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New York has one of the largest economies state by state, ranking just behind California and Texas. New York City's unemployment rate rose to 5.5% in December, its highest level since May 2022. The state's GDP was $1.78 trillion. Its most productive industries include financial services, healthcare, professional services, retail, and manufacturing.

BILI: Bili was in bad shape economically,because life in new york is very expensive she didn't have money to pay the rent and she quit her job before they fired her. Bili wrote books but they didn't sell. She wanted to live an expensive life and live in an expensive apartment, but her economic stability caused her to go into more debt. When she traveled to China, her grandmother gave her money to buy something and she didn't have anything.

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New York’s Economy: The 6 Industries Driving GDP Growth

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Learn about the six most influential industries in New York, the most economically productive city in the country, and home of Wall Street and Fifth Avenue.

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Cultures Role in How we Approach End of life - Demiana Askharoun 

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Cultures Role in How we Approach End of life - Demiana Askharoun 

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This article talks about how different cultures deal with the end of life. it focuses on a film where a chinese family hides a grandmothers illness from her. The family takes on the sadness to protect her, showing a group first way of thinking. This is different from Western culture, hich values honesty and personal choice. Knowing this helps us understand the familys reasons and emotions in the film.

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The Farewell: Culture’s Role in How We Approach End-of-Life

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In the movie, The Farewell, we’re introduced to Billi—a young Chinese-American woman who is conflicted when her family refuses to tell her terminally grandmother, Nai Nai, that she is dying of lung cancer. Wanting to... more »

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The Farewell is based on a true story from director Lulu Wangs life. in 2013, her family hid her grandmothers cancer diagnosis to protect her, which is common in Chinese culture. They planned a fake wedding as an excuse to gather and say goodbye. Wang first shared this story on the is American life before turning it into a movie. THis history helps viewers understand the films focus on family, tradition, and cultural differences.

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this article discusses the political and social implications of the film, focusing on how it portrays culture identity and The challenges of bridging different culture expectations.

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Identity & Belonging: The Farewell — Dr. Gauri Saxena

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No spoilers in this one! The Farewell , directed by Lulu Wang, starring Awkwafina, is one of the most beautiful films I’ve seen. It’s a story of a young Chinese-American woman, Billi, who goes to China for one last visit with her dying grandmother - except her grandmother, who Billi calls Nai Nai

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This article is social because, Chinese law does not insist that Nai Nai know her diagnosis. Nai Nai's family decides not to tell her. To give the family a reason to gather in their hometown for a fitting and happy farewell and tribute to Nai Nai, they fear that Bili's liberal ideas, devotion to individuality, and emotional responses will distress their grandmother, whom they are determined to protect from the awareness of her imminent death.

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Film Review of “The Farewell”: The Gift of a Grandmother’s Love

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Billi and her family go to Changchun, under the guise of a family wedding, not letting on to their matriarch that she only has a short time to live. Review of “The Farewell” by SaraKay Smullens.

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this article talks about how chinese family's view death. they think of death in two different ways . they view death as a negative event,unless the cause of death is something natural like old age because they were able to live out their entire life contently. The Chinese do not believe in the after life, so they believe in prolonging and enjoying life to its fullest.

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Death and Dying in the Chinese Culture: Implications for Health Care Practice - Yu Xu, 2007

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Distinct experiences and care needs of advanced cancer patients with g…

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Estrella-Social aspects and how it is related with The Farewell.  

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Estrella-Social aspects and how it is related with The Farewell.  

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Family is an important piece in the development and growth of the children. That's one of the factors why partners just have one kid. The parents usually try to do everything for their children so in the future they recompense it to their parents. Expending time with their family is expected. Respect and harmony are two notable values in Chinese families. It is related to The Farewell movie, due to Billi being the only child and it describes a little bit of their family characteristics. Also the respect and the love she (Billi) expresses with her family, especially with her grandmother. However; in Chinese society it is not common to show the emotions of their feelings. But values reward it.

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China is known as a large country with widely varying landscapes. Its territory includes mountains, high plateaus, sandy deserts, and dense forests. But also, it also counts with thousands of rivers. However relating it with the movie context the Farewell. We know that Billi (main character) was living in the United States- New York with her parents since she was a little girl, which limited the visit with her grandmother (Nai Nai) highlighting that distance between New York and China is about 11,491 km. This shows the reason for Billi's desire to be with her grandmother for the last time.

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Dragon dances have been performed in China for over 2,000 years and are believed to bring about good fortune.

OFFICIAL NAME: People's Republic of China

FORM OF GOVERNMENT: Communist state

CAPITAL: Beijing (Peking)

POPULATION: 1,397,897,720

OFFICIAL LANGUAGES: Standard Chinese, Mandarin

MONEY: Yuan (or renminbi)

AREA: 3,705,405 square miles (9,596,960 square kilometers)

MAJOR MOUNTAIN RANGES: Himalaya

MAJOR RIVERS: Yangtze, Yellow

Stretching 3,100 miles (5,000 kilometers) from east to west and 3,400 miles (5,500 kilometers) from north to south, China is a large country with widely varying landscapes. Its territory includes mountains, high plateaus, sandy deserts, and dense forests.

One-third of China's land area is made up of mountains. The tallest mountain on Earth, Mount Everest, sits on the border between China and Nepal.

China has thousands of rivers. The Yangtze and the Yellow Rivers are the most important. At 3,915 miles (6,300 kilometers) long, the Yangtze is the world's third largest river.
Map created by National Geographic Maps

PEOPLE & CULTURE

With a population of 1.4 billion, China has more people than any other country on Earth. About a third of the population lives in cities. The rest of the people live in the country.

Arts and crafts have a long history in China. Thousands of years ago the Chinese were some of the first people to use silk, jade, bronze, wood, and paper to make art. The artistic writing called calligraphy was invented in China.

Much of China's modern beliefs and philosophies are based on the teachings of a government official who lived nearly 3,000 years ago. Kongfuzi, also known as Confucius, taught people the value of such things as morality, kindness, and education.

China's diverse habitats are home to hundreds of species of animals and plants. More than 3,800 species of fish and hundreds of amphibians and reptile species live in the rivers, lakes, and coastal waters.

