Thanks to ORIZZONTI GEOPOLITICI blog di Luciano Bonazzi Resistenza 3.0 for the source of the article.
China has become the First World economy, distributing on the global market products (also) of high quality at very low prices and flooding the planet with its merchandises. In the past, China had a vast production mainly based on a low cost of production, the introduction of machinery took place slowly, productivity rates were too low to compete with Western countries.
Today modernization in China forwards by leaps and bounds and the production quality is improved while maintaining competitive prices. By combining this data to a formidable financial management, investing in important infrastructure such as “The New Silk Road” and the “Channel of Persia,” it has attracted global capital through Hong Kong, winning the world economic hegemony.
The first hurdle that China had to overcome to reach the technological level of developed countries like Japan, was the aging of the population. To overcome the generation gap it has finally allowed citizens to abandon the old “family planning scheme” by enabling families to have more than one child. To avoid conflicts in the labor market, it increased salaries by linking them to productivity gains. Lastly cleared all the obsolete industries, and developed companies investing in robotics and digital.
If we take the nominal GDP of 2014, according to IMF data, that of the US was 17,416 billion and that of China was 10,355 billion. The working efficiency in China, calculated according to the output per employee, in 2015 had increased by 6.6% on an annual basis. At the end of 2015, the total Chinese workforce had risen to 774.51 million units, which means China was able to create 13 million new jobs, exceeding the target set, with an unemployment rate of 4.05% at the end of 2015, a negligible data compared to Italy and the West in general.
In late 2015, the Chinese economy grew by 6.9% on an annual basis and the GDP reached 67,670 trillion yuan.