After last week's activity, where we were told to classify different situations into either Opportunities, Threats or None, I have definitely learnt a lot! I am also very amazed by China's accomplishments over the past years. China has seen an unprecedented economic growth over the last two decades.
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China has a huge population of 1.4 million people. This is an opportunity, as Singapore can hire people there who do not have jobs to work in Singapore, as foreign talent or workers.
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China also has a great land mass. This means a lot more space for office buildings, residential areas, infrastructure, etc. Hence, there is more free space for economic activities to be conducted, boosting China's economy. This is a threat, as more people will go to China where there is huge sufficient space to work and build factories etc, and thus, Singapore will lose business opportunities.
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China is endowed with natural resources, like coal, natural gas and steel. This can be an opportunity as we can buy these natural resources from them.
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China's corporate tax rate is one of the lowest tax rates in the world. This will attract foreign investors to come to invest. This can be both a threat and an opportunity. We can go to China and invest in their businesses. As a threat, more investors will choose to go to China for investing rather than Singapore. This will cause our economy to suffer.
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Chinese exports are relatively cheaper as well. Less countries are importing from countries like USA and even Americans are importing from China. This will be a threat to Singapore, as we may lose business opportunities, resulting in economy downfall.
Thank you for reading! =)
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