|Rodionova, T, Yakubovskyi, S, Kocharian, V|
|Kitaêznavčì doslìdžennâ 2021, 1:124-136|
|Section: Political, Social and Economic Development of China|
Migration process is an essential part of the globalization. It influences the socio-economic situation in all countries and causes shifts in potential economic growth. From an economic point of view, emigration flows from China on the one hand reduce the supply of highly skilled labor in the national labor market (this is primarily due to the departure of citizens to developed countries who are interested in attracting qualified professionals), on the other – increase money transfers to the country. However, according to the study, the increase in remittances to the country as a whole restrains economic growth, because the negative impact of the inflow of additional foreign currency on the exchange rate and outflow, due to migration, of highly qualified professionals outweigh the positive impact of remittances on aggregate demand in the economy. China as a country, which faces population ageing issues, experiences the changes in labour market, thus it requires additional labour force to support the growth rates of the production and technology. In the recent years, the Chinese government has established several programs to attract highly qualified personnel from foreign countries. As a result, the volume of migrants from other countries is steadily increasing every year, while the rate of migrant refugees remains unchanged. At the same time, the constraining factors for the effectiveness of the implemented initiatives are the high level of bureaucratization and insufficiently reformed legal framework in the field of migration. In addition, past restrictions on population movement have had negative consequences in the form of economic inequality within the country between rural areas and cities. The vector of China’s development in the field of migration processes is positive, but so far China is not fully using all the benefits of the global migration movement.
|Keywords: China, GDP, labour market, migration processes, remittances|
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