China 's Economic Growth

These effective strategies helped Hong Kong overcome the financial crisis. All these facts fully demonstrated that China is a responsible big country. After the Asia financial crisis, the importance of China's economy has been brought into focus; China's neighboring countries have begun to recognize the influence of the Renminbi.

The recent interactions of emerging and established states suggest that the existing standards of the current global economy are shifting. According to Stewart Patrick in his article “Irresponsible Stakeholders? The Difficulty of Integrating Rising Powers,” the United States must accommodate for emerging states within the global economy and refrain from enforcing their values of an open and liberal international economy in order to achieve effective cooperation. Similarly, Andrew Nathan and Andrew Scobell argue in their article “How China Sees America: The Sum of Beijingʻs Fears” that as China gains more influence within the global economy, the United States will have to respond appropriately to maintain its economic values. Both articles ultimately assert that

The United States held 24.6% of world income in 1980 and 19.1% in 2011. (Sachs 2012) Many also believe that China is set to become the world’s largest economy in the near future. However, the ‘danger’ for US power is not that China will become the strongest economy on the global scale. As Drenzer argues, China ‘won’t prosper economically, as it won’t embrace capitalism’. In the long run, the danger to the US is that US power will decline ‘on all fronts’, not just economically. (Drenzer, Rachman & Kangan)

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.

And with this strong role China has been assuming, so has it been getting stronger by building military equipment competitive with those of the U.S. and drawing narrower a military gap it once possessed when compared to America’s armed forces. Furthermore, China has “displaced the United States as the world’s leading manufacturing nation” in 2010 (US Foreign Policy, pg. 414). Not a surprise since a majority of products purchased in the U.S. carry a label stating, “Made in China.” And predictions hold China as the world’s largest economy by year 2041 (US Foreign Policy, pg. 415). Thus, the fact that China has become an emergence matters. Since the dismantled of the Soviet Union, the U.S. was not challenged, when it came to power by any other competitor, however now, the U.S. dominance in international politics has to deal with a China that has the capabilities to lead the world’s economy.

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

Ian Bremmer profoundly states that he did not witness a global financial crisis. He witnessed a financial crisis with Western, free market, countries while China was not phased because they are the owners of their banks. Additionally, he claims that when one confronts a Chinese citizen and asks of his or her opinion of their government, they are generally happy with their state; unlike their Western counterparts. Ian Bremmer quotes Chinese Premier Wen Jiabo’s definition of state capitalism, “The complete formulation of our economic policy is to give full play to the basic role of market forces in allocating resources under the macroeconomic guidance and regulation of the government. We have one important piece […] that both the visible hand and the invisible hand are given full play in regulating the market forces.” The Chinese government also ensures that they are creating thousands of new jobs each year to create an easier access from poverty to middle class without any social threats. Lastly, a key in China’s state capitalism market is that they have a strong grip and direction on their banking

While it is no secret that China seeks to become a great power, her goals are juxtapose to many other nations who sought the same goal over the last century. China is not out to impose an ideology upon the rest of the world as the Soviet Union did, nor does she plan to become a great military-industrial power as did Japan. China’s goals are multi-dimensional and seek slow and steady progress over the long run. In this respect, China is acting more like America: seeking to shape the world to fit its needs, rather than reacting to the world as others shape

Without a doubt, China has been one of the leading countries in terms of economic developments in recent decades; however, the downside of the rapid economic achievements has risen to surface, calling Chinese Government to action.

For example, in the aspect of China’s economy, the country is becoming more economically active with other countries. China currently holds 1.8 trillion in foreign exchange reserves; these foreign exchange reserves come from their exports. (Lotta 36) The United States alone receives the most goods from China as opposed to any other country. With China leading in its exports, the country’s current holdings have become a leverage in today’s world economy. The rapid development of capitalism in the country will pose a threat to the powers of the United States. Ultimately, this will bring about conflict among China and the United States; China’s rise will undermine the United States’ unipolar moment, and will give China the upper hand when it comes to international relations. Resulting from this, there would be conflict over the international rules and regulations. In short, as of 2008, China’s participation in world affairs has increased, thus, allowing their economy to flourish; as this happens, China will have an opportunity to shift the laws of international affairs in their favor, and this will lead to Western powers being unsatisfied. Therefore, tension among Western order and Chinese order will prevail.

