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

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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.

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