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China Economic Impact Of Globalization
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The book, "China's Rise: Challenges and Opportunities provides a detailed look into China’s important role in the global arena. China’s growth in the past few decades has made it a economic superpower, however, with this growth, challenges regarding its internal and external policies, military modernizations and energy dependences have risen. China has been the fastest growing economy in the last thirty years. Its contributions to the global economic growth are substantial. China is the second largest exporter and holds the largest foreign currency reserve in hand. China's account surplus reached 11% of its GDP as of 2008. All of these successful and positive economic indicators increased the global expectations of China. Even though China was extremely responsive in its own borders, during the 2008 G2 submit, China displayed very low-key appearance in front of the world. Moreover, China was still artificially devaluating its currency to sustain its trade surplus, and increasing unnecessary tax cut/incentives on a large number of goods to encourage the exports to be more competitive in pricing. China’s policies were the great indicators that it did not display enough effort to show its global leadership role. After the financial crisis, large countries, including China, faced a decline in foreign demand. China, as the world’s largest producer, faced dramatic production decrease during the 2008 recession. In addition to this, domestic slow down in construction, decline in real estate sales and investments, soaring prices and low domestic demand caused major trouble in China. The expectation of the market was very low, which led to domestic numbers to decrease faster than expected. Conversely, China saw bigger opportu... ... middle of paper ... ...na’s military modernization efforts more seriously. The idea of nationalism in Asia Pacific could impact the state of the powers in that region and eventually globally. “It doesn’t matter whether the cat is black or yellow as long as it catches mice.” While China has been successful in the last few decades and has essentially made itself an economic super power using whatever means necessary, it is time for them to take a look at the rest of their future. China cannot sustain their growth using the same old methods. They must now look to address the needs of their people by introducing a more democratic society, a market that acts freely via supply and demand and actions that show responsibility for the entire world. The United States has a strong role to play in China’s future and it must do so to protect its own agendas and its status as a super power.
China has already begun strategizing for the future of its country, and there by the longevity of the Communist Party of China. The four pillar axioms outlined by the CPC: “avoid conflict, primarily with the United States; build a comprehensive national power; advance incrementally in order to consolidate a position of strength; and maintain stability, defend sovereignty, achieve pre-eminence, and pursue parity,”22 are designed to ensure a steady flow of raw goods into the country, and will assist China in the deterrence of other states and maintain regional stability.
China has come a very long way in the past 25 years. China has grown at nearly 10 percent a year over the past 20 years. China's explosion on to the world investment, production and trade scene is the product of its size, growth and openness. This is leading to tremendous changes in the global economy.
China has a list of problems while maintaining one fifth of the world’s population. It covers around the same geographic area as the United States, but has twice the amount of problems, along with five times the amount of people. They have not had a lucrative past, and their future does not either. In order to fix such problems, the Chinese government has taken miniscule actions to further aid their country (Riley, China’s Population).
For the past twenty-five years, China has witnessed an overall increase in its domestic growth (Fischler 148). According to the article, “The Rise of China as a Global Power,” by Dr. Rosita Dellios, China “is the world's fourth largest trading nation, rising from 32nd in 1978 to 10th in 1997.” Similarly, China’s GDP is also second to the United States of America, generating 13 percent of the world’s output (Dellios). Since China’s introduction into the World Trade Organization in December 2001, its average tariff dropped from 41 percent in 1992 to 6 percent in 2001, becoming one of the most open economies in the world (Dellios). China is also the world’s fastest developing economy, obtaining an annual growth of 9.5 percent through foreign direct investment, low labor rates, emerging markets, and growth expansion. (Dellios). Therefore, the 21st century has been titled the “Chinese Century”, as China has become the second-largest international economy in the world (Ji-lin 15).
When you read about China's development over the past 30 years and its statistics that impress by constantly increasing trends or the huge numbers that describe the vastness of China, the natural tendency is to give China a rightful place and status as a global superpower.
