universities. In June of 2015, Chinese students took their equivalent of the SAT test, with more than 9.4 million students testing at exactly the same time. All testing facilities used video surveillance and facial recognition to insure no one was cheating, and even installed special material on the walls and windows to block all electronic signals. In China your test scores are the sole consideration for getting in a universality, not how much money you have or who your daddy knows. The average cost of university in China is under $1,500 per year. US public college is just under $10,000 per year, and private college costs amount to just under $45,000 per year on average. China has committed mass resources to education.

In contrast, Arizona Governor Doug Ducey has cut education funding to an all time low. The US ranks 38th in the world in education results; Arizona ranks 50th in the US. So why politicians and their major financial supporters do not care about public education; they have no plans to send their own children to public school or to Arizona Universities. Education in Arizona has grown so bad as to become a punch line in the recent comedy film TED2. Thousands of teachers are expected to leave education this year alone. These massive cuts where done to balance the budget after a billion dollar tax cut for the wealthy. Linda Collins, a teacher in Arizona, says, "It's simple: there is no support for education or the teachers in Arizona."

Ironically, the very corporations that pushed and benefited from these tax cuts, which then led to the cuts in education, those very corporations applied for more than 75,000 works visas, arguing they could not find the skilled labor needed in the US; most of the 75,000 work visas came from Asian countries.

Economic Stability:

Economic expert David Reagon say, "China is becoming the world super power, not using planes and bombs, but by the sheer force of financial power. China is making deals all over the world, from rare metals to commodities, to long term contacts for natural resources.

By contrast, US policy offers financial assistance to countries as payment for their support on issues such as wars on terror and drugs. To be successful, the policy depends on a supposed trickle down effect where the money spent hopefully touches the people who would benefit from it. China simply comes in and builds infrastructure to benefit everyone in the region. Roads, hospitals, shipping ports, and more. Only a few years ago China built a beautiful convention center in Jamaica, in return for a 25 year business relationship between themselves and Jamaican sugar production. China in the last decade has made these type of deals all over Africa, insuring it has all the natural resources it needs for decades to come.

Even in the US, China was able to get massive support for the Keystone Pipeline. The project that would bring cheap Canadian oil to ports in Texas. China already holds the contract for all steel pipe needed to build the project. And once the pipeline is completed, China would be the main receiver of the oil. Tanker bringing expensive middle eastern oil to the US, would typically returned empty. With the Keystone pipeline, tankers would be able to take cheap Canadian oil back to China. Since China has controlling interest in most of the Canadian tar sands projects, they would have final say on who gets the oil, currently the US is the only buyer of the oil. This would end if China can get the oil to a port.

China also recently signed a long-term agreement for natural gas and oil which it would receive via a Russian pipelines. Obviously, China has ensured itself long-term supplies of both oil and natural gas.

With stable supplies of natural resources and a county with virtually no debt and no ongoing wars, it is easy to see why China has such a stable economy."


Infrastructure:

David Goodwin editor of Escaping America says, "The mass transit system is so well done I see no reason to ever own a car. I can travel locally by metro, and from city to city by bullet trains. All for about 90% less than owning a car. China currently has over 1,500 bullet trains; US: 0. The cost is less then a lunch in the US.

Airlines are also inexpensive, many flights are only $50 to $200 to fly across the country with as little as one day booking and no baggage fees. All major cites have great metro systems, easy to navigate and signs and announcements are also in English, with digital displays letting you know where you are at.

Need a taxi? Taxies are always just click away and regulated by the government using meters. Most taxies and just a few dollars, a one hour ride about $25 USD.

There is little to no crime that I have seen. Opening a business here has been easy, and the government has helped make it easy to transfer funds into the country. I always hear that China is referred to as a communist country, but from what I have seen it looks like capitalism on steroids.

The only thing I don't like is the housing. Housing is much smaller than in the US, but the Chinese spend very little time at home. Here, I can stay in a nice hotel, with breakfast for less cost than owning a house in the US. But one upside of smaller housing is that it impacts the environment much less."

Family and Life Styles:

David further explains, "There are so many things to do in China, I'm never bored. China has everything you can imagine, and at a fraction of the cost. From night life to shopping, China is number one. Most of China is new, everything is carefully thought out, and well-planned. Another word is convenient: airports, train stations, and overall city lay out.

All the time I was in china I never saw a policeman with a gun. Just think about that for a moment: the police feel so safe they do not feel the need to carry guns.

One of the big things you will notice once you arrive in China is the diversity of the food. You find incredible restaurants everywhere you go, of every nationality. The cost of food is much less then US. I can easily afford to eat out every day, there is no tax or tips on food. But the quality of food is what stands out. The Chinese government has adopted very high standards regarding what can and can not be added to food. Many chemicals, hormones, and genetically altered foods are banned. In China, food is still made by chefs. In comparison, much of the food in the US is now made by scientists. General Mills, one of the largest food makers in the US, employs thousands of scientists, but very few chefs. As you would expect, nutrition habits are much better in China. Just walking down the street, you can see it. Rarely do you see anyone obese. In the US, well no more needs to be said. "

Kenneth Agee, International Business Consultant for A Foreign Affair - a US company operating dating sites in China, says, "The Chinese market has boomed in the last 10 years, and we currently operate more than 20 affiliate offices in China. We have seen a big change during this time. When we started operation, is was all about Chinese women wanting to meet and marry American men, and then move to the US. Now almost 50% of the women preferring marriage now want their new husbands to move to China. Most men we discuss this with are initially very reluctant to the idea. But upon arriving and seeing China, they are amazed at how far the country has come. They are also amazed that many of women here are financially able to support their husbands."

