23 Mar 2015
Undoubtedly, the rise of China is one of the great dramas of the twenty-first century. China is the world's second largest economic power after United States. And also it is the world's largest fast growing economy with the average rates of 10% for the last thirty years (Ho-Fung, 2009). At present china are the largest exporter and the second largest importer in the world. For 2010, inbound foreign direct investment into China surpassed $100bn for the first time, and investment overseas by Chinese companies in non-financial sectors totalled $59 billion. At present, china has the greatest openness to trade of any largest economy. The growth of China is perhaps one of the most discussed matters in existing scholarship on global politics. In adding up, foreigners frequently concern that China's quick economic expansion will present a danger to the solidity of the current world order (Ho-Fung, 2009). Because of this, other countries, particularly United States more and more anxious about losing its superiority, are often even more outspoken than Chinese pundits in proclaiming the about to happen rise of a Chinese extremity on the global power-map. It is said that the economic rise of china is an unlikely pillar to US economic hegemony.
It is big question that, will china become a threat to the economic hegemony of United States. The fear of America comes from its hegemonic status in the world politics and the ideological incompatibility of china with the Western value system. The west believes that the economic growth of china is a matter of fact until china becomes the world super power. But the ideological orientation makes china a revolutionary which is threatening to the many western countries especially US (Kiely, 2008). They fear that the economic growth of china may take away the status of the United States and the global structure. There are mainly three factors which make china threat to America. They are ideological and cultural factors, geopolitical and geo-economics factors and the collapse of china.
Once, Napoleon said that when china comes out of their slumbers, it will surprise the world. By the effort of three decades, china has come up to a level of a most important position in international relationships from their powerlessness and the backwardness. It will turn out to be the second principal manufacturer of goods and services, which was anticipated just five years ago to happen only in 2020. It will help them to capture their old historic position as the world's largest economy and will displace the United States. America's devaluation of its own political economic prestige has helped china to become the world power and succeed the United States.
As the rise of china, the hegemony of America in different fields such as politics and economy is in a great threat. Other states of the world have started to play a major role in determining the word order and status and so a new world order may come into act with in years. In the case of china, it is a fast growing country and has the power to overpower the United States in coming years. As it grows rapidly in every field especially in the economic field, it shows the signs of joining America as one of the world's superpowers. Experts say that the Chinese challenge to American hegemony is in fact the most significant threat to global peace in the future, and that it is in our international system's best attention for there to be continued American unipolar supremacy of the world, because the transition from one hegemony to hegemony will always end up in wars and conflicts. It will also add fire to the fuel as the US is democratic hegemony and china is the autocratic hegemony.
From the middle of the 20th century, America maintains the place of the world's controlling super power. Our international system may face something similar to what happened during the Cold War, if china to take over the hegemony of the US. There was a bipolar international system during the cold war. So, in order to preserve the peace among the nations, America should continue as the world power. Nevertheless, while it is definitely true that China's augment will cause geopolitical chaos; a Sino-American war is not inevitable. Whether such a clash occurs will pivot more on Washington's tactical choices than on Beijing's.
From 1980s, china's economy is growing in a rapid rate of approximately 10 percent per year. And in 2006 the china' economic growth was above 11 percent. China's extraordinary economic growth is driving its emergence as an immense power and this is a recognizable pattern in worldwide politics (Harvey, 2005). The economic authority of states grows at dissimilar rates, which means that some states are constantly gaining power and some are behind power relative to others. The management in Beijing appreciates the connection between monetary power and geopolitical influence. It understands that, if China can carry on to maintain near-double digit enlargement rates in the early decades of this century, it will exceed the United States as the world's largest economy. Because of this amazing financial growth, China is, as journalist James Kynge has put it, really shaking the world equally economically and geopolitically. Studies by the US Central Intelligence Agency and others have projected that China will be a first-rate military power and will challenge America in global power by 2020 (Harvey, 2005).
Of course, throughout the past decade, China has been watchful of its chance in international deal and asset. But this does not justify the US plan of engagement. China's present strategy mirrors the reality that, for at the moment, Beijing distinguishes its tactical interest in protecting tranquility in East Asia. Constancy in the region, and in Sino-American relations, permits China to turn out to be wealthier and to catch up to the United States in relative power. This is the best real political strategy, buying time for its economy to raise so that the nation can explicitly balance next to the United States militarily and set up its own provincial hegemony in East Asia. Beijing is pursuing a diplomatic policy today in order to make stronger itself to tackle the United States tomorrow.
