Asias Slowdown and British Consumers Essay Example | Topics and Well Written Essays - 2000 words

Asias Slowdown and British Consumers - Essay Example Table 1 below shows China’s trade balance for the gap difference of ten years; 2001-2011 (Techau 2014) Obviously, for the strategy to work, the lifestyle for people in Asia has to increase in quality prompting them to adapt to the economic changes; however, the current position of states such as China and Hong Kong makes it hard for this to happen, as it requires them to fail in some of the leading ventures (Knight 2013). Largely, if Asia experienced bankruptcy, especially in countries such as China, it is a prediction that the whole world would feel the pinch, but some continents such as Europe would experience a blow. The idea that Asia has the ability to reduce the pace of development without affecting trade partners, foreign investors or even local companies is more of a fantasy because the recession is uncontrollable, as proved by past studies. The best tactic would be for China to initiate a long-term strategy that will prepare the possible victims as they look for other ways out of the situation; however, this would also require countries in Asia to liaise with the international policymakers. China seems to have a good idea, and one would think that this is going to be easy for them especially with the current economic status, but after evaluating the forecasts of the target growth rate with the current one, it requires more efforts (Pilkington 2014). Essentially, China aims at reducing its growth to slightly below 8%.