Munk Debate in China - Essay Example

Task: Munk debate: China will rule the 21st Century The US is currently controlling societal processes because of its economic and political powers. The present century has seen the US occupy an admirable position in the society based on it strong commercial systems, technology and reduced tax rates. However, China is developing speedily, and its fiscal growth is now higher than the US. China will indeed rule the world because of its many opportunities and the diminishing advantages (Munk debates). China is a nation with the highest inhabitants worldwide, and it has eleven cities each having a population of about 6 million. The only city that has such population in Europe is London. There are only eleven European Union countries with a population of below six million. The country is forty times the geographical size of Canada fox. If the country were to be divided like Europe, it would have about ninety nation states. China’s population has many advantages that will contribute to its economic and political power in the 21st century. The country has approximately 1.2 billion people with the size being proportional to its economy. The country’s large population contributed to its poor economy in the past decades because the largest percentage consisted of young individuals who were dependants. However, a large percentage of the population currently consists of the mature working population. This has contributed to the present economic explosion. The current population structure has resulted into the high human capital in China (Munk debates). The 21st century will belong to China because its economy is increasing at an advanced tempo compared to other countries globally. For instance, in the past thirty years, its economy has risen by a factual value of about 10. The current report of the IMF shows that China will be largest financial system in the coming years. Its economy has already surpassed the US because it is the largest manufacturer especially in the car market. Global financial reports also show that the demand for its cars will increase by tenfold in future. By 2035, the country will be using a fifth of the global energy. The global market analysts assert that only a country with the largest industrial production can lead the world. China is currently the largest industrial producer based on its large population. It goods are on demand because it supplies its products to the developing countries at cheap prices. The countries also supply skilled and cheap labor that is also on high demand in many foreign countries. This has enabled china to compete more effectively in the market compared to its rivals. The developed countries focus on selling their goods and attracting investors from other developing countries. China targets the developing world like the African countries leading to the expansion of its market especially the automobile (Munk debates). In the past, China relied on investors, but it is currently one of the major investors today because of its 3 trillion dollars global reserves and other assets worth 200 billion dollars. China’s economy is also expanding because of innovations and high quality education. For instance, the students at Shanghai topped in Mathematics with a score of 600, while the students in the US became 25th with a score of 487 when education achievements of students of the age of 15 were ranked last year (Munk debates). Furthermore, there are high chances that China will rule because the economy of the West is declining at a high rate because of economic crisis that resulted from excessive gambling. Additionally, the US will be spending more on debts than on defense. The West is also losing its political powers because of political crises that are exemplified by the game of Russian roulette over the US federal. The business taxes in China are very low, and this has attracted many investors. The US is among the countries with the most raised business tax rates. Additionally, the US has set very strict business regulations that discourage many foreign investors. Many companies have relocated from the US to China because of the uncomfortable financial system and regulatory environment. With the lowest tax rates, research development, and improving economy, China is taking over the economic leadership position from the US (Munk debates). China will also thrive because of continuous improvement of its political and economic institutions. The country does this by copying the things that lead to the success of the US while avoiding its mistakes. The country only focuses on its development and actions are not forms of revenge to the US (Munk debates). Some individuals claim that China will not rule the next century because its current rate of economic growth cannot be used to predict its future financial status. For instance, Japan was the second largest country some year ago, but it never ruled the world. People claim that the same thing will happen to China because it focuses more on investments than returns. Other people also think that the country’s economy will decline because of the demographic decline. Additionally, they suppose that the achievement of a country depends on the support it gets from its neighboring countries. However, China’s neighboring countries like India are its major rivals. This will prevent it from ruling the world in the 21st century (Munk debates). Conclusively, China’s economic growth gives hope to the developing countries. This is because the country had a low rate of financial growth; however, it occupies a distinct position. China’s economy has improved because of market expansion. The expansion results from the production of cheap products and dealing with developing countries. The products are cheap because of the low business tax rates in the country. This enables manufactures in a country to produce and supply more goods compared to the developed states like the US (Munk debates). The cheap products also attract the consumers with low incomes especially in the developing countries. Furthermore, China will take over the world because of economic declines in the US. These declines are caused by the very high business tax rates and regulations that discourage investors. Moreover, the US has many debts that will hinder its development. Works Cited Munk debate. China.2012.Web. 2nd September 2012 http://www.munkdebates.com/debates/china Read More