Rapid Economic Growth In China Essay

Globalization has, for better or worse, altered the economic arena for every country in the world. For many less developed countries, globalization has leveled the playing field so that their economies can compete with the larger, more developed ones such as the United States and other large western economies. For instance, technical engineers in India and China are now just as qualified as engineers in America, but at half the cost. The once large and prosperous service sector in the United States as well as telemarketing services have largely been sourced to India as a large exodus of American multinational corporations find cheaper workers who deliver comparable quality. This then seems to be the essence of globalization - businesses

Since the reform and opening up, the economy of China grows significantly, as an emerging economy, China's economy has made tremendous contributions to the global economy, and Renminbi has become one of the most important currency in the world. According to the survey conducted by China National Bureau of Statistics found that from 1979 to 2012, China has attained an annual average growth rate of 9.8% for its national economy, while the annual average growth of the world economy is only 2.8 % during the same period. In past 30 years, China's GDP surpassed Japan’s, China became the world 's second largest economy, in addition, the huge total volume of trade makes China become the world 's largest trading nation. The contribution of China’s

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.

However, the implications of globalisation can form volatility in the international business cycle. Highly integrated economies are at greater risk of experiencing economic downturn in the business cycle. Therefore, China’s utilised process of economic liberalisation has reflected in ability to embrace globalisation and maximise the benefits of economic integration and rapid growth. As this evolutionary process continues, by 2025 China will be the world’s biggest economy (Ross Gittins: How Asia is catching up with the rich West). The Chinese ‘economic renaissance’ began in the 1970s after the government converted from socialist economy to a capitalist economy.

Hung’s stated goals are as follows. First, he aims to outline the historical origins of the capitalist boom in China as well as the conditions which predicated said boom. He also names four conceptions against history to explore the global effects of China’s capitalist boom and the limit of that boom. Firstly, he seeks to challenge the notion that China is challenging the United States neoliberal order. Secondly, he examines the belief that the increasing incomes of poor Chinese citizens helps to reverse worldwide income polarization. Thirdly, he analyzes the claim that China’s rise is challenging Western dominion over the world, and is radically altering the world order. Lastly, he plans to evaluate the assertion that China has been emerging as the most powerful driver of growth since the global financial crisis. He plans to devote a single chapter to the refutation of each of these views and explanations of why they overstate the importance of China, in addition to several introductory chapters describing China’s rise. He aims to prove with this work that China is no different than the other major capitalist powers, that its boom is dependent on the global neoliberal order, that its boom contributes to rampant inequality, and, in sum, that China is just a foundation of the capitalist status quo.

Throughout time, many countries have needed to implement some sort of economic reform in order to strengthen their economy so that they can be more of a power on the world stage and to stabilize their country. The Chinese reforms were long in the making, an unfolding process that had spanned most of the 20th century and, unlike other countries such as Russia who were trying to do the same thing but whom eventually failed, China prospered, and increased its economy greatly. China has had the fastest growing economy in the world for the past two decades, with an annual growth rate of approximately 10 percent since the economic reforms in 1979, and now has the second largest GDP in the world, second only to the USA. Starting in 1979 they

For the past century, Chinese society has felt a compulsive desire to develop at breakneck speeds. In pursuing development, China’s primary goal has been to display its sophistication to the world, rather than to directly aid the welfare of its citizens. Following this hierarchy of objectives, China has continued to relentlessly modernize despite enormous negative consequences; the development powered through famine during the Great Leap Forward, violence during the Cultural Revolution, and economic dislocation during liberalization, accepting negative consequences as bearable burdens on the path to global renown. Ignoring these issues, China has proven itself more responsive to international views of modernity than to immediate national

Dr. Hao Jingfang works for the China Development Research Foundation which helps advance and promote economic development and social progress. She conducts research with an emphasis on rural poverty and presents recommendations to the government. Dr. Hao has witnessed and learned about China’s development over the last century, such as the Cultural Revolution-the birth of communist ideals- and capitalism. China transformed their system and has been ascending economically for the last several decades. Dr. Hao Jingfang had also witnessed its side effects: the excellent ever increasing gross domestic product(GDP) and the not so good effects of increased poverty. Another one of the of the not so spectacular side effects are how the wealth,

