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Economics - Research Paper Example

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The assumption that China was going to become the biggest threat to the US economic dominance has proven false due to the fact that China is becoming the US biggest exporting allied. The Chinese nation has been importing goods and services from the US at an astonish rate since the start of the 21st century…
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Download file to see previous pages China has become the fastest growing region for exports for the United States. China is indirectly contributing positively to the job creation in America. More exports leads to more work that is required by the labor force of America. The majority of the exports are derived from the states of California, Texas and Washington. These states are selling a lot of microchips, computer components and aircrafts. Other products that are being exported to China include grain, chemical, and transportation equipment. Part of the president’s Obama economic plan included doubling US exports by 2014. The export growth in China may allow that campaign promise to become truth. China has become the second largest importer in the world behind the United States. The United States imports $1.9 trillion compared to China’s $1.4 trillion (Barboza). Despite China’s efforts to catch the US in the amount of imports its people consume the disparity in terms of per capita consumption are still quite large. The exports of crops are growing to China due to the lack of water and arable land. The overpopulation in China is another negative variable that is affecting the distribution of wealth in China. China has four times the population of the United States despite China being the size of Texas. Recyclable materials and paper are items that China is importing a lot. Last year New York sold over a billion dollars worth of waste and scrap to China. The main thesis of the author is that as Chinese is growing so is the nation’s demand for American made products. I agree with the author’s theory because the author showed empirical evidence that showed a clear consumption pattern. During the last decade China has been achieving double figure growth in its import to the US. Last year US exports to China grew by 32% in comparison with the previous year. There are many factors that are causing this phenomenon. The cultural impact of the American culture that is widely spread throughout the world with the assistance of the media has created a more consumerism society in China. China has slowly liberated itself from its one dimensional perspective concerning the liberties of its people. The Chinese people idolized the American culture which is one the reasons for the increase in exports to China. Another reason for this occurrence is the fact the income capacity of the Chinese has gone up. There is a growing middle class of Chinese consumers that are eager to spend their hard earning money. The infrastructure of China is another of the reasons why China depends on the US for crops. China cannot create sufficient food to feed its people. The one child law created in 1979 was a move that slowed down the human growth in China, but the population is still the largest in the world. China has a need for construction products such as Iron. Old junk cars are perfect raw material of iron that is in high demand in China. An increase in the amount of imported goods from the US gives China bargaining power in its economic negotiations since now the US is depending more on the money businesses are making by exporting to China. China has a lot to gain by becoming a bigger importer of the US. Improving its international relations with the US is beneficial for both parties. It is possible in the future that these two countries might become allies and create a free trade agreement between the two nations. This scenario is not impossible because nobody could have imagined that US ...Download file to see next pagesRead More
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