China's forest wildlife is threatened by logging and clear-cutting (clearing the land of all trees) for farmland. Expanding deserts in the north also shrink animal habitats. The Chinese government has created more than 1,200 reserves to protect plant and animal species.

The giant panda lives in the misty mountains of southwest China and nowhere else on Earth. They eat bamboo and usually live near stands of the woody evergreen plant. Pandas have been hunted and only about 1,600 remain in the wild.

GOVERNMENT & ECONOMY

China is an authoritarian state ruled by a very powerful central government. A huge workforce and lots of natural resources have driven economic change. This has forced the communist government to permit more economic and personal freedoms, but it has come at a huge cost to the environment.

Many experts predict that the 21st century will be the "Chinese century." Whether or not that proves to be true, there is no doubt that what happens in China will affect many other nations.

China is the home of one of the world's oldest civilizations, but it has only recently become a "modern" nation. In the last 20 years, China has changed faster than any other country in the world.

Chinese history is divided into dynasties, each of which marks the period when a line of emperors ruled. The first empire was the Qin dynasty and began in 221 B.C. The last emperor was overthrown in 1912, and China became a republic. The communist government began its rule in 1949 following a civil war with the Chinese Nationalists.

Ancient China was a land of invention. For centuries, China was way ahead of most other countries in science and technology, astronomy, and math. The Chinese invented paper, the magnetic compass, printing, porcelain, silk, and gunpowder, among other things.

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China Country Profile - National Geographic Kids

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Stretching 3,100 miles (5,000 kilometers) from east to west and 3,400 miles (5,500 kilometers) from north to south, China is a large country with widely varying landscapes.

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this article speaks on chinese children being able to "be of the east and the west". being able to be in their own culture, but also in others. Chinese parents in the US want their children to be able to be part of their culture as well as the one they are in now..

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This article discusses how important family is to Chinese culture. Stating that its "the foundation of an individual's personal and social relationships". Which in the film Billie the main character had a problem with lying to grandma about why they were all there. Due to all the memories she had with her as a child. Stating that all her memories as a kid were with her grandma.

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Exploring the Meaning and Culture of Family in Chinese

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Explore the meaning of 家 (jiā) and the role of family in Chinese society. Learn Chinese values and traditions shaping the concept of family

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Social aspect of Chinese death and grieving - Neyjalise

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Social aspect of Chinese death and grieving - Neyjalise

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The article explores social aspects of death and dying in chinese American families by showing how the beliefs of the chinese families when dealing with both death and grieving. In the culture, family plays a big role in making decisions for the dying person, rather than the individual deciding on their own. Many of the Chinese families continue to use modern medical treatments and medicine. Their funeral traditions focus on preventing misfortune, respecting ancestors, and things such as burning paper money and covering mirrors. The grieving usually takes up for several months or years depending on the bond.

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In the Chinese American family you will find a mixture of traditional beliefs that date back centuries, and more modern attitudes that reflect western

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The article goes over western political science struggles to explain China's development because it ignores history and focus more on the modernization theories. China has grown economically while keeping its political system. The article suggests studying China's history and culture to understand the politics, which value unity, order,respect and authority. It also talks about how China's middle class is different from the western ones because it connected to the government closely. The article argues that political science should include history and cultural context for a better understanding of China's unique system and culture.

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Revisiting Chinese Political Culture: The Historical Politics Approach

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Western Political science cannot adequately address China’s development in the twenty-first century. The inadequacy is due to a general neglect of historical methods and an obsession with progressive views in the discipline. As a result, the study…

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The social approach to death and dying in the Chinese culture. Social constructs shape how different cultures perceive dying. In Chinese culture, the social construct is deeply influenced by beliefs. As well as ancestor veneration and the cynical nature of life and death.

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In the Chinese American family you will find a mixture of traditional beliefs that date back centuries, and more modern attitudes that reflect western

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The social part of this is showing how the identities of the family, and the expectations between them all. The responsibilities and how they act towards each other and communicate as a family.

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Identity & Belonging: The Farewell — Dr. Gauri Saxena

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No spoilers in this one! The Farewell , directed by Lulu Wang, starring Awkwafina, is one of the most beautiful films I’ve seen. It’s a story of a young Chinese-American woman, Billi, who goes to China for one last visit with her dying grandmother - except her grandmother, who Billi calls Nai Nai

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The economic struggle is them trying to meet different stages in there life with a meaning behind them, and struggling with keeping the secret of the whole "Farewell" from nai nai. They also have trouble because the cultural doesn't have a rich narrative behind it.

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Is The Farewell the olive branch the US-China culture war needs?

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A film depicting a young Chinese-American woman’s experience highlights differences between the two countries – but may also signal hope for the future

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This article discusses how life and death are viewed and processed differently in China. In China, it is considered bad luck to speak about death, which is why children do not discuss the matter with their older family members. Elderly people believe that the quality of life is more important than how long you live. Due to the importance of life, and the lack of research and knowledge of death, many people fear death in China.

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Life-and-Death Attitude and Its Formation Process and End-of-Life Care Expectations Among the Elderly Under Traditional Chinese Culture: A Qualitative Study

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With the global aging process intensified, the demand for end-of-life care has surged, especially in China. However, its development is restricted. Understanding the life and death attitude among the elderly and its formation process, and clarifying…

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This article talks about the differences between the United States economy and China's economy. It mentions how in the United States, people are more likely to spend their money, whereas in China, people are in favor of saving their money. This is due to Chinese culture that emphasizes frugality and saving for the future and the country's rapidly growing economy. In America, many people spend money to become happy and achieve the "American Dream".

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In Chinese culture they say they shouldn't be afraid of death. The place called heaven isn't seen as an afterlife to them its seen as a mechanism of life. There are Confucianism and Taoism, Tao sees death as a natural part of life that we have to except and if you live a moral life you become Tao. They believe dying in your house brings bad fortune.

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In the Chinese American family you will find a mixture of traditional beliefs that date back centuries, and more modern attitudes that reflect western

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this article talks about the china religion such as taoism and how its different framework is focusing on the need to live in harmony. To put simply, the source of all existence. Unlike Confucianism, it does not focus on social order or ritualistic behaviours. they also have buddhas which talks abot how they praise things and know the important of praying and.

