Monday, July 4, 2011

Signs of Economic Progress: China

In a recent discussion with a relative who does extensive business with the Taiwanese and Chinese, he talked about the changes he has witnessed occurring in China over the last decade. One story in particular stuck with me.

In a town in mainland China, there is a nice restaurant that he visits with his business partners on each trip. Ten years ago, the clientele were 90% Tiawanese and 10% Chinese. Now, he says, the clientele are 90% Chinese and 10% Tiawanese!

Although this is anecdotal evidence, and some of the changes could be due to changing demographics in the area, I think that this is also a sign of rising wages and a growing Chinese middle class. As a result of opening itself up to foreign investment and international trade, China continues to be one of the fastest growing economies in the world. Next step for the Chinese government, human rights.

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