• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

China: A Look at the Powerful New Force on the Global Business Scene

Extracts from this document...

Introduction

China: A Look at the Powerful New Force on the Global Business Scene (Extra Credit Essay) By Cheng (Katherine) Li MKT 321 International Business Dr. Ivan Vernon December 15th, 2005 These days, China is mentioned in almost every business newspaper journals at least once every single day. The world has its magnifying glass on China. The growth of this nation has astonished the world. From a backwards, communist country to one of the most powerful and fastest growing economies, the "new" China is surpassing most of its competitors and accomplishing this at lightening speed. Here are some staggering statistics about the formidable force of New China - a far cry from its bleak past: o China is the world's fastest-growing large economy. o It is the second largest holder of foreign-exchange reserves, mainly dollars. o It has the world's largest army consisting of 2.5 million men and the fourth largest defense budget, which is rising by more than 10 percent each year. o It is now the world's largest producer of coal, steel, and cement. o The second largest consumer of energy. ...read more.

Middle

In addition, by buying up U.S. Treasury bills, China and other Asian countries have allowed Americans and their government to keep borrowing and spending, keeping the world economy healthy. China's progress is remarkable. It began with its emergence out of the Communist oppression when Deng Xiaoping came into power and convinced the country that in order to survive and succeed, it must focus on development and modernization, a dramatic break from its Communist days. Since then, the country has moved 300 million people out of poverty and quadrupled the average Chinese person's income. Although its actions are sometimes controversial, so far, China has found a successful hybrid between Communist governmental control and Capitalism. It has approached its position as a world leader different from other leading countries. Joshua Cooper Ramo, the author of The Beijing Consensus notes that, "rather than building US-style power, bristling with arms and intolerant of others' world views, China's emerging power is based on the example of their own model, the strength of their economic system and their rigid defense of...national sovereignty." ...read more.

Conclusion

All across the globe, exports to China are among the crucial factors propelling many countries' growth. And for developing countries, China is an indispensable trading partner. History shows that there have been two great shifts in global powers in the past 400 years. The first was in Europe during the 17th century that made it the richest, most enterprising part of the world. The second was the United States in the late 19th and early 20th centuries, when it became the single most powerful country in the world and the globe's decisive player in politics and economics. Now China's rise, along with the emerging India and the sustaining Japan, represents the third great shift in global power - the rise of Asia, with China leading this ascension. Its no wonder news about China and its developments, actions, and controversies has saturated today's media. Sources Newsweek Magazine. May 9th, 2005. "Does the Future Belong to China?" Foreign Affairs. "A Global Power Shift in the Making," available from http://www.foreignaffairs.org/20040701facomment83401/james-f-hoge-jr/a-global-power-shift-in-the-making.html. Accessed December 13th, 2005. "The Rise Of China as a Global Power," available from http://www.international-relations.com/CM6-2WB/GlobalChinaWB.htm. Accessed December 13th, 2005. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level UK, European & Global Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level UK, European & Global Economics essays

  1. Globalisation of Wal Mart

    Undergoing rapid growth as almost every year expansion has taken place (see item 5). Wal-Mart operates within 4 segments of the market and these are discount stores, superstores, SAM'S clubs and neighbourhood markets (turn to appendix, item 1). Wal-Mart trades a large quantity of goods and services in many different countries therefore it is a multinational.

  2. Comprehensive Anatomy of China

    Mountains, hills and flourishing tropical vegetation due to its warm humid climate, cover the South China region. The Inner Mongolian Grassland includes a majority of the Inner Mongolia Autonomous Region, the Ningxia Hui Autonomous Region and northern sections of the Hebei Province.

  1. Where does the World Trade Organisation fit in the overall scheme of international public ...

    "the effect of environmental measures on market access, especially in relation to developing countries, in particular the least developed among them, and those situations in which the elimination or reduction of trade restrictions and distortions would benefit trade, the environment and development"; 2)

  2. Unemployment HSC Notes

    * The Level of Economic Growth o Demand for labour is a DERIVED DEMAND - derived from the demand for goods and services that labour helps to produce. For example if there is a downturn in the level of AD, this may be reflected in a down turn in the demand for labour.

  1. Carbon Credit Trading

    In 2008, the carbon market grew by 75%, reaching a value of $116, and is predicted to expand to 2 trillion dollars by 2020. Heinz U.S. should consider international involvement in a carbon cap and trade program to conform to the remainder of Heinz's facilities already under carbon cap regulations.

  2. Infation HSC Notes

    Unemployment * Level of inflation and unemployment closely linked. [SEE UNEMPLOYMENT NOTES]. * Higher inflation ? contractionary fiscal and monetary policies ? slower econ. growth ? higher unemployment in short/medium term. * High levels of unemployment = low inflation rates, while low levels of unemployment = higher inflation * In long term this inverse relationship doesn't always hold. E.g.

  1. Why has GDP growth been so slow in Somalia?

    Civil war: As previously mentioned, Somalia has been plagued by civil war. A civil war is classified as an internal conflict with at least one thousand battle-related deaths41. Although there have been numerous civil wars in Somalia, I will focus upon the one which commenced (officially)

  2. Environmental Economics HSC Notes

    be used by anyone and nobody can be stopped from using them * The common property nature of environmental resources makes it very difficult to control individual use of the resource or prevent outsiders from using a common property resource. o E.g. Overfishing or foreign fishing vessels inside territorial waters.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work