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China - Language, Culture, Customs and Etiquette

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A business and social guide to China and Chinese culture, society, language, etiquette, customs, manners and protocol for anyone travelling or doing business in China.

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China has without doubt become a major global player in trade as a supplier and as a market. China became the world’s largest exporter of goods in 2009, and the largest trading nation in goods in 2013 it shows they know what to do and very knowledgeable in this topic

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The relationship between China and the world now is changing. The McKinsey Global Institute's (MGI) new China-World Exposure Index shows that the world's relative exposure to China has increased, while China's to the world has fallen. Accompanying this shifting exposure are the signs of stresses in the relationship. Trade disputes are making daily headlines, new rules are emerging to evaluate technology flows, protectionism is on the rise, and geopolitical tensions are becoming more heated. The way ahead is uncertain. Could we be at peak integration between China and the world after the years of deepening ties? Conversely, what opportunities could more engagement offer? What value could be at stake for all players?

China and the world: Inside the dynamics of a changing relationship (PDF-4.2MB) examines the state of China's integration with the world on eight dimensions, concluding that while China has achieved scale this has not always translated into global integration. The research establishes evidence of a shift in the mutual exposure of China to the rest of the world, and vice versa, and estimates the value that could be at stake from more or less engagement. Finally, the research offers thoughts about how businesses could respond to a new era of uncertainty. We note that this analysis builds on MGI's earlier research on shifting global value chains, which discussed the "new China effect" driving global demand growth and reaching a new level of industry maturity.

Download the full report in Mandarin (PDF-4.3MB)

Download the executive summary in Mandarin (PDF-2.9MB)

China became the world's largest economy in purchasing-power-parity terms in 2014. In nominal terms, China's GDP was 66 percent that of the United States in 2018, making it the second largest economy in the world. On the MGI Connectedness Index that ranks participation by flows of goods, services, finance, people, and data, China was the ninth most connected country in the world in 2017. In 2018, China accounted for 16 percent of world GDP. However, China's journey to global prominence has been uneven. To gauge the extent of China's integration with the world, we look at eight dimensions of China's global scale and integration (Exhibit 1).

1. Trade. China has without doubt become a major global player in trade as a supplier and as a market. China became the world's largest exporter of goods in 2009, and the largest trading nation in goods in 2013. China's share of global goods trade increased from 1.9 percent in 2000 to 11.4 percent in 2017. In an analysis of 186 countries, China is the largest export destination for 33 countries and the largest source of imports for 65. However, trade exposure to China varies substantially by region and sector. China has a disproportionately high impact on specific regions (particularly those close by) and sectors, notably those with globally integrated technology chains, and resource-exporting sectors for which China is a big market. China's global scale in services trade is not as significant as in goods. China became the world's fifth-largest exporter of services with $227 billion of exports in 2017, triple the value in 2005. China also imported $468 billion services in 2017, making it the second-largest services importer in the world. However, China's share of global services trade is 6.4 percent, about half that of goods trade.

2. Firms. Many Chinese firms have attained global scale. Consider that in 2018 there were 110 firms from the mainland China and Hong Kong in the Global Fortune 500, getting toward the US tally of 126. In 2018, MGI found that China accounted for 10 percent of global firms in the top 1 percentile for economic profit in 2014 to 2016, up from less than 1 percent in 1995 to 1997. However, although the share of these firms' revenue earned outside China has increased, less than 20 percent of revenue is made overseas even by these global firms. To put this in context, the average share of revenue earned overseas for S&P 500 companies is 44 percent. Furthermore, only one Chinese company is in the world's 100 most valuable brands.

3. Finance. China was also the world's the second largest source of outbound FDI and the second largest recipient of inbound FDI from 2015 to 2017. However, China's financial system remains far from globalized. Foreign ownership accounted for only about 2 percent of the Chinese banking system, 2 percent of the Chinese bond market, and about 6 percent of China's stock market in 2018. Furthermore, in 2017, its inbound and outbound capital flows (including FDI, loans, debt, equity, and reserve assets) were only about 30 percent those of the United States.

4. People. Flows of people between China and the world (students and tourists) are rising rapidly. China is now the largest source of outbound students (545,000 in 2017) and tourists (150 million trips in 2018). In contrast, inbound students and tourists in China account for only small shares of global totals at only 3 percent of the global overseas student population and 4 percent of overseas trips taken in 2017. Despite large outbound flows, destinations for Chinese students have been highly concentrated in the United States, Australia, and the United Kingdom, collectively accounting for about 60 percent of all outbound Chinese students. In 2017, half of the trips taken by Chinese tourists were to the Greater China area, and another 29 percent went to Asia. Migration flows have been small. Chinese emigrants accounted for 2.8 percent of the total global migrant population, and immigrants to China for 0.2 percent.

5. Technology. China's scale in R&D expenditure has soared-spending on domestic R&D rose from about $9 billion in 2000 to $293 billion in 2018-the second-highest in the world-thereby narrowing the gap with the United States. However, China still depends on imports of some core technologies such as semiconductors and optical devices, and intellectual property (IP) from abroad. In 2017, China incurred $29 billion worth of imported IP charges, while only charging others around $5 billion in exported IP charges (17 percent of its imports). China's technology import contracts are highly concentrated geographically, with more than half of purchases of foreign R&D coming from only three countries-31 percent from the United States, 21 percent from Japan, and 10 percent from Germany.

6. Data. China is home to the world's largest population of internet users, with more than 800 million people connected to the web. However, despite recent growth, its cross-border data flows are still limited by restrictions. China is in the global top eight for data flows in terms of bandwidth, but these flows are still small compared with the vast size of its digital economy at only 20 percent of US data flows.

7. Environmental impact. China has been the world's largest source of carbon emissions since 2006, and today accounts for 28 percent of the global total. It has been investing heavily in renewable energy. In 2017, it invested about $127 billion, 45 percent of the global total. As well as being motivated by its commitment as a signatory to the Paris Agreement to reduce its carbon intensity by 40 to 45 percent from 2005 to 2020-a milestone that it was able to achieve by the end of 2017-China is seeking to reduce its carbon intensity because of domestic issues including pollution.

