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Economic and political conditions
China is among the top world’s largest economy by nominal GDP and purchasing power. It is the fastest growing economy in the developing countries and tops the list in exportation and importation of goods in the continent. China is a member of the World Trade Organization hence has access to foreign markets where it sells its goods cheaply due to its low currency. This maintenance of low currency has caused tension with the West and Japan who are its competitors in the global market.
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China’s market has shown great competition with the American companies in all types of enterprises. Survey shows that the state owned enterprises receive benefits like preferential government financing, preferential licensing, preferential access to government contracts and financing over the foreign ownd companies. This unequal access to subsidies stiffens the competition between the foreign owned companies and the domestic companies in China. According to a survey of the U.S companies operating in China in 2011, there was a rise in costs, and human resources constraints to some companies making the margin growth go down while a minority seemed to have a rise in revenue.
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The Chinese culture is one passed from tradition and history. It is not as strict these days as it was in the ancient year. Their culture holds great importance to others and not to self in every aspect of life. Since family is the most important aspect of life, family celebrations like weddings are highly valued in shielding of relationships, which the traditional culture expects to be long lasting. Men go out to work while the women stay home to look after the children and the aged parents.
Thhe society teaches them to be group oriented other than self- oriented. Courtesy is highly valued, and the whole society is non-argumentative hence try to keep the peace during conflicts and criticism or confrontations are avoided at all costs. Education is highly valued since the children’s success in schools is viewed as a preparation tool for the countries future prosperity.
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Despite the prosperity of China globally, labor and working conditions is one sector where the country has put very little effort to improve. The wages in the companies are very low in the state owned sectors with many opting to join the private sectors. The problem lies in the fact that lots of low skilled labor denies jobs to the college graduates. China government introduced a minimum wage, which was a rise by 20 per cent in 2010 after persistent disputes and suicides reports from the factories.
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