ICIF Impact to China's Economy also Promotes Global Progress

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ICIF Impact to China's Economy also Promotes Global Progress
China is indeed a country that is rich in history, culture, and traditions. In 1949, it was founded as the People’s Republic of China, and from then on, went under an economic and social reconstruction. Over the years, China has proven to be a world class economy, specifically in the market industry. China has been host to many industry-related events, making it a great place for foreign investment and career opportunities.

Since 1979, China’s ongoing economic progress has created an impact to the country and around the world. It gave birth to the entrepreneurship of individuals and small businesses. As a result, poverty has been greatly reduced and the income rate of the country increased at impressive levels. The ICIF impact to China's Economy is greatly influenced by the market-oriented reforms that began in the 1980s. It increased the productivity and living standards of the Chinese citizens. The increase in job opportunities won over the unemployment and inflation rate in the country, and also led to agricultural reforms for peasants and lower class citizens the agricultural programs and activities that will help them live a better, productive life.

China's Economy after the 2011 ICIF has continued to improve, and has opened more opportunities for both foreign and local investors to venture into businesses in the country. Since 50 percent of China’s GDP is accounted to the textile, apparel, mining, petroleum, and consumer products industries, the 7th ICIF has proven its continuous transformation and strength in making the country a center for global industries. With the ICIF, China has continued its legacy in being an exports platform, benefiting the economy with more employment opportunities and increase in income.

Although the rapid expansion of China’s economy has greatly benefited the country, there are also negative effects. The environment in the industrial areas is now suffering from pollution. The government, of course is making the necessary action to resolve this type of problem. The major cities like Beijing are now making use of e-taxis or electronic taxis, where there has been a significant change in the air pollution. The quality of air has improved, and the implementation of these electronic taxis to more cities is now being pushed through.

Now that China continues to be an excellent country for foreign investment, it is one of the leading countries in the world to receive Foreign Direct Investment. In 2008, the Chinese Ministry of Commerce stated that the country received $108 billion from Foreign Direct Investments alone. Since the beginning of the first ICIF in 2005, China has continued to build strong bonds and relationships with foreign countries. As of 2008, there are now 171 countries that have diplomatic relations with Beijing, and 23 with Taiwan. China’s relationship with the United States has continued to strengthen as well, working together with the international community and focusing on issues such as global security and law enforcement, especially with various computer crimes, and cases involving intellectual property rights. Human trafficking, smuggling, and corruption are also some of the issues that are being addressed as they continue to find ways to improve the global economy.

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