8. Culture. China has invested heavily in building a global cultural presence. Consider that the number of Confucius Institutes around the world has expanded from 298 in 2010 to 548 in 2017. Furthermore, its financing of the global entertainment industry has led to more movies being shot in China: 12 percent of the world's top 50 movies were shot at least partially in China in 2017, up from 2 percent in 2010. However, significant investment appears to have had yet to achieve mainstream cultural relevance globally. Chinese exports of television dramas in terms of the value of exports are only about one-third those of South Korea, and the number of subscribers to the top ten Chinese musicians on a global streaming platform are only three percent those of the top ten South Korean artists, for instance.

Focusing on three of the eight dimensions, MGI has analyzed the mutual exposure of China and the rest of the world on trade, technology, and capital. From 2000 to 2017, the world's exposure to China has increased on all three, while China's has fallen (Exhibit 2). MGI's new China-World Exposure Index measures the relative importance of these economic flows for the Chinese and global economies compared with other large economies. The rest of the world's aggregate index rose from 0.4 in 2000 to 1.2 in 2017, while China's exposure to the world peaked at 0.9 in 2007, and has declined to 0.6 in 2017.

China's declining exposure partly reflects its rebalancing of the economy toward domestic consumption. In 11 of the 16 quarters since 2015, domestic consumption contributed more than 60 percent of total GDP growth. In 2017 to 2018, about 76 percent of GDP growth came from domestic consumption, while net trade made a negative contribution to GDP growth.

China's declining exposure partly reflects its rebalancing of the economy toward domestic consumption. In 11 of the 16 quarters since 2015, domestic consumption contributed more than 60 percent of total GDP growth. In 2017 to 2018, about 76 percent of GDP growth came from domestic consumption, while net trade made a negative contribution to GDP growth. As recently as 2008, China's net trade surplus amounted to 8 percent of GDP; by 2018, that figure was estimated to be only 1.3 percent-less than either Germany or South Korea, where net trade surpluses amount to between 5 and 8 percent of GDP. Rising demand and the development of domestic value chains in China also partly explain the recent decline in trade intensity at the global level. China is consuming a larger share of output produced. These are significant changes that alter China's priorities and shift the dynamics of its relationship with the world.

The decline in China's exposure also reflects the reality that the economy is still relatively closed compared with developed economies. On trade, after joining the World Trade Organization (WTO), China cut tariffs from an average of about 16 percent in 2000 to about 9 percent in 2008. However, since then the average tariff rate has edged up to 10.6 percent in 2017 (although we note that it may come down again to 7.5 percent with the 2018 announcement of a new round of tariff cuts), according to UNCTAD. In comparison, the US and EU average tariff is around 3 to 4 percent in 2017. On capital, despite opening, barriers persist. On the Organisation for Economic Co-operation and Development's (OECD's) FDI Regulatory Restrictiveness Index for services, the index has come down to 0.39 from 0.74, but this is still far higher than the 0.08 OECD average. We note that there have been recent moves to ease restrictions such as progress in adopting a "negative list" approach that may not have been captured in the index yet.

The increasing exposure of the rest of the world to China reflects China's increasing importance as a market, a supplier, and a provider of capital. China accounts for 35 percent of global manufacturing output. Although it only accounts for 10 percent of global household consumption, China was the source of 38 percent of global household consumption growth from 2010 to 2016, according to World Bank data. Moreover, in some categories including automobiles and mobile phones, China's share of global consumption is 30 percent or more. It is, as we have noted the world's second largest source of FDI and its second largest recipient between 2015 and 2017. However, the exposure to China varies among sectors and countries, according to our analysis of 73 economies and 20 sectors.

China has made huge strides in innovation in recent years. China is a global force in the world's digital economy and artificial intelligence (AI) technologies. In many types of technology, it is already the largest consumer (for example, China accounted for 40 percent of global mobile phone sales in 2017, 64 percent of sales of battery electric vehicles sales, and 46 percent of semiconductors consumption). Access to the Chinese market has provided many high-tech players with significant growth opportunities. According to an MSCI index, the US information technology sector makes 14 percent of its revenue in China.

Because technology value chains are some of the most complex, they require the most collaboration, and, indeed, China is highly integrated in these value chains with a large share of technology global exports and imports. Consider, for instance, that in the case of integrated circuits and optical devices, Chinese imports outstrip domestic production by a factor of five.

Technology is arguably at the center of the changing relationship between China and the world. Because China is highly exposed to foreign technology flows, it needs continued-if not enhanced-access to technologies to fuel its innovation and enhance productivity. The rest of the world-notably advanced economies-have begun to pay increasing attention to China's rapid technological development. New legislation has been put in place that more closely evaluates Chinese investment that accesses foreign technology. Close attention has been paid to whether China's technology value chains are becoming decoupled from global value chains, and to China's stated aims to localize technology sectors. China's Made in China 2025 plan sets targets for local players' market share of 40 to 90 percent in 11 of 23 subsectors prioritized by the government.

In many respects, China's technology markets already appear to be localized, but the degree of localization varies. In the case of solar panels, high-speed rail, digital-payment systems, and EVs, Chinese players account for more than 90 percent of the domestic market. In other segments including semiconductors and aircraft manufacturing, Chinese players still have a very small market share both at home and internationally, and depend heavily on foreign technology. In the majority of value chains we studied, China still has huge room to improve its global presence. At the high end, China has up to 50 percent of the rest of world market (in the case of solar panels); at the low end, its market share abroad is less than 1 percent (in the case of aircraft manufacturing) (Exhibit 3).

To gauge China's integration with the world in technology value chains, MGI studied 81 technologies in 11 areas and found that China uses global standards for more than 90 percent of them. In the minority of sectors where China's standards have diverged from global ones, economic drivers can explain the shift. For example, in polyvinyl chloride (PVC) manufacturing, the costs associated with adopting a coal-based process versus an ethylene-based process that is more common outside China are lower because China has an abundance of coal. We also found that Chinese suppliers are able to provide 60 to 80 percent of the technologies studied, which means that China still uses inputs from multinational corporations in at least 20 to 40 percent of cases.