Each month, A Foreign Affair brings American men to China to meet Chinese women. These events attract hundreds of beautiful women looking for a husband. So popular have the events become, Chinese women often refer to American men as "Mail Order Grooms".

Environment:

China has also made big strides in pollution control. Many cites now use only natural gas buses and taxis. Most motorcycles are now electric. Not only is air pollution reduced, but noise pollution has dramatically declined.

Last year, more than 50% of China's new energy supply came from renewable energy sources.

Last year, nearly 560 million people planted more than 2.5 billion trees throughout China. The accumulated efforts of volunteers reached 8.8 billion with more than 42 billion trees planted during the 1982-2003 period. *NAC's statistics

To date, the area of human-planted trees across China has exceeded 46 million hectares (113 million acres - 176,000 sq miles) of trees, ranking it first in the world.

Meanwhile, in the US, many of our US leaders are still arguing that global climate change is a myth.

Healthcare:

By the end of 2008, China's leaders had already concluded that major reforms were necessary for both medical insurance and its delivery system, thus shoring up the system and ensuring social stability. In a fourth and ongoing phase of evolution, they officially abandoned the experiment with a health care system based predominantly on market principles, and committed to providing affordable basic health care for all Chinese people by 2020. By that time, a government-subsidized insurance system will provide 95% of the population with modest but comprehensive health coverage.

As of 2013, China had 9,800 private hospitals, which meant the people of China had a choice between public or private medical care. This created tremendous competition and kept costs extremely low but high in quality. In comparison, only 5,686 hospitals exist in all the US, either public or private. For most Chinese people, affordable and quality healthcare is just minutes away. David Goodwin states, "Healthcare is so affordable that I don't even need health insurance to afford to use a private hospital"


Conclusion:

Americans are seeing the great opportunities and a higher standard of living in China.Thus many Americans now call China Home.

urahara:
If their fellow Chinese people in Hong Kong , Taiwan , Macau and Singapore could have become so developed , then surely China can do this to.

But if I may ask, why is their economy cooling ?

Is it solely because of rising labor costs ?

grandstar:
The prime reason for it's cooling is that China is now an upper middle income country with a GDP around $8,000. 10% growth rates will simply be too fast! It will lead to overheating. 6% will be considered quite good at this stage.

Nigeria with a per capital income of about $2,500 can achieve growth rates of 8% or more.

brandable:
You are very knowledgeable on foreign economy. Kudos sir, one of the reason I get excited reading your post.

aariwa:
Wow

BarristerAlarig:
And you had to quote the entire post.


SMH!

grandstar:
Thank you so much!

collele:
Please help me with this... How cheap is studying pharmacy in China... what are the job prospects for a pharmacist in a country like China?

grandstar:
Don't go to China to study medicine. Even Chinese students are going to Australia, Canada, Britain, America and other advanced countries for university education. China is still a middle income country and not a rich one.

People don't go to China seeking for jobs. Chinse growth as been capital intensive and not labour intensive hence a there isn't exactly a dire labour shortage.

Your prospects as a doctor in Nigeria are good if your ultimate aim is to travel overseas to work such as the US.

Why don't you do uni in Nigeria and your masters degree in Canada? Canada gives you a 3 year stay after your masters to work and gain experience? Think about it?

Alaye, na your own you talk ooo.
Yes, Chinese are studying abroad, majority of them are from rich families while others are on scholarships and their population cannot be compared to the local students in China.
You can study medicine in China and still do well, but you need to study hard, learn the language.
There are no jobs for international students in China, due to their population, they have enough mental and labor resources.
In China, majority earn less than $10k per year but goods are very cheap, increasing the household income will lead to inflation (basic economics)
Lastly, please don't just say anything about China, try to research well, don't just generalize

grandstar:
Automation does not pose much of a threat to African countries as they are still quite poor. Wages are therefore still low and therefore no pressing need to automate in order to become competitive.

China can no longer rely on cheap labour as labour is no longer cheap. That is why it is turning automation. Mexico for instance is now the cheapest place to produce goods headed for the US.

China is now an upper middle income country and now needs brain power rather than brawn to grow to achieve rich world status.Thankfully, it seems to have a well educated population hence should scale this stage of development. Japan, South Korea, Taiwan and Singapore were able to become advanced nation's because of a well educated workforce.

Thailand on the other hand is stuck in the middle income trap. It's workforce is not well educated. It is even presently ruled by a military dictatorship.

urahara:
Why despite one of highest spending on education of oecd countries , is Mexico still stuck in the middle income trap ?

grandstar:
Don't go to China to study medicine. Even Chinese students are going to Australia, Canada, Britain, America and other advanced countries for university education. China is still a middle income country and not a rich one.

People don't go to China seeking for jobs. Chinse growth as been capital intensive and not labour intensive hence a there isn't exactly a dire labour shortage.

Your prospects as a doctor in Nigeria are good if your ultimate aim is to travel overseas to work such as the US.

Why don't you do uni in Nigeria and your masters degree in Canada? Canada gives you a 3 year stay after your masters to work and gain experience? Think about it?

Ugosample:
well...

they'd universities are getting much better tho

they are the top 10 destination for international students


they are improving

Ugosample:
nope

urahara:
Why despite one of highest spending on education of oecd countries , is Mexico still stuck in the middle income trap ?

urahara:
Mexico has been stuck in the middle income trap for over three decades !!

grandstar:
Quantity of spending is one thing, the quality of spending is another.

In Mexico, the teachers union is very strong and powerful and that's always an indication of rotten productivity and output. Unions exist primary to protect their jobs and enhance the welfare of their members.

So, if there's need to reform schools which may involve sacking bad teachers, they will stop you. The teachers pay isn't tied to the quality of education they dish out. All they are interested is protecting their jobs

I think the previous president did attempt some reforms but I don't think it went far enough.