The Chinese Communist Party (CCP) celebrated its 100th-anniversary last year. This milestone must set the stage for discussion on China's future role in the global economy. From the perspective of the West, this role will fluctuate within the triad of a partner and rival. It is wise to take coursework help in order to have a brief look at China's political and economic rise, and perhaps a deeper look at history. Since China praises its 5,000 years of history, this can be described in only a few words.
CHINA AS AN INTEGRAL PART OF THE WORLD:
Can a researcher concentrate on climate change, artificial intelligence, or the coronavirus pandemic without considering China? Well, this question can be a debate of assignment help services to set a legal stage for declaring China’s position in the global system as well as helping the students sustain their good academic records (Bestassignmentwriters, 2022)
Just twenty years ago, it was even predicted that the country's political system would lead to a new collapse in China. Instead, China has almost skyrocketed to become the new global superpower. Western countries, on the other hand, are stumbling from one economic and social crisis to another and seem unable to respond to pressing issues. The corona pandemic has shown this clearly.
THE REVIVAL OF COMPETITIVE SYSTEMS:
The above-mentioned events concerned the issue of “competitive systems”, which, apparently, was resolved after the collapse of the former USSR. Western observers wondered how China achieved impressive economic development without political transformation.
Now the other countries dealing with China must be aware that they are dealing with a huge corporation (Li, 2020). These debates too often ignore the historical context and, in particular, the Chinese perspective, while a basic understanding of it is important in order to better assess the debate.
RISE, FALL, AND REBIRTH OF CHINA:
The term Zhongguo means middle kingdom. It demonstrates the Chinese worldview. China is the center; the periphery, especially the Western "barbarians", are politically, economically, and culturally subjugated. This is also evident in China's historic rise to global economic power in the past.
The former chief economist of the World Bank said that, for just over two millennia, China had the largest economy in the world, the largest contiguous economic zone, the highest per capita income, and the highest standard of living. However, internal problems such as rampant corruption, rapid population growth, and opium led to the decline of the Chinese empire in the mid-19th century.
MAO ZEDONG ERA:
Later west forced China to open up to foreign trade. The foundation of the People's Republic of China in 1949 brought an end to this semi-colonial state. In the post-Mao Zedong period, periods of internal chaos and stagnation were followed by periods of political stability and economic expansion until 1976. Outwardly, China was able to restore independent relations with other countries.
In foreign policy terms, this has already marked an important direction for the policy of reform that will help China accelerate its renewal in the global economy. After Mao's death in 1978, economic conditions changed with the reforms of Deng Xiaoping. The success of China is due to a gradual approach to reforms rather than the shock therapy of the Soviet Union.
INTRODUCTION OF MARKET ECONOMY:
Market reforms were initially initiated in local" territories, sometimes without informing the central government. If successful, they are applied to the ground. The approach was also the same for foreign investors since the early 1980s, benefiting from favorable conditions such as tax breaks in so-called special economic zones. The Chinese government wanted more foreign direct investment while keeping foreign companies in control.
After a brief ice age following the 1989 crackdown on the pro-democracy movement and subsequent economic sanctions, foreign direct investment in China has experienced a real boom. Over the next 20 years, increasingly competitive international production conditions, including relatively low labor costs, made China the "world factory" for cheap consumer goods and tied the country closer to international markets.
THE ECONOMIC REVIVAL BROUGHT BY CHINESE REFORM POLICIES:
In 2018, China celebrated the 40th anniversary of its reform policies and significant economic achievements. In that time, China has gone from being a relatively poor country with few international connections to one of the world's leading superpowers. China is currently the world's largest economy in terms of purchasing power parity. China has undergone a structural change from an agricultural and rural country to a more urbanized and service-oriented economy.
The prosperity of China's population, measured in terms of annual per capita income, is more than 100 times greater in rural and urban areas. Despite the fact that there is a significant wage gap between the city and the countryside. The World Bank estimates that China has lifted more than 800 million people out of extreme poverty since its reform and opening up. Xi Jinping even announced in 2020 that it is eliminated.
ECONOMIC BOOM OF CHINA:
China's international economic ties have played a key role in these developments and have also made a great leap forward. China has been the "world export champion" since 2009 leaving Germany behind as the world import champion after the US. Foreign exchange reserves are currently the highest in the world. In 2020, at the height of the coronavirus pandemic, the country became the largest recipient of foreign direct investment for the first time, surpassing the United States, which had remained the undisputed leader for many years.
China's foreign direct investment, initially very restrictive, has nearly tripled. Furthermore, China's role as the "world's factory," coupled with double-digit growth milestones, also poses significant environmental and social challenges. The Chinese government wants to transform China's growth model in the direction of higher quality and more sustainable growth.
The massive (re)emergence of the middle kingdom is one of the most important events in the economy of the 21st century. China has an integral part in manufacturing processes and value chains. Western economies are benefitting from economic relations with China. In past, it was mostly based on the principle of comparative advantage. Now, however, China will be more of a competitor or even a rival. But, it is now a partner in solving global issues like climate change.
Bestassignmentwriters. (2022, April 15). How Academic Help Providers Save the Students’ Future? https://bestassignmentwriter.co.uk/blog/how-academic-help-providers-save-the-students-future/.
Li, S. a. (2020, May 13). The Emergence of China, Inc.: Behind and Beyond the trade war. International Journal of Emerging Markets 16.4 (2020): 745-764.