The conviction that a self-governing or more open-minded China would be soothing and collaborative in its outside policies is likewise doubtful. This vision rests on the so called democratic peace theory which is close and valued to many US overseas policy specialists. In detail, the democratic peace theory is another one of those bits of foreign policy conventional understanding that is based on fragile confirmation. The chronological evidence shows that when very important nationwide interests have been at hazard, democratic states have regularly practiced big stick diplomacy against other democracies. In other words, when the chances are highly sufficient, large powers take action like great powers still in their relations with other democracies. Therefore, even if China does experience political liberalization in the future, there is no motive to consider that its overseas policy performance would be basically exaggerated.
The competitive advantage of china to become the world power is its vast supply of super-exploitable labour. And its economy is growing with a rapid speed. China has gained increasing influence and leverage as the leaders of the nation has tried their best to make china powerful and strengthen the country in all aspects. But at present, china is also under the pressure of the US imperialism. It is actually a threat to china's growth and at the same time, china's growth is a challenge to US's hegemony (Nolan, 2001). In this framework the rulers of china are trying to pursue their own strategies and become the world power. But it is a great challenge for them as they are still in the frame work of the US imperialism. The rise of china as an imperialist power will make many problems in the world such as crises, wars, class struggles in China and the world, and revolutions. It will make many economic, political, and military developments in the world system, including unexpected developments. However the growing strength and the complex dynamic of dependency are shaping china's development and help to become the world number one in all field (Nolan, 2001).
At present china is the second largest economy in the world after the United States. China has a growth rate of 10 percent in gross domestic product over the last two decades. In contrast to other countries, china's gross domestic product is doubled between 1990 and 2005 ((Kiely, 2008). But still, china is a poor country with the output per person far below that of the advanced capitalist countries. China's remarkably far above the ground and continued rate of enlargement and industrialization over the last two decades may well be without example in the olden times of capitalism. More to the point, this constant growth is leading to an enormous build up of productive capacity in China; deeply influencing the route of global capitalist development; and causative to China's fast rise as a world monetary power.
China has got a major role in contributing to the world economy. Now china is the centre of attraction for the world manufacturing. China is the one of the main destinations for the foreign investment and the place for foreign industrial investment in the world. Now is china is considered as the growth engine for the imperialist world economy. About 20 to 25 percentage of total supply of iron, steel, aluminium, and copper is from china. And for oil, many countries depend on china. As china is deeply involved in the world economy, it is the world's largest non-US holder of dollars. It is occupied in spirited struggles for raw materials and energy resources in Africa and in other places with the U.S and also with other imperialist powers in the world. China is budding as a rising and ever more self-confident geo-economics force in the world. And U.S. imperialism, for its part, has been more and more aiming China as a possible long-term contestant and opponent. Foreign investment capital is the main medium of china's rapid growth and it controls china's leading industrial sectors. Enterprises in which foreign capital is invested account for almost 60 percent of China's imports and exports. China is the biggest exporter of electronic and information technology goods to the US especially the computer electronics and the other IT goods. China is the major beneficiary of direct foreign investment in the Third World. Rates of come back on U.S. industrialized investments in China are two times the level of equivalent investments in the European Union (EU) countries, and advanced than in Latin America.
Today china is a growing economic power with the strategic goals. In world currency and financial markets china has become a major actor. The United States imports more goods from china than from any other country. In foreign exchange reserves china holds around $1.8 trillion (Kiely, 2007). This is the store of wealth of china which is used as a means of international payments. It comes mainly from the export earnings and the many other investment earnings. As America exporting many goods from china than from any other nation, china has become an export machine. China now has surpassed in foreign exchange reserves and will defeat America in the near future. As America has huge trade deficits, it borrows huge amounts of money to tackle the international financial imbalances. And, united states have to depend up on china to tackle their debts and other problems.
China imports a huge amount of fuels and minerals and it results in 40 percent of world market growth for these goods since 1995 (Kiely, 2007). And China is seeking to secure access to raw materials to feed its industrial machine. In Latin America and Africa, China is investing in extractive industries and buying up firms. China's foreign direct investment increased from $1.8 billion in 2003 to $16.1 billion in 2006 (Kiely, 2007). About half of this is in natural resource industries. From the middle of 1990s, china has stated to flourish its activities in Africa. And now china is Africa's third largest country to trade with them. It has turned out to be a shareholder in Algeria's oil manufacturing. And it has been manufacturing its own investments into the oil divisions of Angola and Nigeria. Africa at the present supplies about 30 percent of China's oil import needs. Chinese mining firms in search of cobalt, uranium, copper, and other industrial minerals, held up by the Chinese state, have been spending in, making bigger monetary aid, and falsifying closer ties with the Democratic Republic of Congo, Zimbabwe, and Zambia.
