Assignment 1: China’s economic growth instructions
Instructions – PLEASE READ THEM CAREFULLY
- The Assignment must be submitted on Blackboard (WORD format only) via the allocated folder.
- Assignments submitted through email will not be accepted.
- Students are advised to make their work clear and well-presented, marks may be reduced for poor presentation. This includes filling in your information on the cover page.
- Students must mention the question number clearly in their answers.
- Late submissions will NOT be accepted.
- Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
- All answers must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
- Submissions without this cover page will NOT be accepted.
- All students are encouraged to use their own words.
- Assignment -1 should be submitted on or before the end of Week 07 in Black Board only.
- Citing references is also necessary.
- Explain the forces driving and evaluating the impact of globalization (Lo 1.3)
- Identify the major components of international business management (Lo 2.4)
- Analyze the effects of culture, politics, and economic systems in the context of international business (Lo 2.1)
Please read Case 4: “Will China Continue to Be a Growth Marketplace?” available in your textbook, (12th edition), and answer the following questions:
- Assignment Questions:
- Will China maintain its strong economic growth in the years to come? Some suggest it will until 2050. What do you think?
It is difficult to predict with certainty what China’s economic growth will be in the years to come. The country’s economy has been growing rapidly for several decades, but there are many factors that could potentially slow or even halt that growth. Some experts believe that China’s economy will continue to grow strongly until 2050, while others believe that there will be challenges that will limit its growth. Factors that could impact China’s economic growth in the future include changes in government policies, economic conditions in other countries, and domestic economic issues such as inequality and environmental degradation.
Additionally, an aging population, rising labor costs, and a shift away from labor-intensive industries to more technology-intensive industries could also impact China’s economic growth. The country’s reliance on exports and the ongoing trade tensions with other countries, such as the United States, also pose a risk to its economic growth.
That being said, China has made significant investments in technology and innovation and has a large domestic market which could help to drive future economic growth. The government has also made efforts to address some of the challenges facing the economy, such as by implementing structural reforms and investing in infrastructure.
In summary, while it is difficult to predict with certainty, it is likely that China’s economic growth will continue to be strong, but the country will also face a number of challenges that could impact its growth. Factors such as government policies, economic conditions in other countries, and domestic economic issues will play a significant role in determining China’s economic growth in the years to come.
- If China will go from 17 million to 200 million middle- and upper-income people by the early 2020s, would the scenario presented by Best Buy not be applicable anymore? Would newly rich Chinese customers engage in this purchasing in the 2020s?
If China does see a significant increase in the number of middles- and upper-income people, it could potentially impact the purchasing habits of these consumers. Newly rich Chinese consumers may have different preferences and spending patterns compared to their predecessors. They may be more likely to engage in luxury consumption and have a greater desire for foreign brands and products.
It is important to note that the scenario presented by Best Buy specifically refers to the company’s struggles in the Chinese market in the past, and it is not clear if the scenario would still be applicable in the 2020s, given the potential changes in the Chinese consumer market. However, it’s also important to note that even with a large number of middle- and upper-income people, the Chinese market is still highly competitive, and foreign companies may face challenges in establishing a strong presence in the market.
In conclusion, it is possible that an increase in the number of middles- and upper-income people in China could change the purchasing habits of these consumers, but it is important to keep in mind that other factors such as market competition, government policies, and cultural differences also play a role in determining the success of foreign companies in the Chinese market.
- With Alibaba’s ownership of the very popular Tmall and Taobao online shopping systems (similar to eBay and Amazon) and its spread across the world, will a Western-based online shopping culture ultimately infiltrate China?
It is unlikely that Western-based online shopping culture will ultimately infiltrate China, even with Alibaba’s ownership of Tmall and Taobao, which are popular online shopping platforms in China.
Alibaba has a significant market share and strong brand recognition in China, and Chinese consumers have grown accustomed to the features and services offered by these domestic platforms. Additionally, the Chinese e-commerce market has its own unique characteristics and consumer preferences. The Chinese government also has strict regulations on foreign companies operating in the Chinese market, which could make it difficult for Western-based online shopping platforms to establish a significant presence in the country.
That being said, it is possible that some Western-based online shopping platforms could see some success in the Chinese market by catering to the specific needs and preferences of Chinese consumers, for example by offering localized products and services, and by utilizing the latest technologies such as AI and big data. However, it is important to note that these foreign companies will have to comply with Chinese regulations and market trends.
In conclusion, while Western-based online shopping culture may have some influence in China, it is unlikely that it will ultimately infiltrate the Chinese market as it has its own unique characteristics and consumer preferences, and strict regulations on foreign companies operating in the Chinese market.
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