Overall score: 52.7 World Rank: 139
7 Major Sources of Economic Progress
Xi Jinping is the General Secretary of the Communist Party of China. Xi Jinping started an anti-corruption campaign, but china is still continuing to have problems with corruption. Protection of property rights is little to none, and china has a very weak judicial system. The judicial system is weak and gives into political influence. Lastly The working class has little to none legal protection even though they were promised change.
Limits on Government Regulation
In china in order to make a legal corporation or business it takes many procedures and about a month, so efficiency is so so. License requirements are necessary to be completed. Labor regulations are not consistent or very well enforced. The government more so funds agricultural things, and supplies large amounts of fossil fuels and electricity.
Low Tax Rates
China's income tax rate is 45%, and corporate tax rate is 25%. The other types of taxes include real estate taxes, and value-added tax. value-added tax is a tax one the amount by which the value of an article has been increased at each stage of its production. The government is 24.8 of China's domestic output, and public debt equals 22% of GDP.
This video talks about how China once and economic power house has become to struggle.