Experience from around the world suggests that four elements need to be in place to move up the technology value chain: (1) investment at scale; (2) channels through which to acquire technology and know-how; (3) access to large markets; and (4) an effective system to encourage competition and innovation. Looking at the four elements across China's technological sectors, we find that China has substantial scale in terms of investment (the first element) and market (the third element). China has capacity to support a great deal of investment into technological R&D and also create new markets to commercialize the technologies. Therefore, the critical ways for China to move up the value chain are to make progress on developing and acquiring core technology and know-how (the second element) and designing an effective system to ensure that its ecosystem has the competitive dynamics to fuel innovation (the fourth element). In both cases, participation in global value chains and stronger flows of capital, knowledge, and talent could arguably accelerate China's move up the value chain.

China's rapidly expanding consumer market-confident, gradually richer, increasingly sophisticated, and willing to experiment-offers a strong link between China and the world. It is not only the prime engine for economic growth but is a huge opportunity for international businesses. By 2030, 58 percent of Chinese households are likely to be in the mass-affluent category or above (defined as household disposable income being 18,000 renminbi or more a month), surpassing today's South Korean share of 55 percent. The spending profile of urban Chinese consumers is converging with that of their counterparts in cities around the world.

China's consumer markets are already heavily integrated with the world and penetration by multinational corporations is considerable. Across the ten large consumer categories, their average penetration was 40 percent in 2017, compared with just 26 percent in the United States. In some categories, penetration is even higher; for instance, in beauty and personal care, multinationals' penetration is as high as 73 percent (Exhibit 4).

However, as more MNCs have entered the Chinese market they have catalyzed the development of homegrown companies and brands. In our study of 30 categories of consumer goods, foreign brands have lost share in 11 categories in the past few years.

China's consumer markets are already heavily integrated with the world and penetration by multinational corporations is considerable. Across the ten large consumer categories, their average penetration was 40 percent in 2017, compared with just 26 percent in the United States.

We highlight two trends that offer significant business opportunities to both domestic and foreign players:

Chinese consumers demand more and better choices in goods and services. As incomes rise, consumers want more choice, and, despite discussion about a "consumption downgrade," we find that there is still evidence of a broad trading-up trend. McKinsey's 2018 Global Consumer Sentiment Survey showed that 26 percent of Chinese respondents were trading up overall, compared with 17 percent in ten other top economies. In some cases, Chinese consumers are not satisfied with domestic brands alone partly because of perceived quality issues, and because of a lack of choice-attitudes that prevail in both goods and services. A fast-growing channel for Chinese consumers to access goods from overseas is cross-border e-commerce. From 2015 to 2017, cross-border e-commerce retail imports almost doubled to 111 billion renminbi according to iResearch data. Services are the next frontier for competition leading to higher quality. Chinese service sectors still lag behind other countries with productivity of only 20 to 50 percent of the OECD average.

A rising number of Chinese people go abroad and spend more. China's increasing flows of people-particularly students and tourists-is an expanding business opportunity for businesses in destination countries. China is already the largest source of outbound tourists in the world. Their spending can be equivalent to 7 to 9 percent of domestic private consumption in the case of Singapore and Thailand, respectively. China's outbound students can have a significant impact on other economies, too. Australian education exports to China amounted to 10 billion Australian dollars in 2017 (not including additional spending of Chinese students for day-to-day living). Companies can take advantage of these trends by adapting to Chinese tastes and tailoring offerings.

The relationship between China and the world appears to be entering a new phase. In the rest of the world-particularly in advanced economies-there are discussions about the unintended consequences of globalization and unequal distribution of benefits, and-in the United States-concerns about the "China shock" displacing manufacturing jobs. Several major economies are putting in place legislation making foreign investment deals-particularly where technology deemed to be strategically important is involved-subject to stricter review. These developments could presage lessening engagement between China and the world. However, disengagement is not inevitable.

We highlight five choices for China and the world that could lead to more or less engagement, and simulated the potential economic value that could be created or lost depending on these choices. The five areas where China could be more (and conversely less) engaged: (1) growth as an import destination; (2) liberalization of services; (3) globalization of financial markets; (4) collaboration on global public goods; and (5) flows of technology and innovation.

The results of our simulation, which uses McKinsey's Global Growth Model and calibrates its findings with external research, suggest that more or less engagement between China and the world in these five areas could potentially drive economic value for the world of $22 trillion to $37 trillion by 2040-equivalent to 15 to 26 percent of GDP. We note that our estimates of the value at stake are the result of a simulation based on a specific set of conditions and assumptions, and they should not be taken as forecasts (Exhibit 5).

In both scenarios of more and less engagement, there will be upsides and downsides created for different stakeholders. For example, less engagement between China and the world could benefit countries in Southeast Asia through greater demand for their exports. Conversely, more engagement between China and the world could create short-term shocks for Chinese workers and firms in certain sectors as the country imports more from the rest of the world.

1. Growth as an import destination. China could develop itself as a major destination for imports from emerging and advanced economies; with less engagement, global trade flows could contract. We simulate that the value at stake related to trade could be $3 trillion to $6 trillion.

2. Liberalization of services. China-and foreign players-could benefit from liberalization of services; if services remained restricted, China would continue to operate at a productivity gap with developed economies. Our simulation suggests that $3 trillion to $5 trillion could be at stake from more or less global engagement in Chinese services.

3. Globalization of financial markets. Further globalizing and modernizing China's financial system could broaden choice and allocate capital more efficiently; choosing not to do so could risk more volatility and low productivity growth. Overall, we simulate that $5 trillion to $8 trillion of value could be at stake.

4. Collaboration on global public goods. China could increase its contribution to solving global challenges. In a scenario of less engagement, leadership and collaboration would be weaker. We simulate that $3 trillion to $6 trillion could be at stake from more or less global engagement with China and as a result broader global collaboration on topics related to global public goods such as the climate change and infrastructure.

5. Flows of technology and innovation. Global flows of technology between China and the world could increase, supporting the development of globally competitive, productivity-enhancing solutions; alternatively, reduced technology flows could undermine global productivity. We simulate $8 trillion to $12 trillion could be at stake, depending on how technology flows unleash innovation and productivity growth.

