China: The Next Regional Hegemony - Research Paper Example

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The rise of China as a superpower is causing big concerns to Americans at present. “From the mid-1980s through the late 1990s China’s economy grew at a rate of approximately10% a year. From the late 1990s until 2005 its economy grew at 8% to 9% annually. In 2006 China’s annual growth rate was above 11%”…
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China: The Next Regional Hegemony
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Download file to see previous pages “During 1997–2005, the PRC’s average annual growth rate in real GDP was 8.9%. During the forecast period of 2005–2010, it was assumed that the PRC continued its historical growth trend of 8.9% per year” . It should be noted that no other country in the world have currently registered such huge economic growth rate. Even amidst global financial crisis, Chinese economy stood well which clearly suggests that China is on the right track to become a not only a regional hegemony but also a global power in near future itself.
According to McEachern (2009), “the world’s richest country, United States has $ 246 trillion trade deficit with China at present” . Even though China’s prospects to become a global power are extremely bright, some people argue that China’s claims are far from realities. In their opinion, China is deliberately exaggerating the figures to convince the external world that they are going to be the next global power. Unemployment problems, corruption and the increasing gap between the rich and poor are some of the major problems which are preventing China’s progress towards a superpower status. This paper analyses the arguments in favor and against China’s rise to be the next regional hegemony....
They gave more focus to establish strong relations with communist countries such as Soviet Union and Cuba in the 70’s and 80’s. Chinese leader Mao was so much adamant in his attitude towards capitalist countries. On the other hand, Deng, the leader who succeeded Mao restructured China’s foreign policies and economic policies which paved way for China’s leap towards economic progress. Deng was so particular in opening China’s economy much widely to foreign direct investments and he realised that it was difficult for China like heavily populated country to develop properly with the help of internal resources alone. Even though globalization was treated suspiciously by China earlier, they quickly realised the opportunities and made necessary changes in its economic policies to accommodate the needs of globalization. Moreover, Deng started to trust western leaders more and more and he redefined China’s foreign policies cleverly to suit the needs of western countries. Currently China is the number one exploiter of globalization. Moreover, foreign direct investments in China are more than that in any other countries in the world. It should be noted that earlier, China was not much keen in allowing foreign enterprises to function on its soil. However, at present China is doing everything necessary for the safe functioning of foreign organizations in its soil. Gao (2005) has mentioned that “the industry sector has relieved from the complete dominance of the government and lot of small scale industries under private ownership has been developed as part of the reformation process”5. Earlier, the dominance of communism was evident everywhere in China’s business and trade sector. ...Download file to see next pagesRead More
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