There is significant role for the capital investment in the growth of china, which has made the country more productive. Chinas output has risen due to the more investment in the new machinery, better technology, and more investment in infrastructure. It turns out that it is advanced output that has carried out this latest economic wonder in Asia. Chinese efficiency increased at a yearly rate of 3.9 percent throughout 1979-94, in contrast with 1.1 percent during 1953-78. By the early 1990s, productivity's divide of productivity growth went beyond 50 percent, while the share added by wealth arrangement cut down below 33 percent. Such unstable expansion in output is remarkable, the U.S. efficiency augmentation speed averaged 0.4 percent for the duration of 1960-89 and enviable, since productivity guided development is more probable to be continued. Examination of the pre and post 1978 phases points out that the market oriented improvements assumed by China were significant in making this output explosion (Nolan, 2002).
The changes raised financial competence by introducing income inducements to countryside communal ventures, family farms, little private industries, and overseas shareholders and dealers. They also not tied up many enterprises from steady interference by state establishments. As a consequence, between 1978 and 1992, the production of state owned enterprises turned down from 56 percent of national productivity to 40 percent, while the share of group enterprises increased from 42 to 50 percent and that of confidential businesses and combined ventures rose from 2 to 10 percent. The revenue incentives come into view to have had an additional optimistic result in the personal asset market, as industrial unit owners and minute producers enthusiastic to boost profits dedicated more and more of their firms' own revenues to getting better business presentation.
So in all means, the economic growth of china is a challenge to United States. Though china is only a growing country only, approximately by 2020, china will surpass United States in all fields and United States will depending up on china for their economic needs and existence (Breslin, 2005). China will be completely dominated over United States by 2020. Sin china is a great challenge to the power of America as they are dominating in all fields today. China is the only power in the world that can compete with US today. So the united states have a little fear with them although they are not expressing them. The present US president Barrack Obama admits that china has the power to become the world power. They admit it but at the same time they might have been praying not to happen it because America will use their power, if china becomes the super power in the world. So they have to obey the policies of china in the future. In that way they may not like the leader ship of china.
It is true that china will take some more time to become the world power, but no doubt about that. It becomes very evident from their increasing gross domestic product per year. Their gross domestic product is increasing in every year. It helps china to become the world's super power economically. And by 2020, china will lead the world like America is doing now. Now America has got many debts and they are borrowing it from other countries to sustain their economic stability. Even they are borrowing from china for their economic stability which shows that they are slowly coming under the power of china. China has got a major role in contributing to the world economy. Now china is the centre of attraction for the world manufacturing. China is the one of the main destinations for the foreign investment and the place for foreign industrial investment in the world. Now is china is considered as the growth engine for the imperialist world economy. About 20 to 25 percentage of total supply of iron, steel, aluminium, and copper is from china. And for oil, many countries depend on china. But in all these fields America is going down at their early stage. So the economic power of America is going down by every year and the power of china is increasing per year. Conclusion
Undoubtedly, we can say that china will become the world super power by 2020 and will dominate United States in all means. China is having trade relation with almost all the major countries in the world and many countries upon them for their existence. The present super power America also exports and exports different goods china. It shows the economic growth and the resourcefulness of china. They have got much potential with them which will enable them to be the world super power in the near future. China is the world's second largest economic power after United States. At present, china has the greatest openness to trade of any largest economy. The growth of China is perhaps one of the most discussed matters in existing scholarship on global politics. It is said that the economic rise of china is an unlikely pillar to US economic hegemony. United States fear that the economic growth of china may take away the status of the United States and the global structure. There are mainly three factors which make china threat to America. They are ideological and cultural factors, geopolitical and geo-economics factors and the collapse of china. The competitive advantage of china to become the world power is its vast supply of super-exploitable labour. And its economy is growing with a rapid speed. China has gained increasing influence and leverage as the leaders of the nation has tried their best to make china powerful and strengthen the country in all aspects. So it is true that the china's rise is a challenge to the United States hegemony, but when china overcomes the US, it may result in the wars and may affect the world peace.
If you are the real writer of this essay and no longer want to have the essay published on the our website then please click on the link below to send us request removal:Request the removal of this essay
Get in touch with our dedicated team to discuss about your requirements in detail. We are here to help you our best in any way. If you are unsure about what you exactly need, please complete the short enquiry form below and we will get back to you with quote as soon as possible.