Adam Creighton an economy writer for The Australian writes, “Economists are renowned for disagreeing, but on China they are grimly clear: the World’s second biggest economy is headed for a wall, undermined by a brittle, -anti-democratic politics that will –ensure the US remains the world’s most powerful economy.” China’s globalization and credibility on a national scale started with Deng Xiaoping’s emergence as the paramount leader of the nation of China in the year 1981. The globalization has been positive for the upper class in china, however, globalization has only widened the income inequality gap, and damaged the rich culture the people whom lived in the nation of China once possessed. There has been a number of remedies attempted to counteract the negatives of globalization, yet

The United States, especially, has been concerned with China's treatment of political dissidents. In May, President Clinton decided to end linking China's trade status with the United States with its record on human rights. China is fully aware of United States' concerns about its human rights record. Given the fact that the United States has made it clear to China that that record will be allied with trade status, China's timing of such restrictive activities has caused United States legislators and administrators to question China's sincerity in its desire to have a favored trade status with the United States. China appears not to understand or to be able to follow through on fundamental modern economic practices. Even on a day to day basis, China's economic leaders seem unable to understand how some aspects of a market economy work. It is no wonder that Chinese investors become anxious about their investments. The issuance of shares in the Shandong Huaneng Power Development Company also demonstrates the lack of expertise on the part of the Chinese in the modern world market. Certainly, one thing that the CCP has attempted to do is create a market economy while retaining a state controlled system. The lack of a private capital market has handicapped

(Garrett, 398) These statistics indicate both that China is seen as an economically stable, profitable country and that China’s economic growth must be noticeably boosted by all that foreign investment. Increasing economic ties between China and other countries has resulted in a few other economic boons for the country. One of these benefits is the ‘hundreds of thousands’ of students that China exports to reap the economic rewards of having an increasing number of educated workers and possible technological innovations learned abroad. (Economy, 12) As appealing as these gains may be, China has had to balance the ups of globalization with the increasing risks brought on by interconnected trade and finance. As its productive capacity and investment opportunities increased, the country became increasingly dependant on exports and foreign run enterprises. In fact, “Nearly 40% of China's gross domestic product (GDP) is based on exports and more than 50% of those exports are generated by foreign companies operating in China.” (Garrett, 398) Garrett furthers that any reversal of China’s current state, either through decreased demand for Chinese exports or through Chinese crackdowns on foreign owned businesses, would devastate the national economy and destabilize the government. China has become dependant on foreign trade and continued investment in Chinese industries. It comes as no surprise that it has adjusted its governmental policies to be more appealing for investors

Continual economic growth for the past 30 years has allowed China to rise as an economic power. As the Chinese manufacturing industry continued to grow many of the people moved from rural areas into urban centers. The continued economic growth has taken China from a poor country to the 2nd largest economy in the world. Using many of the principals of capitalism China has overcome obscurity and increased exports to the point of drawing a large trade surplus with Europe and the United States. The growing wealth of China has drawn much criticism form the global leaders as trade deficits rise. China has continued on policies of currency fixing and implementation of subsidies that are consistently controversial with the

Since the 1980 's China is a develop country that never stop until now, and will rise to dominate the world in the Twenty First Century. China has a big potential geographic realm, population and natural resource which not else has in the world. Based in China 's economic miracle from oriented economy to open market it is presented a transitions economy with more orderly, established, and accommodating that could have been imagined for all of us. It started from zero economy level and will grow may falter because existed same good reasons for which I agree. China is an example of the great economic growth with capacity and influence in all world because; it has massive global trade and investment ties, it has positive result of structural reforms with free market force and it has a rule military armed force.