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China And Singapores Economy Essay, Research Paper
Small countries with no natual resources usually have to fight harder than most to survive. Singapore has taken a carefully-planned approach to economic development- a global warehousing and distribution centre for the Asia-Pacific region. Along with these, Singapore’s entrepot trade in rubber, petroleum products, spices, timber, manufactured goods and machinery has grown over the decades. In addition, Singapore is the major shipbuilding, ship-repair and oil-rig building centre in South East Asia. Although Singapore has no indigenous energy resources, its eleven refineries have made it the third largest oil refining centre in the world (by capacity) after Houston and Rotterdam. Singapore has also become a leading financial and business centre. International banks, insurance companies, shipping companies, traders and services firms are an integral part of Singapore’s business environment Singapore has worked hard to become one of the busiest ports in the world in terms of shipping tonnage–with 700 ships in port at any time and with more than 600 shipping lines with links to more than 800 international ports. It has no natural energy resources, yet it runs more than 10 refineries. The pace has been fast and furious, with virtually a different focus in each decade of the island’s modern history. .
In the 1960s, especially in the wake of separation from Malaysia, there was a need to create jobs. Thus began the day of the labor-intensive industries. By the 1970s, there was full employment and there was a shift towards higher-skilled jobs. In the 1980s, manufacturing capabilities were emphasised. The focus on manufacturing continued to the 1990s, with the addition of the service and electronics sectors. By 1993, Singapore had begun to grow its “external economy”, with several investments and cooperative projects in Asia, including China, Indonesia and Vietnam.Singapore’s economy is small by global standards, but also relatively rich. Its GDP was US$141 billion in 1998, and its per capita GNP was US$34,868 in 1998. In the face of increasing global competition, Singapore continues to build on its core advantages–a good geographical location, developed infrastructure, a good communciations system, political stability and a disciplined workforce–while always looking to develop new economic strengths. In 1993, Singapore’s trade totalled S$257.1 billion. International trade is, and will continue to be, one of the main pillars of the Singapore economy. It is almost three times the value of Singapore’s Gross Domestic Product. This means that Singapore has the world’s highest trade to GDP ratio.
Singapore’s trade policy is based on two principles: a free-market system and an outward orientation. About 96 per cent of imports enter Singapore duty-free. Exports also have the same privileges, except when bilateral restraint arrangements are in force. There are no controls on foreign exchange and no protectionist measures.The island remains open to international trade and investment, with an average trade to GDP ratio of 273 per cent. In the manufacturing sector for example, foreign investment commitments amounted to US$5.2 billion in 1998.Singapore participates in multilateral trade forums such as the Asia-Pacific Economic Cooperation and the Association for Southeast Asian Nations Free Trade Area. Reflecting the republic’s commitment to global, multilateral free trade, the first World Trade Organisation Conference was held here in December 1996.After almost a decade of continuous growth, the Singapore economy slid into technical recession in 1998, affected by events in Asia. The economy is expected to recover somewhat in 1999. Traditional strong performance sectors include entrepot trade and shipping, and financial and business services. Other key sectors are manufacturing and construction.
Singapore economy grew by 9.9 percent in 1993, up from 6 percent in 1992. The economy was boosted by the great growth in trade, recovery in the US economy and the continued expansion in the regional economies. Growth was broad-based with particularly strong performance in the manufacturing, and financial and business services sectors.The manufacturing sector saw a robust performance in 1993. Output increased by 9.8 percent, up from 2.5 percent in 1992. The sector was boosted by strong growth in the electronics and petroleum industries while the transport equipment and machinery industries registered a second year of decline. The financial and business services sector expanded by 13 percent in 1993, more than double its growth rate in 1992. Business services also grew by 7 percent, up from 5.6 percent in 1992.The commerce sector grew by 8.5 percent in 1993, up strongly from 4.5 percent in 1992. Growth was primarily contributed by the robust expansion in entrepot trade, led by the continued recovery in the United States, the boom in the regional economies and increasing trade in electronic components.The transport and communications sector expanded by 9.6 percent in 1993, higher than the 8,7 percent growth in 1992. The sea transport, aviation, and telecommunications industries continued to grow. Buoyant trade growth led to double-digit increases in sea and air cargoes handled. The number of air passengers also continued to grow in 1993.The construction industry slowed down in 1993. It grew by 8 percent after leading the economy with 20 percent growth in 1992 and 21 percent growth in 1991. Construction demand in terms of contracts awarded amounted to $10.5 billion in 1993, 18 percent lower than in 1992. The decline was due mainly to a drop in private sector construction demand.
After North America, Europe, and Japan. The area of China, Taiwan, and
Hong Kong stands fourth in line for the world economy. Today, the growth rate of
Chinas economy is still rising.. Recent Chinese economic policies have shot the
country into the world economy at full speed. China s gross domestic product has risen to seventh in the world, and its economy is growing at over nine percent per year. Since 1979, the Chinese have came up with numerous economic and political ideas to open the Chinese marketplace to the rest of the world. Chinese reform measures even predicted the rush of foreign investment by opening newly expanded industries to out-of-country investors.
The country has indeed become more open toward foreign investment, and in fact openly courts it. As trade expands globally and countries within geographical proximity and of similar cultural descent in order to better compete on a world level, we are seeing the development of rising number of geographical trade alliances, whatever the reasons behind each. The alliances that have been in place for a while are proving to be very successful in competing in the international markets, stimulating the economies of nearly all of their member states. Effects of this change in economic strategy by a world power can be felt by almost every nation of the globe involved in international trade. The change in the amount of imports and exports to and from China will increase the demand on countless markets. Also, with all the foreign investment China is receiving, the socialistic republic will only grow more and more relied on the world economy.
However, Problems such as inflation and inefficient state-owned enterprises lower the rise of the Chinese economy. When China opened its economic borders 19 years ago, environmentalists spoke of the “efficiency” of their farming systems and how they used hardly any organic fuels in the production of food for their people relative to some of the other countries of the world-most notably the United States. Rumors of the wonderful prosperity of the south and eastern provinces have reached the more isolated-and less prosperous-interior provinces. Those current farmers who would travel in order to be richer are often stopped at the borders of industrial growth and are forced to turn back. Everyone in China seems to want a share, but the industrial provinces can physically support no more drain on their existing housing and infrastructures, and they are finding themselves unable to
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