Due to the structure of the system being anarchic in nature the international stage is one of constant change.
Kamrany and Frank Jiang The International Monetary Fund IMFthe most prestigious international financial institution in the world, has rated China's ranking to number one economic superpower in the world -- surpassing those of the United States based upon the purchasing power parity of GDP indicator gross domestic product.
Moreover, China's performance has inspired other low and middle income countries to emulate China's approach and engage in growthmanship including many middle income countries of Latin America such as Brazil, Argentina, Columbia and India which also has a large population like China.
However, China's rapid GDP growth coupled with low fertility rate number of children per women will boost China's per capita income to high marginal annual growth paving the way for its convergence, in less than two decades, to the level of high income countries as estimated by USC researchers 3.
It follows that the GDP gap between China and other countries will further widen in the future.
Instead inChina inaugurated a major international economic development program by financing infrastructure projects in the historical silk route countries. It is engaged in financing economic infrastructure projects in the silk route countries with positive ROI for China and the recipient countries.
China's leadership was bifurcated between Chairman Mao Zedong's communist party and Chiang Kai-shek's Kuomintang regime raising concern of a pending civil war. The absence of a civil war and the peaceful political transition of leadership largely explains the remarkable ascent of China's political and economic fortunes.
China's political system is not monolithic, or colossal, it has worked under a seven-member Politburo Standing Committee of party congress. Political leadership is elected every five years. The second major influence that explains China's good fortune is its decision to open up to the free world and get out of the Soviet sphere of influence.
It was prompted in the s when President Richard M. The approach turned out to be very successful. It got China out of the sphere of Soviet Union's influence, paved the way for China to open up to the Western world, and the rest of the world, and eventually modify its system of political economy to a very unique system of private enterprise market economy and a one-party political system.
This unique approach has turned out to be successful both politically and economically for China, and it has benefitted the rest of the world in trade, commerce and international peace. InPresident Barrack Obama initiated the exchange ofAmerican students to study in China further cementing cultural and education relations between the two countries.
Following is a synopsis of China's economic, political and social framework that augur well for its continued development and leadership, and provide a blueprint for other nations to emulate.
As can be seen Deng Xiao Ping adopted market economy in December Deng Xiaoping was instrumental and responsible for modernization and reform. President Jiang Zemintheory of promoting business and entrepreneurial class into the country's one-party system, helped China's economic expansion.
Current president Xi Jinping launched the economic development of the silk route countries, clamped down on corruption by rooting out high party members and military brass, has launched a rural development program to close distributional and development gaps, and promote social equity.
The economic innovation in China started in the early eighties beginning with Deng Xiaoping through Hujintao implementing innovative economic policies which lifted China's sluggish economy by introducing private ownership, market economy, and less governmental control contributing to robust economic performance.
A succession of leadership in China including president Hu Jinping and follow-up by the current president Xi Jinping's flexible and innovative economic policy took advantage of globalization and export orientation, attracting foreign investment, and maintaining a sound monetary and fiscal policy.
Beginning in early s, China shifted its economic strategy from self-sufficiency to export orientation. The shift was pivotal to the growth rate of China's GNP. Concurrently, China is building its domestic consumer sector so that in the future it will have a strong and well-developed domestic market.
The multi-billion dollar natural gas contract with Russia in May of will be a major plus for China's energy demand. China's drive for the development of non-fossil fuel under its twelfth five-year plan could make it a world leader in energy exports and offer unmatchable prices on alternative energy in the world market contributing to convergence of per capita income of the silk rout countries.The Rise Of China 's Rise Words | 7 Pages.
Student no. Is the rise of China to be welcomed or feared In this essay, I will argue that China 's rise should not be welcomed and that it should be feared instead. Jul 29, · China’s meteoric rise over the past half century is one of the most striking examples of the impact of opening an economy up to global markets.
Over that period the country has undergone. The growth of China’s economy is majorly from exporting. For China’s rising in last thirty years, it is fair to say that the U.S.
has played an important role and contributed a lot through trade. From 3% in , the imports from China has grown dramatically for the U.S., % of U.S. imports in were from China. Over the past 15 years, China has begun to convert economic power into military power, and now fields one of the world’s most formidable military establishments.
Feb 02, · Al, "The Economics of China: Successes and Challenges, "NBER, Working Paper No. w for link go to [email protected] National Bureau of Economic Research (NBER) 7. THE RISE OF CHINA’S ECONOMY By Thomas G.
Rawski Thomas G. Rawski, Professor of Economics and History, joined the University of Pittsburgh's faculty in after fourteen years at the University of Toronto.
His research focuses on the nature and implications of recent developments and long-term changes in the economy of China.