This is apropos a letter to the Editor by this writer carried by the newspaper yesterday. After twelve years, upon returning to China, we observed two significant changes. Over the past decade, China has significantly increased its investment in developing high-quality human capital, aiming to make its people happier and more prosperous.
In education, spending rose from USD 349 billion in 2013 (4% of GDP) to USD 870 billion in 2023 (5.3% of GDP), with a strong emphasis on vocational training, digital literacy, and STEM education to create a more skilled and adaptable workforce.
Healthcare investment similarly grew from USD 357 billion (5.5% of GDP) to USD 1.1 trillion (7% of GDP), focusing on improving access to modern healthcare services, addressing public health challenges, and ensuring better overall well-being.
Additionally, the widespread adoption of WeChat has revolutionized how people meet their obligations toward the government and manage everyday tasks, from making purchases to accessing public services, further enhancing convenience and efficiency in daily life.
China’s per capita income also saw a substantial increase, rising from approximately USD 7,000 in 2013 to over USD 12,000 in 2023, reflecting the overall improvements in living standards and economic prosperity driven by these investments.
The second major transformation in China over the past decade has been the adoption of ultramodern management, administration, and marketing practices across all companies, corporations, and bodies, whether in the government or private sector.
Ten years ago, many Chinese companies were primarily focused on manufacturing and cost efficiency, often lagging behind in advanced management practices and innovation. However, by 2023, these companies have evolved into world-class entities, rivaling top-notch global competitors.
Qamar Bashir
Copyright Business Recorder, 2024
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