The Rise and Times of China - Essay Example

The Rise and Times of China Throughout history, many countries have seen their status change for either the better, or the worse, depending upon thecircumstance(s) at the time. As the statistics have shown, over time countries have seen their economic state increase and decrease in varying measure based on circumstance at the time. One author writes that, “The rise of China is perhaps one of the most discussed topics in current scholarship on international politics. In many ways, it is actually an over-analyzed concept. Within Chinese political dialogue, China’s return to eminence is often bandied about as a goal of national development and is expressed frequently in the speeches of Chinese leaders and documents such as CCP National Congress Reports and Government Work Reports. In addition, foreigners often worry that China’s rapid economic development will present a threat to the stability of the current world order,” Adding that, “Because of this, other countries, especially a United States increasingly anxious about losing its preeminence, are often even more outspoken than Chinese pundits in proclaiming the imminent rise of a Chinese pole on the global power-map. According to the 2006 report of the Chicago Council on Global Affairs, 61 percent of US citizens believe that within the next 20 years, Chinese GDP will surpass US GDP. Yet interestingly, only 30 percent of Chinese citizens hold this view. The “China threat theory” has proliferated across the globe, while Chinese people remain bewildered as to why their country is suddenly the cause for so much international concern,” (Yiwei p.1). With a surging Chinese economic present, as well as the potential for the future, many in the international community have in fact been keeping a close eye for that each country is keenly aware that any kind of economic insurgence by China can have very real consequences for everyone else, whether good or bad is left to be determined on an individual basis after viewing the facts. As for the economic history of China, “The Peoples Republic of China has the second largest economy in the world after the US with a GDP of nearly $ 7 trillion (2007) when measured on a purchasing power parity (PPP) basis. In November 2007, it became the third largest in the world after the US and Japan with a nominal GDP of US$3.42 trillion (2007) when measured in exchange-rate terms.[5] China has been the fastest-growing major nation for the past quarter of a century with an average annual GDP growth rate above 10%.[6] Chinas per capita income has grown at an average annual rate of more than 8% over the last three decades drastically reducing poverty, but this rapid growth has been accompanied by rising income inequalities.[7] The countrys per capita income is classified as low by world standards, at about $2,000 (nominal, 107th of 179 countries/economies), and $7,800 (PPP, 82nd of 179 countries/economies) in 2006, according to the IMF,” (“Economy” p.1). Statistics Exports: $1216 billion (2007) Exports - commodities: machinery and equipment, textiles and clothing, footwear, toys, mineral fuels, plastics, optical and medical equipment, iron and steel Exports - partners: US 21.0%, EU 18.1%, Hong Kong 17.0%, Japan 12.4%, ASEAN 7.2%, South Korea 4.7% (2004) Imports: $953.9 billion (2007) Imports - commodities: machinery and equipment, oil and mineral fuels, plastics, optical and medical equipment, organic chemicals, iron and steel Imports - partners: Japan 16.8%, EU 12.4%, ASEAN 11.2%, South Korea 11.1%, US 7.9%, Russia 2.2% (2004) (“Economy” p.1). Public finances Public debt (2006) 22.1% of GDP External debt (2006) $315 billion Foreign exchange reserves (2007) $1.474 trillion Foreign exchange reserves excl gold (2007) ? Revenues (2006) $482.2 billion Expenditures (2006) $515.8 billion; including capital expenditures of $NA Budget balance (2006) -7.0% of GDP (deficit) Corporate income tax rate (2006) 33% (official) Economic aid recipient (ODA) N/A[4] Economic aid donor ? (“Economy” p.1). The Industrial Revolution did serve as a catalyst of change for many countries. Undoubtedly, as the European countries saw an influx in financial stability from the Industrial Revolution, the Chinese people found themselves displaced from their original place of economic superiority as a national whole. On the flip side of that, as the economic stability of other countries in the world, especially the United States, see their individual solvencies put into question; it is entirely possible for the Chinese people to see a resurgence of economic prosperity for their country that would have been lost in the early stages of the twentieth century. As a means of mass producing goods and/or services at a more quickened pace, the Industrial Revolution did play a major part in creating the tools for countries to assist them in the creation of a stronger, more fiscally solvent, present for their nation, all the while keeping an eye on the future and what it may bring to the table. With a substantial population residing within the national borders, China has the unique advantage of being able to formulate economic policy that can be executed to where the country