China as an economy has change rapidly over the past few decades. It has gone from a war struck country prior 1978, in which the economy was greatly effect, to one of the largest

Charles Darwin in his theory of natural selection said “ the fittest of the fittest will survive,” and year after year China has proven they are the fittest by climbing the economic ladder, as Mark Schwartz Vice Chairman of Goldman Sachs and Chairman of Golden Sachs Asia Pacific, claims in his speech “China’s Economic Success and Opportunities,” “China is coming out of a period of rapid growth almost ten percent over the last thirty (30) years. In 2013 China’s gross domestic product (GDP) was 9.3 trillion dollars in size the second largest economy on the world and in 2013 China contributed 28% GDP to the world growth globally” (Schwartz). Was this growth due to rapid industrialization or the implementation of polices using Marxist and Keynesian perspectives or was it the authoritarian regime? However, it is China’s collectivist approach towards socialism that is responsible for their recent success.

The effects that the economic growth trends and reforms in China have on the rising levels of social inequality have raised debates in the past and have resurfaced today. Some political scientists and economists argue that regional

The successes are named as South Korea, Japan, and Taiwan. Malaysia and Thailand are considered to be moderately performing, but lagging behind. Finally, he classifies the Philippines and Indonesia as failures. The final section of the book is solely dedicated to China as it presents a unique case. China has developmental characteristics that are similar to both the successful countries of Northeast Asia as well as the poorer Southeastern Asian countries. China has made great progresses and overcome great disasters. It has worked closely alongside the World Bank and even receives technical support from it when needed. But not without paranoia, which has actually caused China to prosper. Unlike the northeastern countries, Chinese peasants do not own their own land as it is collectively owned and is not allowed to be sold under law. In modern times, China’s developmental plan is based off of recognizing the past failures associated with state-led growth, while allowing state companies to play an important role in its economy. Also, foreign owned companies play a large role because other countries outsource their labor needs to China because it is much cheaper. Overall, Studwell states that China’s government has set the stage for the enablement of rapid economic development. The author

“China's economy is subject to market forces, and capitalists are involved, but the Party does not believe that capitalists run their economy”(Macrohistory and world timeline). With a population of over 1.3 billion China has received much attention, including its spectacular economic development since 1978 and the accompanied deterioration of health care for a substantial segment of its large rural population. “China's healthcare system is best described as inconsistent”(Edoardo Maria Nofri). With rural and

. In the contemporary scheme of things China makes up for roughly 11% of the world’s exports, an amazing feat for a country that practiced an isolation policy and communism only forty years prior. Additionally, China with a large-scale allocation of funds to improve poverty ratings has successfully brought four hundred million people out of poverty, into a lower-middle class. Now, while still competing with Japan for Asian hegemony, China enjoys a great deal more security and prosperity through its transformation from a failing communist state to a wealthy hyper-capitalist state. Through capitalistic economic reforms, an export led economy, and efficient one-party, authoritarian politics China has been able to bounce back from three decades

The purpose of this essay is to show how the economy of China has, and is changing, becoming the second largest economy in the world today. Although China is currently under the leadership of Xi Jinping, this essay will concentrate primarily on the actions undertaken by then President Mao Zedong, followed by then President Deng Xiaoping, (sans mention of Hua Guofeng). Given the relative infancy of Xi’s assumption of power, economic policies still remain largely rhetorical in form. Likewise, the majority of literature concerning economic policies under Xi are largely speculative, often citing strategies and ambitions as opposed to thereby, lacking a solid basis for rational induction In addition to China’s lack of transparency, In addition, it will be shown that the methodology behind the Chinese economy demonstrates the implementation of varying levels of the characteristics associated with the schools of Realism, Marxism and Liberalism. Thus, China’s approach to global trade in the 21st Century is pluralistic, testamentary to the failed economic