The implication of such a booming economy has resulted in political shifts on a global scale for China. Furthermore, people from rural areas have been engaging in mass migration to urban areas-which has increased levels of consumerism and compounded the cycle of oil demand. The resulting urbanization has led to a widened middle class, which has been the catalyst for many social and cultural changes within modern China. These
However, following the entrance of multinationals from Japan, USA and Europe, the above two economies diminished in importance in the 1990s. Nevertheless, they carry almost half of the total China FDI. According to United Nations (1992,1993) , Global FDI in nominal terms doubled in 1975 and 1985 and quadrupled between the years 1980 and 1990. In 1989 alone it achieved a high of $200 billion which was the biggest ever at that time. This figure dramatically rose to about $234 billion in 1990.
The ascension of the American economy has been imminent ever since the conclusion of the Spanish-American War. The Spanish-American War asserted the United States as a world superpower as the U.S., not only beat the Spanish, but also acquired many of her territories to kick off this new “American Empire”. The economic upsurge of the roaring twenties echoed this sentiment. After a major victory in the Great War, the United States directly transitioned into a phase of economic prosperity which appeared to be evident in all facets of American life. During the roaring twenties, the United States established themselves as the world world capital of Industry, Technology, and Culture.
Over the last three decades, China has experienced extraordinary economic growth and development and has been successfully integrated into the global economy. Now ranking as the second largest economy in the world, China’s success has been greatly attributed to the gradual shift towards market systems. Though the overall economic system of China has been significantly revolutionized, the political regime has remained inherently authoritarian and the government essentially monitors the capitalistic practices that occur in many sectors within the country. Nevertheless, this powerful augmentation of the Chinese economic system and the fervent expansion of China’s role in the global economy and political stage has presented the United States with various challenges and risks that could potentially threaten the economic and political powers the United States retains on a global scale. At this time, the economic affiliation between the United States and China is indispensably beneficial to both countries as their trade relations generate hundreds of billions of dollars in profits between the two every year.
Apart from being a large manufacturing hub, China is also a global manufacturer and exporter which has helped to drive its economy. Over the years, China has been exporting high-technology goods. Its electronic exports accounted for 30% of Asia’s total in that industry (Hale & Hale, 2003). At the end of 2010, China has surpassed Japan as the world’s second-biggest economy (Flanders, 2011). Being a dual hub (Hale & Hale, 2003), with high levels of exports and imports, involved in manufacturing and trade, China holds an essential position in the global supply
This suggests the need to carefully re-think the metrics used to identify “influence.” China as the Dominant Economic Power: South Korea, Taiwan, Japan and ASEAN During the past four years, China has become the dominant source of economic growth for both South Korea and Taiwan. The result is that their dependence on the Chinese economy is increasingly greater than their dependence on the U.S. economy. In 2002 the combined China-Hong Kong market became South Korea’s largest
Introduction Since China opened its door in 1978, its economy has gone through tremendous change. There should be no doubt that the Reform and Opening-up Policy marked the start of China in the journey of developing into a powerful modern state. Most eminently, its GDP has risen from less than $150 billion in 1978 to $8,227 billion in 2012. During this burgeoning economic development, more than 600 million people have escaped poverty. For a state with vast territory and large population like China, these are indeed marvelous achievements.
It has proved extremely beneficial for the Chinese market and helped the growth of the market. The whole world is shocked with the rapid growth of china globally as it has played a vital role in this arena. According to Dauderstadt M， (2005), had confirmed that China had become a power house. Prior to this, China was against globalisation and in the past refused to communicate or cooperate with global companies due to government orders. Globalisation has certainly had a positive impact on the Chinese economy and today the Chinese live a very different life to the past.
Economically, China has outpaced the United States as a global superpower, and now has the largest Gross Domestic Product (GDP) in the world. The last century was about development and innovation, but this one is about efficiency in production – and this time China is the global leader. A vast range of products sold in the West, from toys to computers, are imported from China. Moreover, because China has set the bar for mass-production of goods and services, it has become cheaper for Western countries to outsource tasks of mass scale to developing
Transition of economies from closed to a free market system has seen many countries benefit from participating in global trade. Countries such as china, Russia, India and Eastern Europe have undergone the globalization process and reaping heavy benefits from trading with each other. By 2000, most of the world’s population was already participating in global trade, with numbers reaching almost six billion people. China has emerged as an economy that will impact greatly on the world’s future, as it is currently experiencing an emerging capitalist class. It is ambitious to catching up with its rightful place in the modern global world.