Top 20 development trends in China over the next 20 years (part 5)
- By Lin Liyao
0 Comment(s)
Print
E-mail China.org.cn, October 7, 2014
17. China's new money will trigger a regional financial storm
In the next 20 years, China's capital will venture outside the country and play a vital role in the international community. Industrial capital will be invested in Africa and South America, and venture capital will enter the global financial market.
As China becomes saturated with a surplus of financial talent, firms will begin competing in foreign exchange, small commodity futures and other financial fields, which may lead to a financial mess in a range of different financial sectors.
18. Increased fire risk creates demand for high-quality buildings
Since the end of the last century, the quality of commercial and residential buildings in China has declined year upon year. More buildings have been collapsing in recent years due to poor-quality construction.
Real estate investors have to pay very high taxes to the government, while pursuing maximum profits for themselves, and forcing to drive down building costs.
In future, the increasing number of household appliances will also ratchet up residential electricity consumption, resulting in greater pressure on aging electrical wiring and circuits. This will combine with poor building quality to raise the frequency of disastrous fires.
19. Private ownership needs to be protected by law
The Property Law of People's Republic of China was put into force on October 1, 2007. The government has ultimately admitted that the protection of private ownership is an inevitable trend in Chinese society. Any clauses and regulations which conflict with private rights will be modified in future.
In the following two decades, the limitation of public power and the protection of civil rights will be two major trends in Chinese legislation.
20. More wealthy and/or technically-skilled Chinese will emigrate
Wealthy and technically-skilled Chinese emigrating to other countries is certainly not a new trend. Better living conditions, better social security systems, cheaper prices and more open cultures are all advantages that have attracted Chinese people abroad in the past.
Many wealthy Chinese emigrate for the following reasons. First, many want to pursue a higher quality of life and better living conditions. Second, some businessmen or government officials involved in illegal activities try to escape investigation or punishment by moving abroad. Third, many hope to experience different ways of life in foreign countries. Fourth, they often want to explore new investment opportunities. However, wealthy Chinese people going abroad often encounter problems because of their poor foreign language skills.
For many technical personnel, foreign languages, especially English, do not present a problem. Some previous studies have shown that Chinese technical elites do not feel very strongly attached to their national identity, so they often prefer to pursue better and freer lives rather than dedicate themselves to struggling to better their homeland.
In future, more and more wealthy Chinese and Chinese technical personnel will immigrate to other countries in order to pursue better lives for themselves. However, losing too much wealth and elite technical talent is not a good thing for the country's long-term development.
Top 20 development trends in China over the next 20 years (part 4)
http://www.china.org.cn/china/2014-10/06/content_33659145.htm
Go to Forum >>0 Comment(s)