We note that these choices and scenarios-and the resulting outcomes-reflect not only actions and reactions by China but also the rest of the world. Reforming aspects of the global trading system to make it more effective at resolving disputes and more inclusive so that benefits from any further opening up of its economy by China can be captured and shared broadly is a collective task. If and when China globalizes its financial sector, the rest of the world would need to be more open to Chinese investment. On tackling climate change, all countries need to commit to specific goals and milestones to avoid a situation in which some countries pursue self-interest to the detriment of the world as a whole. The magnitude of technology and IP flows between China and the rest of the world is subject to the stance taken by each country involved in these flows on technology-related investment and national security.

Given the uncertainty and potential risk of the changing relationship between China and the world, businesses may need to adjust their approach. There are four areas for consideration:

Assess short- and long-term exposure to the China-world relationship. To understand the likely impact of changing relations between China and the world, companies should first assess their level of exposure to China-world relationship. Exposure can take many forms. Across the eight dimensions of Chinese scale and integration, there are specific metrics that businesses could examine and track. Depending on their exposure, companies can assess risks and benefits to the business depending on different engagement scenarios. Even in the face of short-term volatility and uncertainty, companies should also incorporate a view on China's long-term fundamentals. What long-term trends-including rising incomes, technology flows, and intensifying local competition-may have an impact on the business?

Determine investment and value chain posture. Given the scenarios and value at stake for every company, executives should determine their China strategy in terms of investment commitment compared with other countries, and the role that China should play in the company's global value chains. They should define and be clear about their aspirations for China-do they want to make China their key growth engine, or do they want to play only in niche areas, for instance? They could for example, optimize investment as part of a long-term strategy, potentially investing more and doubling down on core value creation activities by, for instance, driving innovation and R&D, if China remains an important source of growth and innovation. If not, shifting business activities and investment to other geographies could also be considered.

Develop operational excellence needed to manage risks and uncertainty. Given increased regulatory and economic uncertainty, companies need to be much more agile in delivering their value proposition. Governments around the world are playing an increasingly important role in cross-border investment, M&A, and flows of technology and people. Businesses need to pay attention to the local context in which they are operating as it can change quickly, sensitivities can grow, and operational mistakes can be made that in the past could be fixed easily and contained, but may, in this new era, quickly escalate, drawing the attention of stakeholders. They may think about adjusting their operational footprint, and need to be agile when making shifts, and they need to devote more resources to risk management.

Adopt and maintain a survivor's mind-set. Companies that have thrived despite recession and crises in the past have tended to maintain a healthy balance sheet, take care to ensure access to finance, and have a broad range of businesses to insulate them from downturns in particular sectors. However, crises and uncertainty also bring opportunity; the pressure they bring can be a catalyst to reorganization that improves the long-term health of a company, and they can bring new opportunities to expand footprint or market position through business development and inorganic growth.

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China and the world: Inside the dynamics of a changing relationship

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The relationship between China and the world now is changing. The McKinsey Global Institute's (MGI) new China-World Exposure Index shows that the world's relative exposure to China has increased, while China's to the world has fallen. Accompanying this shifting exposure are the signs of stresses in the relationship.

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Owners of a chinese home have a negative effect on their wealth exponentially. The housing market had been in shambles with the apartments having multiple not sold and developers not making as much income. China opened private consumption and the economy built up a little.

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China's slowdown shaped by four major problems

China's economy has continued to struggle in 2024, laying to rest any remaining hopes of a strong post-pandemic recovery. Instead of a rapid rebound as many analysts predicted, China's reopening boom never materialised. It also appears that the Chinese government is not inclined to make major changes to its economic management and the high-profile Third Plenum came and went without significant reforms being announced.

The country's economic trajectory can be traced back to four major issues: first, the real estate market is in a protracted downturn; second, Chinese consumers have held back their spending after the economy reopened; third, deteriorating local government finances threaten a sharp slowdown in investment; and, finally, China's private sector 'animal spirits' remain weak after the policy crackdowns of the past several years.
Real estate correction
The housing market is in disarray, with millions of unsold apartments, bankrupt real estate developers and homebuyers losing confidence that pre-sold units will be delivered and prices will not fall further. Decades of excessive investment and property developers with balance sheets stretched to the point of breaking meant that the real estate market was headed for a painful adjustment irrespective of government policy. However, rather than trying to orchestrate a gradual rebalancing, the Chinese government abruptly pushed the housing market into a sharp correction through Covid-19 lockdowns and poorly designed policies like the 'Three Red Lines'.

Government rescue plans for the housing market, such as buying up vacant apartments, have been inadequate given the scale of the problem. Housing sales in 2023 were below that of 2017. Sales in 2024 are on an even lower trajectory. The sheer volume of housing built over the past decade and a shrinking population mean that new housing demand in China may never return to its previous highs. As a result, real estate is unlikely to regain its former role as a catalyst for economic growth.
Weak consumption
After China reopened, private consumption recovered much more slowly than economists had anticipated. As shown in Figure 1, China's retail sales, a high-frequency proxy for household consumption, remain substantially below their pre-pandemic trend.
Figure 1. Chinese consumers reluctant to spend post-pandemic
Average growth rate of retail sales of consumer goods in China, %

Source: National Bureau of Statistics of China

Chinese homeowners face a negative wealth effect, with their net worth declining as property prices adjust downwards. Coupled with growing concerns about the economy's direction and high unemployment, particularly among young people, households are being prompted to cut back on spending. Surrounding these challenges is the government's reluctance to provide significant stimulus directly to households, which has further dampened consumption.

To date, government policies to promote consumption have been piecemeal and small-scale. Instead of sending direct financial supports to households such as stimulus checks or improving the social safety net - two approaches that would likely spur new spending - the government has instead been pushing rebate programmes and nebulous efforts to promote 'consumption upgrading'.
Fiscal problems
Adding to China's economic malaise are deep-rooted problems in its fiscal system. Local governments, which play a significant role in driving economic activity, have been overextending themselves by spending tremendous amounts on infrastructure and services for their cities, much more than their official budgets can support. To bridge the gap, they use off-balance sheet entities called local government financing vehicles to issue debt. This method has allowed local governments to invest large amounts in infrastructure they would otherwise be unable to afford. According to the International Monetary Fund, China has funded over $3.8tn in infrastructure spending through off-balance sheet borrowing since 2018.

