Just a simple, yet basic observation of how fast the Chinese economy is growing at. There are a few key indicators that portray the health of a country's economy. These include the following:
Below is a photo showing some basic food items that I bought in the supermarket in Shanghai. These days it is common in the big Chinese cities to come across western supermarket chain stores such as Tesco's (U.K.), Walmart (U.S.A.), Jusco (Japan), and Carrefour (France). While the vast majority of the food items are actually 'Made in China', some, however, are imported (such as Cereals, pasta, wines, and other minor but important things that expat would miss when they are in China).
Unlike in the west, where food prices tend be of a similar status irrespective of where the food item is from, in China, however, the better the quality of the food item, the more expensive it is. You may argue that this is common sense that prevails everywhere, but actually it tends to stick out more in countries where attention to high quality is only given to those items that are being exported (though this is slowly changing in China).
My food basket below cost 89RMB (that's around £8 GBP)- which is no different to what it would cost back in the UK (or elsewhere in Europe or America). But the items I have in the basket are not imported, but all are Chinese local brands. So this goes to conclude that basically things in China are getting more expensive (including house prices, cars etc.)...but wait...are salaries also increasing? No. The average salary in China for a new graduate with, say a Bachelors or Masters degree, is 2,900 RMB (approx. £280 per month).I fear this may pose a tricky challenge for whoever is in the Chinese management (i.e. government) in the coming years. For now, all we can do is enjoy the booming success that this country is experiencing.
- Navjot Singh
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