Abstract
Economics plays a pivotal role in the world and not only in terms of the ways in which societies produce, distribute, and use scarce resources but also, and perhaps more importantly, how people can improve the quality of their daily lives through the efficient allocation of those scarce resources (SOAS, 2018). Within this broader endeavor, economists attempt to generate insights into the complex idea of “the economy” and analyze the individual and aggregate behaviors that shape and inform our economic activities (The Economic Times, 2021, November 10). The resultant frameworks for understanding economic behavior and enhancing people’s quality of life provide possible so-lutions for mitigating many of the world’s social and economic challenges in-cluding poverty, environmental destruction, and wealth redistribution. Alt-hough economists do not provide a miracle cure for resolving these challenges, they certainly increase the possibilities for engaging with and addressing them in creative ways (Dellink, Rob, & Ruijs, 2008).
Highlights
Introduction of Chinese Economic SituationGovernments around the world look to economists to shape economic policy and to confront domestic economic problems
Economics plays a pivotal role in the world and in terms of the ways in which societies produce, distribute, and use scarce resources and, and perhaps more importantly, how people can improve the quality of their daily lives through the efficient allocation of those scarce resources (SOAS, 2018)
An excessively large, qualified workforce has resulted in low labor costs and a lot of government focus has been on strengthening and reinforcing the primary, secondary, and tertiary sectors of the economy to provide employment opportunities and to create economic advantage (China Daily, 2020)
Summary
Governments around the world look to economists to shape economic policy and to confront domestic economic problems. China is one example of a country that has utilized economic tools to accelerate economic growth, increase prosperity, and revive a stagnant economy. The resultant rapid growth in the Chinese economy has increased prosperity and led to an enhanced quality of life for its citizens (Harrison & Palumbo, 2019). GDP per capita in China has changed a lot throughout these last few years. As can be seen in the graph, Chinese GDP per capita showed a stable increase between 2010 and 2020. Forecasts predict that China’s economy will grow further and result in even greater prosperity and social efficiency (World Bank Group, 2021)
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