However, the consequences of this off-balance sheet borrowing are ballooning debt levels and financial instability. Many local governments are cash-strapped, cutting essential services and delaying salary payments to civil servants. Beijing is pressuring local governments to clean up their finances and reduce off-balance sheet debts. Without fiscal reforms to create new and more sustainable revenue sources, local governments will have to reduce infrastructure investments and other spending sharply.
A constrained private sector
The business environment is the final major factor impacting China's growth. The country's economic miracle of the past few decades can largely be attributed to private economic activity displacing poorly run state-owned enterprises.

Yet since 2015, Chinese President Xi Jinping has pursued policies that have systematically benefitted state-owned companies at the expense of the private sector. This has been done to reassert the Communist Party's control over the economy and combat sources of instability associated with free markets. It has significantly impacted growth because more productive private companies no longer displace inefficient state-owned enterprises at nearly the same rate.

The fall in private investment began in 2015 and accelerated sharply during the pandemic (Figure 2). While private companies have slowed their investments, state-owned enterprises have used their privileged access to bank loans and capital markets to entrench themselves further.
Figure 2. Declining private investment against total share
Private sector share of fixed asset investment in China from 31 March 2012 - 31 July 2024, %

Source: National Bureau of Statistics of China

Given the severity of the challenges private companies face and their impact on the economy, Beijing has started to recalibrate its approach. The Chinese government is now actively discussing ways to improve the business environment and create a more level playing field for the private sector. However, as long as the CCP refuses to relax its grip over large swathes of the economy, private companies will face challenges growing.
A cloudy outlook
China faces a daunting task in unwinding several decades of overinvestment in real estate - it will likely take years to resolve. At best, policy-makers can try to reduce the negative drag of housing on the economy and prevent financial instability. While China has capacity to address its other economic problems - weak consumption, strained local government finances and a constrained private sector - doing so requires Beijing to correct course and embrace significant reforms. China is not predestined to have a long-term economic slowdown, but poor policy choices make it much likelier.
Nicholas Borst is Vice President and Director of China Research at Seafarer Capital Partners.
The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect Seafarer's current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only, and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Seafarer does not accept any liability for losses either direct or consequential caused by the use of this information.

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How deeply rooted are China's economic woes? - OMFIF

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China's economy has continued to struggle in 2024, laying to rest any remaining hopes of a strong post-pandemic recovery. Instead of a rapid rebound as many analysts predicted, China's reopening boom never materialised.

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In this Article it talks about the Chinese approach to Death and passing away. The Chinese have many different beliefs of death and the afterlife because of customs. what Chinese do for their for death is when a body is placed in a casket it will be carefully washed, dusted with talcum powder, and then dressed in the dead person’s finest clothes. The clothing won’t be red because that will lead to the person becoming a ghost. This differs from American Customs That just dress up the body formally and hold funeral viewings in churches or funeral homes.

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In the Chinese American family you will find a mixture of traditional beliefs that date back centuries, and more modern attitudes that reflect western

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This article talks about the economic state of china. China's Economy has slowed down. Their property sector almost collapsed and consumer confidence is severely poor. China's GCP is no longer catching up with the U.S.

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this article talks about how Politics involves the governance of a country or region, including the creation and enforcement of laws, policies, and decisions that affect society. It includes various ideologies, parties, and power structures that shape domestic and international affairs. Political systems range from democracies to authoritarian regimes, influencing economic, social, and global relations.

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this article talks about how Technology refers to the application of scientific knowledge to create tools, systems, and innovations that improve human life. It spans various fields, including communication, medicine, transportation, and artificial intelligence, shaping how we work, live, and interact. Rapid advancements continue to drive progress, raising both opportunities and ethical challenges.

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This is New York this is one of the hardest places to have a successful job Since May 2021.The unemployment rate went up to about 5.5% The Gross Domestic product Was about 1.78 trillion dollars.

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This article talks about technology and how it can benefit us and help us on are daily life It can benefit us with medicine,communication and play a big part and helping us in are classes It can help us find And will be a big part in helping us improve.

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This article shows that "The Confucian ideal of five generations under the same roof envisioned the families of the sons of each succeeding generation all living in harmony in the same compound." Which shows in the film due to how close each member of the family is close to each other. Which also shows with the grandma and the Billi.

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This article discuss how the Chinese view and deal with death.Sating that they go through " An overview of beliefs and rituals around death and dying, including funeral practices and mourning in Chinese communities" Which these beliefs were being portrayed throughout the film.

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Beliefs, rituals and customs around death and dying

Funeral traditions are observed strictly and not doing so is thought to bring bad luck on the family.

Before the funeral, the family may contact a feng shui master to choose an auspicious time for the funeral and burial, and where possible a suitable site for burial or scattering of ashes.

Funerals and other ceremonies

Chinese funeral traditions and practices vary greatly according to the family's religion, where their family origins are in China, the cause of death, and the age of the person who has died; a funeral for a child is likely to be very different to that of a grandparent or other older family member.

The funeral usually takes place over seven days and there may be a formal ceremony on the seventh night after the death.

The funeral starts with an event known as a shou ling. Family members take it in turns to sit with the person who has died. The person will be dressed in their best clothes or a traditional white robe; older people (aged over 80) may be dressed in red or brighter colours.

At the shou ling, mourners bring food, incense, joss paper and white envelopes containing money as offerings.

During the funeral service, the casket traditionally remains open. When the casket is closed, mourners will turn their back on it as it is believed that the spirit of anyone who sees the casket close will be trapped inside the coffin.

During the funeral service, grieving families may burn incense and joss paper. Joss paper is typically made of bamboo or rice paper made to look like money, however it can also be made into paper houses, cars and other objects that the person may need in the afterlife. Incense and joss paper may also be burned at subsequent visits to the grave.

During the funeral ceremony there may be chanting and prayers said which will vary according to the religion of the family (Taoist or Buddhist).

Funeral guests give the grieving family money either at the funeral or on the day preceding the funeral. Traditionally this is given in odd numbered amounts in a white envelope.

Cremation is common but it is not usual for ashes to be scattered, but rather they are split between family members or made into jewellery.

