The New York Times, 07 Apr. 2012. Web. 23 Mar. 2014.
It wreaked havoc on the Chinese social structure, forging class divides and resulting in a breakdown of law and order. Therefore, Chairman Mao Zedong's efforts to improve China to his own standards—the botched Great Leap Forward and the Chinese Cultural Revolution, accomplished exactly opposite of what they desired to achieve, leaving the Chinese economy and social struc... ... middle of paper ... ... to the end of the social structure he desired to achieve. Communism provided a perfect front for Mao to perpetuate his damaging political agenda. By claiming he would deliver a stable financial situation for a struggling China, Mao instead rushed into a major overhaul that resulted in lasting damage to the Chinese economy. Just as his country had begun to recover, Mao returned to create chaos.
Today trade deficit with China is 28 times larger than it was during the Reagan era, according to new figures released by the U.S. Census Bureau. That daunting deficit has grown by 18 percent per year since China first entered the World Trade Organization in 2001. Census figures show $91.9 billion in U.S. exports to China during 2010, and $364.9 billion in imports, a stunning $273 billion difference (2011). Many of us wonder if economic relationship and trade with China is for United States threat or continuing challenges and opportunities. Why we have so huge trade imbalance?
The Fall of The Orient. Zhiwu Chen, a professor of Finance at Yale School of Management, had once addressed two pivotal questions to the world: “Why has China’s economy grown at such a fast rate during the last 30 years, and is this growth rate sustainable?” Over the past decades, China’s uprising as a huge economy power was undeniably prominent, first in Asia and then to the eyes of the world. The most popular answer as the world knows it is because China has “vast and cheap labors”, but that is not necessarily true. The idea of China’s development has been supported not only by huge labor force. Instead, it was also driven by all the changes that happen in the world, which allowed China to gain from its labor force, and also improvement in technological developments, and social reformations (Hayat).
The New York Times, 10 Mar. 2013. Web. 9 Feb. 2014. Plumer, Brad.