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Global recession essay 200 words
Economy recession as a global issue
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In 2008, the Global Financial Crisis broke out; both the American economy and the economy in the West suffered a hard blow. However, a big economy system in the East emerged unexpectedly. China is now able to challenge the America’s decades-long dominant position in economic area. Started during the middle of 1990s, China’s manufacturing industry developed rapidly that billions of exports were floating out, and China was given the title of “the world’s factory”(BBC). By the end of 2010, China with a GDP of $5.8 trillion, surpassed Japan’s GDP of $5.48 trillion, became the world’s second largest economy system (BBC). China also exceeded Japan became America’s largest foreign securities holder. Since then, China has been seen as the US’s biggest opponent in economic field. Some economists even say that in 10 years, China will be the same size as the US economy. No matter whether China is going to reach the US’s economy size in 10 years or not, after forty years since the US first opened trade with China in 1972, America’s economy gradually relies on China’s economy and will collapse without the strength of China’s market. In 1972, President Nixon visited China, and declared the open trade between America and China, a country that has been isolated from the West since 1949. Although most people remember President Nixon with his Watergate Scandal, he also opened a new trading era with People’s Republic of China. Nixon was in fact known as an anti-communist, and his presidency was during the Cold War, a political and military tension era between the US and the Soviet Union. In 1949, Chairman Mao Zedong established the People’s Republic of China. Known as a communist, Mao at that time was Stalin’s biggest supporter. China’s alliance ... ... middle of paper ... ...Susan V. "U.S.-China Relations: An Overview of Policy Issues." Federation of American Scientists. Federation of American Scientists, n.d. Web. 20 Jan. 2014. Morrison, Wayne M. "China's Economic Rise: History, Trends, Challenges, and Implications for the United States." Federation of American Scientists. Federation of American Scientists, n.d. Web. 20 Jan. 2014. Morrison, Wayne M., and Marc Labonte. "China's Holdings of U.S. Securities: Implications for the U.S. Economy." Federation of American Scientists. Federation of American Scientists, n.d. Web. 13 Jan. 2014. PBS. "General Article: Foreign Affairs." Public Broadcasting Service. PBS, n.d. Web. 15 Jan. 2014. Rawski, Thomas G. "The Rise of China's Economy." Foreign Policy Research Institute. FPRI, n.d. Web. 26 Jan. 2014. World Economic Outlook database. N.p.: IMF, n.d. International Monetary Fund. Web. 2 Feb. 2014.
In 1972, President Richard Nixon was quoted as stating that his visit to the People’s Republic of China (PRC) “changed the world…to build a bridge across sixteen thousand miles and twenty-two years of hostilities.” By meeting with Chairman Mao Zedong in Beijing, Nixon took groundbreaking first steps to opening relations and formally recognizing the People’s Republic of China. The history of the aforementioned hostilities between the United States and the PRC dates back to the Chinese Communist Party’s takeover of mainland China following its civil war in the post-World War II era. When the PRC was formally proclaimed in 1949 towards the close of the Chinese Civil War, the United States decided against recognizing its establishment and instead chose to back Taiwan, also known as the Republic of China. This decision was a product of its political environment, as President Harry Truman had just established the Truman Doctrine, which sought to check presumed Communist and Soviet aims to expand. In order to remain consistent and credible with its containment policy, a precedent was set and relations between the United States and the PRC remained closed. Tensions were only exacerbated during the Korean War in the 1950’s as the PRC intervened on behalf of the North Koreans and during the War in Vietnam in the 1970’s in their support of the North Vietnamese. Thus it is understandable that to the public eye, Nixon’s meeting with Mao Zedong in 1972 seemed to come out of the blue and was difficult to interpret given the context of Sino-US relations in the two deca...
The U.S and China relations has intend become very well known in the international scene. There are some many good things about trade and the economy such as competition, security, wealth, fairness, globalization interdependence and domination and strength for all countries that open their border to trade and influence between other countries. It is also a great thing to bash in politics in the U.S. There are benefits to trade to each country as wells as what are the disadvantages of the trade deals and are there certain agreements that are being manipulated and the manufacturing sector in the U.S. economy and the reason why China and the U.S. behave they say it does with each other (Mearsheimer) in the international
Schuman, Michael. "Why Do We Fear a Rising China?" Time Magazine, 7 June 2011. Web. 1 Oct. 2013.
Terrill, Ross. "China Is Rising, but for How Long?" New York Times. N.p., 11 Sept. 2006. Web. 23 Feb. 2014.
Coates, B., Horton, D., & McNamee, L. (2014, January 1). CHINA: PROSPECTS FOR EXPORT-DRIVEN GROWTH. Economic Roundup Issue 4. Department of the Treasury (Australia).
Scott, Robert E. “The China Toll.” Economic Policy Institute. 23 Aug. 2012. Web. 8 Dec. 2013.
Worden, Robert L., Andrea Matles Savada, and Ronald E. Dolan. China: A Country Study. Washington, D.C.: Federal Research Division, Library of Congress, 1988. Print.
The Web. The Web. 27 May 2014. http://www.jstor.org/stable/10.2307/1354343?ref=search-gateway:1c7b5d35c756095be3255402d85e5e3f>. Nathan, Andrew J. "U.S.-China Relations Since 1949."
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?
Gittings, John. The Changing Face of China: From Mao to market. Oxford University Press, 2005.
Jeffrey Legro, What China Will Want: The Future Intentions of a Rising Power, Perspectives on
Prager, Karsten. “China: Waking Up to the Next Superpower.” Time 26 Mar. 1996: n. pag. Time. Web. 5 Mar. 2011. .
The American President Nixon's historic trip to China in February 1972 marked the beginning of a new era in Sino-American relations. For the first time since 1949, the two countries established high-level official contacts and transformed their relationship from confrontation to collaboration. Over the following twenty years, however, U.S.-China relations have experienced repeated cycles of progress, stalemate, and crisis, with the events in Tiananmen Square in June 1989 the most recent and disruptive example.
In order to have a better understanding about the conflict of Tiananmen and its influence on further American relations with People’s Republic of China, this paper gives a short background of the bilateral relations until 1990. Historically, the United States and China did not have good relations due to the political regime of China. In addition, China was not that developed economically to have trade or any kinds of relations with the US. According to some historical data, the first China-US negotiations at the ambassadorial level started on August 1, 1955. The bilateral relations of America and China consist of several stages. The first stage of the US-Chinese relations started in 1971 when both opened their doors to financial and economic ties. The trading volume of these countries stood at US$ 4...
Fischer, Tristan. “What Happens When China Becomes the Largest Economy in the World?” History, Future. Now. Tristan Fischer. 17 Nov 2012. Web. 29 Apr 2014.