China, a country with a population of over 1.3 billion, has made a great change in its economy over the past three decades (Morrison). China is the most populated country in the world occupying about 20% of the total world pollution. Its government, the Communist Party of China has been ruling the country for over 63 years since 1949.
China has shown a great change in its economy starting from 1978. It has become one of the world’s fastest growing economies ever since (Wiki answers). China may have started with very little money, but it is now holding the world’s second largest economy. It is also the second largest importer and the largest exporter of merchandise (Wiki answers). Some analysts think that China will have the largest economy in a few years time (Morrison).
Economic reforms were introduced in 1978 by the Communist party of China. This introduction changed the economy, culture, and the way of life among the Chinese. After 1978, about five hundred million people were raised out of extreme poverty (Morrison). This reform is now described as one of the greatest economic successes in modern times (Morrison).
Trade also grew more popular as china’s GDP got higher. The USA and China are now very close trade partners. In 2011, the two countries have traded goods which are worth $503 billion (Morrison).
However, China’s rising Economy has also raised the concerns of foreign policymakers as they consider how this increasing economy could affect other countries’ economies and the global world trade (Li). They also fear that the growing economy could also decrease exchange rates on other currencies. I think that this could lead to unrest in other countries to keep their exchange rates stable.
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... From a personal perspective, think that culture and tradition should be modernized not only in China, but around the world. I am not saying that Chinese culture should fully be transformed, but it should be modified. This, in my view will bring the world together as one. If all culture and tradition is changed, I presume the country will lose its identity, but slight modifications will make the country a better place, and trade is the best way to do it.
To wrap up my essay, I think that trade has helped China’s economy. After the 1979 economic reforms, China has changed a lot, and trade is a supporting member. Besides its negative effects like culture, trade has helped Chinas a lot; and I, as well as other economists predict that in a few years time, China will have the world’s largest economy!
Following the Chinese Revolution of 1949, China’s economy was in ruin. The new leader, Mao Zedong, was responsible for pulling the economy out of the economic depression. The problems he faced included the low gross domestic product, high inflation, high unemployment, and high prices on goods. In order to solve these issues, Mao sought to follow a more Marxist model, similar to that of the Soviet Union. This was to use government intervention to develop industry in China. In Jan Wong’s Red China Blues, discusses Maoism and how Mao’s policies changed China’s economy for the worse. While some of Mao’s early domestic policies had some positive effects on China’s economy, many of his later policies caused China’s economy to regress.
China's record of human rights violations is long and mind-boggling. Atrocities such as purging tens of millions of people during the Cultural Revolution, its infamous one-child-per-couple Population Policy, persistent oppression of Tibet and the bloody June 4 massacre at Tienanmen Square in 1989 have given the Chinese government a reputation of having little respect for human life. And yet, despite its tarnished record, China maintains its Most Favoured Nation trade status with the US and is one of Canada's top ten recipients of bilateral trade. As supposed supporters of human rights, Canadian and US governments have developed hypocritical attitudes toward China, compromising ethical values for material gain. Instead, North American nations should restrict aid and trade with China to programs that can be used to encourage social reforms.
by a world power can be felt by practically every nation of the globe involved
In 1978, China was positioned 32nd on the planet in export volume, yet it had multiplied its reality exchange and got thirteenth biggest exporter in 1989. Between 1978 and 1990, the normal yearly rate of exchange extension was over 15 percent,[11] and a high rate of development proceeded for the one decade from now. In 1978 its exported on the in the world of the overall industry was insignificant, in 1998 regardless it had short of what 2%, however by 2010, it had a world piece of the overall industry of 10.4% as stated by the World Trade Organization (WTO), with stock fare offers of more than $1.5 trillion, the most astounding in the world.
However, the impact it has made on China can be considered to be great as it brought China under the limelight in the global economy. Globalization has had many positive and negative ramifications on the Chinese economy. In the short run, it may be so that the negative impacts outweigh the positive impacts, but that is easily debatable. This is because all the negative impacts of globalization can be corrected with economic policies that can be efficiently undertaken by the Chinese government. In this manner, China in overall will be able to enjoy all the benefits of globalization and contribute more to the rest of the world as it continues to grow economically and socially. In today’s world, globalization is an important part of the development and prosperity of each nation and China too should be able to reap from its benefits. Today, as China proudly holds a place in the global economy as the world’s second largest economy and most populated country in the world, it can be said
Despite the fact that recent reports have shown that the Chinese currency is currently facing descending pressures, it is, however, likely to improve in the future because of the enhanced terms of trade, current account surplus that is growing, and high net saving. Another reason that will make the Chinese RMB to do well in the future it is because the currency has solid fundamentals and the economy of the country is significantly increasing at a higher rate than the GDP rates. Due to the growing Chinese economy to being the second largest economy, the Chinese currency yuan has been acknowledged by the International Monetary Fund (IMF) as a major global
The U.S. trade deficit has risen more or less steadily since 1992. In the second quarter of 2004, the trade deficit relative to GDP surpassed the 5 percent mark for the first time. Many economists already considered trade deficits above 4 percent of GDP dangerously high. The fear is that continued growth in this external imbalance of the U.S. economy will ultimately spook overseas investors. http://www.americanprogress.org/issues/2004/09/b193700.html
From the beginning of their establishment, the bilateral relations between the United States of America and China have changed throughout the time. The bilateral relations of the two countries emerged from 1970’s with the ‘Ping-Pong’ diplomacy and there have been many pauses in their mutual relations. The US and China enjoyed cooperation in economic and military spheres and the mutual relations grew massively during until the end of 1990’s. The heads of the two states began visiting each other’s countries and the economic ties were tightening year by year. However, the issues of human rights and free speech declined mutual Sino-American relations. The American principle of democracy promotion and human rights protection minimized the Sino- American relations after the Tiananmen Square events in 1989, the US Presidents-George Bush and Bill Clinton- playing a key role in determining the further American foreign policy towards China.
China has 3.748 million square miles (or 9.707 million square kilometers). As a whole, China only has a population density of 139.6 people per square kilometer, or 363.3 people per square mile. Due to the large area of land, this results China to has a huge population.
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.
...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)
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.
During this period, global consumer price inflation presented a trend of fluctuation reduction. According to World Bank data (2015), world real GDP growth slightly which is from 2.4 to 3.3 in 2012-2016. Moreover, weaker investment environment lead to the job creation rate decrease of 1.4% every year after 2011, the unemployment rate is high correspondingly (world economic situation prospects 2016). Industrial commodities like energy, metals and minerals both decline more than 35 each from the beginning of 2011 to the end of 2014 and this trend will continue (World Bank 2015). Meanwhile, China as the world’s largest exporter and the second largest importer country, economic growth becomes slowing than before (Chen 2016). It has the significant impact on the global trading environment. At the same time, global trading volume
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.
During the twentieth century, the world began to develop the idea of economic trade. Beginning in the 1960’s, the four Asian Tigers, Hong Kong, Singapore, South Korea and Taiwan, demonstrated that a global economy, which was fueled by an import and export system with other countries, allowed the economy of the home country itself to flourish. Th...