If the funeral is that of a child or baby, the ceremony is held in silence.

Length of and expectations around a mourning period

Traditionally, grieving families may wear white, black or plain clothing for a month. In less traditional families, grieving families typically wear black. Some close family members may wear a white flower accessory for the first seven days after the death, which could be a hairpin or an item tied to a handbag.

The period of mourning may vary between one month to three years depending on family origins in China and their relationship to the person who has died. Older generations may observe a traditional mourning period, called shǒusāng of one year or three years for a first-born son. During this period, they will limit their social activities and will not attend family occasions such as weddings and birthdays. Less traditional families, including their children, may stop going out for a few weeks to mark a period of mourning.

Young engaged couples will be expected to reschedule their wedding to at least a year after the death when a grandparent or a parent dies.

Ways of remembering someone who has died

Ching Ming is a traditional Chinese festival which takes place in April in which people clean the graves of their ancestors. Families may burn incense and joss papers at their relative's grave and bring food as a sign of reverence and respect.

Ask! We don't expect you to know the culture. Just ask sensitively if unsure.

Pia

Support organisations

Our grateful thanks for their input into this resource to:

Pia Clay, Child Bereavement UK

Visit our page: How we can support you for more on our services.

You can also call our Helpline 0800 02 888 40 , email , or use Live Chat on our website.

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charity bereavement child death grief loss baby stillbirth miscarriage suicide young people parents

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Beliefs, rituals and customs around death and dying Funeral traditions are observed strictly and not doing so is thought to bring bad luck on the family. Before the funeral, the family may contact a feng shui master to choose an auspicious time for the funeral and burial, and where possible a suitable site for burial or scattering of ashes. Funerals and other ceremonies Chinese funeral traditions and practices vary greatly according to the family’s religion, where their family origins are in China, the cause of death, and the age of the person who has died; a funeral for a child is likely to be very different to that of a grandparent or other older family member. The funeral usually takes place over seven days and there may be a formal ceremony on the seventh night after the death. The funeral starts with an event known as a shou ling. Family members take it in turns to sit with the person who has died. The person will be dressed in their best clothes or a traditional white robe; older people (aged over 80) may be dressed in red or brighter colours.  At the shou ling, mourners bring food, incense, joss paper and white envelopes containing money as offerings. During the funeral service, the casket traditionally remains open. When the casket is closed, mourners will turn their back on it as it is believed that the spirit of anyone who sees the casket close will be trapped inside the coffin. During the funeral service, grieving families may burn incense and joss paper. Joss paper is typically made of bamboo or rice paper made to look like money, however  it can also be made into paper houses, cars and other objects that the person may need in the afterlife. Incense and joss paper may also be burned at subsequent visits to the grave.  During the funeral ceremony there may be chanting and prayers said which will vary according to the religion of the family (Taoist or Buddhist). Funeral guests give the grieving family money either at the funeral or on the day preceding the funeral. Traditionally this is given in odd numbered amounts in a white envelope.  Cremation is common but it is not usual for ashes to be scattered, but rather they are split between family members or made into jewellery. If the funeral is that of a child or baby, the ceremony is held in silence. Length of and expectations around a mourning period Traditionally, grieving families may wear white, black or plain clothing for a month. In less traditional families, grieving families typically wear black. Some close family members may wear a white flower accessory for the first seven days after the death, which could be a hairpin or an item tied to a handbag. The period of mourning may vary between one month to three years depending on family origins in China and their relationship to the person who has died. Older generations may observe a traditional mourning period, called shǒusāng of one year or three years for a first-born son. During this period, they will limit their social activities and will not attend family occasions such as weddings and birthdays. Less traditional families, including their children, may stop going out for a few weeks to mark a period of mourning.  Young engaged couples will be expected to reschedule their wedding to at least a year after the death when a grandparent or a parent dies. Ways of remembering someone who has died Ching Ming is a traditional Chinese festival which takes place in April in which people clean the graves of their ancestors. Families may burn incense and joss papers at their relative’s grave and bring food as a sign of reverence and respect. Ask! We don’t expect you to know the culture. Just ask sensitively if unsure. Pia Support organisations Chinese Information and Advice Centre Our grateful thanks for their input into this resource to: Pia Clay, Child Bereavement UK Visit our page: How we can support you for more on our services. You can also call our Helpline 0800 02 888 40, email helpline@childbereavementuk.org, or use Live Chat on our website.

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During this film Bili (main character). Is in very bad shape financially. Making bad financial decisions by wanting to live a rich life but cant afford it. She lives in NY which costs a lot to live, its average cost for a studio is $2,000. It's also ranked as one of the most largest economies by state.Portraying bad financial economy.

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After four years of post-pandemic recovery efforts, the city now is in an era of both record highs and resurgent challenges.

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the article talks about how different the elder care is when it comes to different cultures. The elder care usually falls on to the family members so people usually take action in elder homes. U usually take action on that if any health issues effect the people taking care of them.

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JSTOR is a digital library of academic journals, books, and primary sources.

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in this article talks about that a china family believes in shielding the grandmother from her diagnosis,emotional burden sharing,and focuses on the farewell and the its central theme of the wedding serving as a symbolic funeral,struggling in concealing a terminal based on a real family life.

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The article talks about how different Chinese culture and American culture is different when it comes to the family bonding. When it comes to Chinese they express there love by words and intimacy but when it comes to other cultures its different.

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This article shows how individuals related to the film and things they found that didn't quite match their culture

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Review of “The Farewell”: Through the Lens of a Chinese Third-Culture Kid – Arts + Culture

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The Farewell reflects historical Chinese cultural values like filial piety, collectivism, and traditional beliefs about illness, influenced by Confucianism and China’s social policies, shaping the family’s decision to hide Nai Nai’s diagnosis.

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The different living standards of china vs america are shown in the film nemours times

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The standard of living in China compared to the United States

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With the China economy struggling, an expert from the American Enterprise Institute explains what the standard of living is between China and the United States.

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this article is about how it's talking how this whole thing was going on with the grandma and how they don't tell her/"them" if they are really sick.

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‘The Farewell’ Is a Different Kind of Immigrant Story

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Lulu Wang’s elegant, heartbreaking second feature doesn’t always go where you might expect