sees an increased prosperity. As always, economic policy has to be introduced by the governing political body with both the government, as well as the Chinese citizens, playing a pivotal part in the desired continuance of the economic growth that so many have hoped for and desire. Any kind of support from the rest of the world society would greatly play into the re-solidification of China as a stronger economic body and an equal participant in world economic affairs with their international counterparts. “The national leadership, state party and armed forces have been assiduously working to strengthen the foundations of Chinese might at home and abroad. Domestically, this entails striking a reasonable balance between the booming economies of the cities on the Pacific coast and the interior, from central China to the countrys northern and western borders with Russia, Kazakhstan and Afghanistan. In this regard the leadership felt that blindly copying western political systems would not work for China. Instead they formulated a system whereby representatives to all village, municipal, district and governorate councils would be elected democratically, with no restrictions on the party membership of the candidates. The system is in operation throughout two-thirds of China and currently more than 80 per cent of the members of these councils are from outside the Communist Party. At the same time there is a concerted attempt to upgrade the performance of the Communist Party, as epitomised in the "resolution to enhance the partys ability to govern" adopted by the partys central committee on 19 September,” Further down saying that, “Practically, Chinas peaceful rise translates into a two- pronged foreign policy. On the one hand China is determined to participate actively in all possible regional and international organisations, notably ASEAN (which Beijing persuaded to create a new security forum which is scheduled to meet before the end of 2004), APEC, the WTO and, more recently, the G8. On the other hand it is striving to establish a mechanism for "a dialogue on security and exchanges between the military forces of other Asian countries", as Chinese President Hu Jintao put it in a meeting of the recently founded Boao Forum for Asia last April. The aim is to create a "strategic partnership" among ASEAN nations under a three-point motto: "non- alignment, non-confrontation, and non-targeting of any third party." And, just to drive the point home, Hu asked his armed forces to up their level of readiness to confront any external threat, not least because of the influx of American strategic offensive weapons systems into Taiwan, leading the Chinese opposition Democratic Party to accuse the Taiwanese president of planning to secede from China,” (Abdel-Malek p.1). The source of Anouar Abdel-Malek brings to the forefront an integral idea that is of the utmost importance in observing the ascension of China towards economic permanence. While on the one hand China has sought to be an active player in the nationwide, as well as the international groups with the desire to be seen as a serious player. There have also been choices made to formulate policy for the betterment of the security, as well as the exchanges between the military fighting forces of the other countries that reside within Asia. What can be taken away from this is that, while trying to firm up their prospects within their own country and also the way in which they are seen in the rest of the world as a whole, China is in fact working to solidify that which is going on within Asia itself and opening up a line of communication as such. As Abdel-Malek says, “In short, China is on the move. It is holding meetings with ASEAN nations over the question of North Korea, it is working to normalise its relations with India to the south and it is busy preparing for the fifth Asia-Europe forum. Last, but not least, it is extending bridges to the Arab world, in which connection I would offer a piece of advice to our rulers: take part in as many of those organisations and forums as you can, even if only in the capacity of an observer, and always bearing in mind that that designation -- observer -- carries important implications,” (Abdel-Malek p.1). As for what the future holds for the Chinese economy, “Economic growth will outpace population growth, continuing the overall rise in the standard of living that has characterized Chinese development over the past two decades. A young, highly trained labor force with modern technical skills will increase in numbers. The infrastructure of rail, roads, and electronic communications greatly reduces perceived distance and helps to link the poorly developed interior to the booming coastal regions. Chinese development remains heavily dependent and will deepen its dependency on foreign trade, investments, and scientific/technical exchange. The regime faces daunting problems--notably ailing State Owned Enterprises and a weak banking/financial system. Also worrisome are the increasing number of unemployed and laid-off workers, decreasing inventories, a high real-interest rate, the divestiture of military enterprises, and bad loans and bankruptcies. The leadership has taken