The article “U.S., China and Thucydides” (Robert B. Zoellick, 2013) addressed the security dilemma between the rising China and the U.S. through the historical story, “the Thucydides trap”. In addition, the chapter 15 in the book US FOREIGN POLICY, by Michael Cox and Doug Stokes, indicated the situation of changing East Asia, rising China, and the role of the U.S. in this region in different periods. Therefore, the materials have revealed an important question about Sino-US relation, which is should the United States cooperate or compete with the rising China?
From the 1970s, there has been a wave of liberalization in China, which was introduced by Deng Xiaoping. This is one of the key reasons to the rise of China to be one of the economic giants in the world. In the last 25 years of the century, the Chinese economy has had massive economic growth, which has been 9.5 percent on a yearly basis. This has been of great significance of the country since it quadrupled the gross domestic product (GDP) of the country thus leading to saving of 400 million of their citizens from the threats of poverty. In the late 1970s, China was ranked twentieth in terms of trade volumes in the whole world as well as being predicted to be the world’s top nation concerning trading activities (Kaplan, 53). This further predicted the country to record the highest GDP growth in the whole world.
The current trade imbalance is caused in large part by intrinsic features of China's labor market and consumer base. The vast majority of China's 1.3 billion people still live in rural areas. China has, by some estimates, a surplus rural labor force of 120 million people, many of whom migrate to industrial centers to look for factory work, and drive down wages. As long as wages are low, the United States will continue to gobble up products made in China, while Chinese consumers will prefer to buy cheaper, homespun alternatives to American products. The rise in trade deficit with China has come at a cost to jobs in the United States, accordin...
China's development is praised by the whole world. Its developments are not only in the economic aspect, but as well in its foreign affairs. Compared with other developed countries, China is a relatively young country. It began constructing itself in 1949. After 30 years of growth, company ownership had experienced unprecedented changes. Entirely, non-state-owned companies can now be more involved in sectors that used to be monopolized by state-owned companies.
Wei-Wei Zhang. (2004). The Implications of the Rise of China. Foresight, Vol. 6 Iss: 4, P. 223 – 226.
Finally, the United States political system has a strong structural structure but in China their people always work together to be the best and stand out in the world. It is predicted that China will one day be the largest economy-growing country in the world. They continually grow and rebalance their world to be the best. The growth of the economy will depend on the Chinese government's comprehensive economic reforms that more quickly accelerate China's transition to a free market economy. Consumer demand, rather than exporting, is the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental protection.
China is one of the main viable candidates as this century’s new world power. Today, it maintains a strong economic stance within the international market, and is expanding at a rapid pace. The United States cannot maintain its position as hegemon for the rest of humanity; just as how ...
Having thrown open its doors to capitalist investment and expanded at a miraculous rate over the past three decades, China has now surpassed Japan to become the second biggest economy in the world. Since the early 1980s, China's economy has metamorphosed from a centrally planned syst...
In the race to be the best, China is clearly outperforming the United States. China has strong economic fundamentals¬ such as “a high savings rate, huge labor pool, and powerful work ethic” (Rachman, Gideon. "Think Again: American Decline). Their economy has grown an astonishing 9-10% over the past thirty years; almost double of what it used to be decades ago. China is also the “world’s greatest manufacturer and its greatest market” (Rachman). The continuing growth of China's economy is a source of concern for not only the U.S. but surrounding nations as well. One could argue that the U.S. need not worry about China’s growth because of the spread of globalization and that western ideologies would influence China to turn to democracy. Yet China has still managed to “incorporate censorship and one party rule with continuing economic success” (Rachman) and remains a communist country. Hypothetically, even if China does resort to a democratic state, this does not gua...
The rise in China from a poor, stagnant country to a major economic power within a time span of twenty-eight years is often described by analysts as one of the greatest success stories in these present times. With China receiving an increase in the amount of trade business from many countries around the world, they may soon be a major competitor to surpass the U.S. China became the second largest economy, last year, overtaking Japan which had held that position since 1968 (Gallup). China could become the world’s largest economy in decades.