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...
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...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.