China's Future... What Path? What is all of the talk on China about? We hear its economy has grown tremendously and we read something new in the newspapers every day. Does everyone fear that China’s rapid growth and powerful economy will overtake the United States? Well, some people do and others don’t really think it is likely. What do I think? Watch out, China’s future will be a shock to almost everyone. Never underestimate the power of the dragon. The year is 2001. China joins the World Trade Organization (WTO) and Americans give way to the new “Asian powerhouse.” China has grown 9 percent a year for more than 25 years and is recorded as the fastest growth rate for an economy in history according to and abstract by Peter Katel in the CQ Researcher. With exports rising from 38.8 billion to 196.7 billion (a 400% increase) from 1994 to 2004 to the US alone, no wonder why China has gained new popularity with the business world. In the same article Peter Katel goes on to state that two-thirds of the world’s copiers, microwave ovens, DVD players and shoes are manufactured in China. With this powerful advantage that China has, its promising future does not seem that far away. The graph to the left shows the US merchandise trade with China. As you can see, the US exports to China have fallen and its imports from China have increased greatly from 1994 to 2004. With its 4,000 skyscrapers in the financial capital, Shanghai, and the ever rapidly growing economy, China might just do more than “catch up” to the United States. It may seem ironic that the country that has a replica of our “42nd st” would also be in growing competition with our economy and it may also seem like China is the “little brother” of the US, but how long will this go on for? Will the US be able to keep up soon enough? This is the direction China seems to be headed for. But what makes China the greatest exporter of goods in the world? Bartlett, a businessman Peter Katel refers to in his article, states that “the unbeatable china price is due not only to low labor costs but also to unethical trade practice.” According to the 2005 article, Congress has yet to approve more than a dozen pieces of legislation that would allow the yuan ¥ to “float” in world currency markets, allowing for free-market forces to establish its value.
On the other hand, hard-core realists predict that since China’s economy is on the rise, and United States economy is declining, it may create conflict. During World War I, a war occurred between England, a declining dominant hegemony, and Germany, a dissatisfied challenger on the rise (Wong, The Rise of Great Powers, Nov.18). However, war will not spark between China and...
China is the perfect example of what happens when one leader is given to much
China is the most populous state in the world, with over 1.3 trillion inhabitants (Central Intelligence Agency 2010). Because of its large population base, China also has the largest military and a booming economy that is third only America and Japan in terms of GDP; however, economic trends show that Japan’s economy is stagnating, while the American Chinese economies continue to spike upward (Google, Inc. 2010). Despite its growing economy and large military force, China lags behind America in technology and naval power. Chinese Admiral Wu Shengli said, “The Navy will move faster in researching and building new-generation weapons to boost the ability to fight in regional sea wars under the circumstance of information technology” (Xuequan 2009). This quote shows that China wants to remain a regional sea power, and not develop a blue-water navy that can compete with the American navy. Furthermore, a Popular Mechanics article showed the world that China was stealing American military “leap ahead” technology, or technology that is decades ahead of Chinese technology (Cooper 2009).
one of the world’s leading trade power, it is a goal that Chinese authorities are firmly
WTO membership is also expected to attract more foreign investment, some of which would bring desired new technology or help enhance China’s own capabilities for technological development. The fact that China joined the Information Technology Agreement, which phases out all tariffs on information technology products by 2005, gives credence to this as one factor supporting membership (Prime, 2002).
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.
When comparing the United States to China the facts are very interesting. The United States has had the world’s largest economy for about 140 years, and it roughly accounts for 22% of global GDP. In recent years China has overtaken the U.S. by its economic strength. This is GDP based on purchasing power parity (PPP). That’s where the similarities end. They are comparable in total size, the makeup of each economy is totally different. The United States is a sophisticated and highly diversified economy. This information comes from their services, finance, and consumption from the middle class. China has similar goals for the future, but right now it is resource-intensive growth engine making the transition from a manufacturing hub to a consumer-driven economy. (DESJARDINS)
China's development is praised by the whole world. Its developments are not only in the economic aspect, but also in its foreign affairs. Compared to other developed countries, China is a relatively young country. It began constructing itself in 1949. After 30 years of growth, company ownership has experienced unprecedented changes.
China’s quick economic success is very impressive. Even though it has led to a lot of problems that need to be fixed, I personally think they will not mess this up, if anything it may slow down, but China will stay as a world and economic power. The main problem is the pollution and if they let that get out of hand eventually that will hurt them greatly. China’s expected to pass the USA in GDP soon. They have room to grow because if you leave the cities China is still a developing country. They have a lot of room to keep growing and if they continue like they have they will have be the world greatest power.
Wei-Wei Zhang. (2004). The Implications of the Rise of China. Foresight, Vol. 6 Iss: 4, P. 223 – 226.
At present China earns $300 billion off of the United States. This is every single year from just one country. Also, as of 2011 China reclaimed its dominance as the worldwide leader in manufacturing output. This along with the fact that their currency is backed up by gold means that even though the United States is the richest country in the world right now, China’s domination of the world’s manufacturing output-a title formerly owned by the United States-shows it’s leaders’ planning for their future as the next superpower (Fogel,2010). This planning h...
...st and stand in the world. It is predicted that China will one day be the largest economy growing country in world. They continually growing and rebalancing their world to be the best. The growth of economy will depend on the Chinese government comprehensive economic reforms that more quickly accelerate in China transition to a free market economy. The consumer demand, rather than exporting the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental. (Morrison, 2014,para2)
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.
Today China is widely notorious for its large dominance in world affairs regarding trade and wealth however china was not always one of the economic superpowers of the world, china like many other parts of the east had not had their industrial revolutions as early as western countries such as Britain and could easily be described as being primitive following 2000 years of imperial dynasties. The pressing issue that the UK government will have to face is what we to do with such an ominous player in world affairs, without a clear idea on what to do upon China’s most recent rise to power the government may just be buying a ticket to watch china steal the show in economic, military and political matters.