Economic Issues of the Chinese Market
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The most populous nation on earth, China has gained much attention as it has opened its markets to Western products and services. Although still officially a communist country, there have been considerable reforms that have been introduced into China in the past 20 years. Foreign companies and governments recognize the potential that China represents for their economies and industries, but also recognize that China has a poor record of human rights. There is also the difficulty of China's relationships with Taiwan and with Tibet, and the international community has tried to use economic pressure to influence the government's human rights performance. This research considers the economic issues that permeate the Chinese market, and also identifies social, political and cultural factors that have a factor on business conditions within China.The People's Republic of China (PRC) plays a major role in the post-Cold War world. It is the world's most populous nation with approximately 1.2 billion people, and the third largest in land mass after Russia and Canada. It has nuclear weapons and is a growing military power. As one of the five permanent members of the UN Security Council, China has veto power over Security Council resolutions dealing with key multilateral issues, including international peace-keeping and the resolution of regional conflicts. China is also undergoing extraordinary economic growth and promises to be a significant econo
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se institutions, including government organizations, that can provide a competitive edge. In general, the opening of the market to foreign competition is expected to increase profitability among all of the institutions operating in China as competition forces greater internal controls ("Domestic Banking" n.p.).
The influence of foreign banks on the Chinese banking industry can be seen in the experience of Shanghai. Since 2001, when foreign banks were allowed to participate in renminbi-denominated transactions, foreign banks have realized considerable profit from their renminbi transactions. By the end of 2003, such transactions accounted for nearly fifty percent of total profits. In addition, foreign bank participation in the Shanghai market has seen significant gains since 2001, with 65 foreign banking institutions doing business in the market by the end of June 2004. Of these, 46 were subsidiaries of foreign banks. There are also an additional 73 representatives of foreign banking institutions who maintain a presence in Shanghai ("Chinese Banks" n.p.).
Foreign financial institutions are outperforming Chinese banks in Shanghai, as well, realizing growth rates of 50.68 percent in loans and 65.21 percent in deposits for the
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Approximate Word count = 3840
Approximate Pages = 15 (250 words per page)
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