China and India in the new global economy Introduction Under current conditions of globalization, China and Asia are believed to be the most successful competitors on the international arena. Consequently, the primary role of USA on the international arena is supposed to be diminished in coming decades…
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Consequently, there is a panic in Middle East on this basis and it is possible that global consequences may follow (Cetron et al, 2006). "Looking across the Pacific and to Asia, the emerging powers of the previous decade are now key players and global economic powers. Asia, led by a dynamic China and India, has emerged to lead the global economic recovery; it will be essential for America to engage with Asia in all areas–economic, security, and energy” (India, China new global powers, 2010). This idea expressed by a representative of American government means that America is on the way of establishment a strong partnership though diplomatic and political complexities may occur. China China impacts global economy by its incredible growth. China is a well-known producer of 13% of world economic output and is the largest consumer of nickel, copper and oil in the world. This country exports cement and is the leader in this niche. Investments of China are wide-spread in the world. Import and export has been growing for the last 25 years to the greatest extent. China entered WTO in 2001 and thus China’s trade has increased. Every year China’s export grows per 29%. China has shifted accents of its export from textile to electronics (A New World Economy, 2005). Moreover, China intends to produce and export cars and airplanes in the nearest future. China invests in its own economy as well as foreign investments are attracted to this country. International society is greatly concerned about investments in China. If to compare China’s development on this stage with Korea’s development, it would be clearly seen that China is more open for foreign investments and is able to create many labor places in different industries, and not only low-paid jobs in agriculture (Chen et al, 2001). China proves that it is a favorable country for skilled professionals, their training and education. Thus this country has a great potential and doesn’t intend to take place of a competitive employer, exporter and importer. Nevertheless it is necessary to mention that development of China is a well-weight policy. For example, China has very quickly managed firstly to transform Beijing boulevards and then modernize Shanghai by numerous skyscrapers. China’s manufacturing resides in the Pearl River Delta Region and its virtuous financial services reside in Hong Kong. Investments inside of the country are also evident in infrastructure of the country (Chen et al, 2001). Transportation infrastructure is well-developed and impresses by its large-scale innovations developed. China is able to deal with millions of new cars joining country’s traffic every month. Thus transportation infrastructure is of high interest for China’s investments. Thus economic growth of China, its overall investments make it a powerful participant of modern globalization process. India India is another challenger for a global power. There is an interesting expression about role of China and India in the international arena: “China is the ?workshop of the world, then India has become the laboratory of the world” (India, China new global powers, 2010). India’s services make this country an outstanding competitor (e.g. Tata Consultancy Services, Infosystems and Wipro Technologies). Moreover, India’s intention to develop its manufacturing sector makes this country as competitive in this area as
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