A number of factors in the past have posed challenges for China in its transition to a market economy. Have these been overcome;
China has had a hard time transitioning into a more western society, and I think that is completely understandable. The Chinese culture is strong and has a lot of history, and it has only been in the past 100 years that they have started to make changes to the way life is. With the challenges of political and social problems, unemployment and the reunification of "greater China" (Wild & Wild, 2015, p. 123) it will take a while for the country to have a strong global market economy that will assist the citizens of the country and increase their average incomes.
Our text has a great quote about China (p 123, 2015): China has done more for its people economically over the past two decades than perhaps any other nation on earth. This can be seen by the rising incomes and the rise of the upper middle class, which in the past few decades, hundreds of millions of people have emerged from poverty and are now entering the middle class. This has kept consumer sentiment at its highest levels since 2008-2009 (Kuo, 2016). It is important for China to continue with this market growth to keep the vertical movement of the country, however, I do not believe that they have fully overcome the past challenges that they have faced.
Do you agree or disagree with me?