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ipation in APEC meetings, China wants to demonstrate its desire for maintaining the regional economic stability that can bring prosperity to the member countries of Asia Pacific region. The resistance to the temptation of Yuan devaluation and announcement of tariff rates reduction by Chinese government at a meeting of APEC in Osaka has confirmed this. Through this action, China perceives the opportunity to deal with United States by joining hands with East Asian countries, which are also members of APEC.(Yang & Huang 70)
As APEC was the first international economic conference to member nations, under the Chinese leadership of president Xi Jinping, China has used this platform in an efficient manner, in the direction of seeking bigger economic role, globally. This combined with the fact that Chinese economy is the world second largest gives the required advantage to China for countering US economic domination. In this direction, China has announced the established of US Dollar forty million fund for improving the trade and economic links among Asia-Pacific countries. The emerging image of China being the top trading partner of South Asian countries from South Korea to Australia would definitely help in the erosion of American influence on these countries. (McDonald & Lee)
Earlier APEC could not prove to be result-oriented for the members, as it failed to improve the economic relations among the Asia-Pacific nations in a substantial manner. However, when China hosted the APEC conference, it made clear to the member nations that the country was prepared to share the fruits of its economic development with neighbors in the region. For ensuring that APEC remained a successful platform to deliver the results. China made many announcements, which include the commitment from China to donate ten million US Dollars towards supporting the capacity building and institutional activities of APEC, apart from establishment of Silk Road fund for undertaking the infrastructure
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Frail in the late 1970’s, People’s Republic of China has undertaken tremendous growth during the last three decades to reach to an astonishing height where it is now recognized as the world’s second largest economy by nominal GDP and it’s fastest growing major economy.
China’s Economy China has achieved a miraculous economic growth, which has ensured that the country enjoys economic dominance and might surpass the United States. According to Subramanian, (2011), ECONOMIC DOMINANCE IS THE ABILITY OF A STATE TO USE ECONOMIC MEANS TO GET OTHER COUNTRIES TO DO WHAT IT WANTS OR PREVENT THEM FROM DOING WHAT IT DOES NOT WANT.
However, each country’s role in the world economy depends highly on the progress both the countries can make in regards to their domestic economical, social and political aspects. Tarun Khanna, in his work, Billions of Entrepreneurs have asserted that India has a more favorable domestic environment for entrepreneurs than China.
China’s rapid economic development has allowed it to be able to increasingly reach foreign markets with its products. China has managed to procure trade agreements with numerous nations, the majority of which are developing nations in Asia, Africa, and Latin America.
Its membership would help bring about a steady development of the world economy and contribute to the establishment of a just and reasonable international economic new order (Chen 2000). On the political and diplomatic side China had always wanted to be recognized by the large multilateral institutions, the WTO being prominent on the list of those to which it is not a member (Barshefsky 1999).
The destiny of the surging billions hinges on a delicate balance in power equations and the ability of regional political establishments to rise above narrow and conflicting mindsets to ease the process of globalization.
Australia has been a western country in the seething sea of inward-looking Orientals.
ation of Chinese Yuan, and the entire system of the country has captured the attention of international companies, particularly from North America and Canada. After the membership of the World Trade Organization, the developing country has turned into competitive field against
n almost 10% and this rapid growth has put China above the UK, France, Japan and Germany in terms of absolute gross domestic product behind only the US. Needless to say that Chinese market has been now the focus of the large corporations from the Western world.
The people of
Foreign Direct Investment (FDI) has gained an intense popularity in in most parts of the world in the past few decades. This has significantly been contributed by the overall change of many countries perception towards foreign investments in their countries. In the mid-20th
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