concrete steps recently to remedy a few but certainly not all of these problems and weaknesses,” (Sutter p.1). The source further alludes to the fact that, “Manifestations of social discontent seen recently with demonstrating peasants and laid-off workers and Falungong sect members are likely to continue, but these developments have a long way to go before they pose a major threat to the regime. Notably, they need to establish communications across broad areas, establish alliances with other disaffected groups, and put forth leaders prepared to challenge the regime and gain popular support with credible moral claims. Success also requires a lax or maladroit regime response. The attentiveness of the regime to dissidence and the crackdown on the Falungong strongly suggest that Beijing will remain keenly alert to the implications of social discontent and prepared to use its substantial coercive and persuasive powers to keep it from growing to dangerous levels,” Addressing it further, the source shows that, “A variety of current sources of social tension and conflict in China might present opportunities for expressions of discontent. Groups that might exploit such tensions include those people living in the poorer interior provinces (versus the richer coastal regions), ethnic minorities, farmers, members of the unemployed or underemployed floating population, laid-off state-enterprise workers and other laid-off workers, students and intellectuals, and members of sects such as the Falungong,” (Sutter p.1). At the end of the day, it is still entirely possible for China to regain its place in the economic goings-on in the world, but like with anything else, people or circumstances can arise that, if displayed in a negative light, can be seen as an obstruction in the path towards total economic solidification and what some may hope for economic supremacy for the Chinese nationals. With the population of China being at the level which it is, that can enable it to boost economic growth through the increased output capability from each one of its citizens through whatever means they so choose. Current civil unrest within the nation can provide a level of uncertainty for the country as a whole, resulting in delayed decision making for the overall purpose of regaining economic strength. Greater senses of open communication between the Chinese government with the other world leaders can, ideally, serve as a means to enable the nation to regain some kind of conduit towards the ultimate goal of ensuring the financial goals that the governing body, not to mention the average citizen, has for their home country for the present, as well as the future. While time will need to pass in order to view the full extent of China’s economic rebirth, history can repeat itself and in the case of China’s economic history, they have a substantially solid economic history throughout the centuries of economic prosperity. The rate of importation from the United States of Chinese goods shows a steady influx of financial benefit that China sees from exporting goods to other countries, in this case the United Sates. Important to note, “In 2007, China’s exports are growing faster still. For the first nine months of 2007, China’s exports rose 27 percent, year over year, to $878 billion.[16] China’s global current account surplus for the first four months of 2007 stood at $63.3 billion, an increase of 88 percent from the same period last year. At this rate, China’s current account surplus easily will exceed 10 percent of China’s GDP this year, a record amount. In comparison, the U.S. global current account deficit reached a new high in 2006, rising to $858 billion or 6.5 percent of GDP.[17],” Adding that, “China’s exploding trade surplus illustrates just how central China’s export-dependent industrial policy is to its overall economic strategy and helps explain why Chinese authorities are so reluctant to institute some particular reforms. In 2006, China’s net export growth accounted for 25 percent of its overall economic expansion.[18] Export growth’s contribution to overall Chinese GDP remains at that level for the first half of 2007. In fact, net exports, or the trade surplus, constituted the largest single factor in China’s economic expansion.[19] By contrast, the U.S. trade deficit, (or net exports) subtracted 0.5 percentage points from U.S. GDP growth in the first quarter of 2007.[20] In the first seven months of 2007, China’s exports of goods and services grew by 29 percent, compared with the same period last year. That created a trade surplus of $137 billion,[21] an 80 percent increase from the same period a year earlier,” (“2007 Report” p.1). The 2007 Report to Congress also addresses something which is significant to keep in mind in assessing the capabilities of a country. A University of California Professor by the name of Peter Navarro provided the following testimony before the congressional body; “Almost half of the China price advantage is [the result of] unfair mercantilist beggar-thy-neighbor policies which, in effect, are transferring jobs in a zero sum game between the U.S. and China. . . . . [There are three predominant factors. The first is] currency manipulation. It’s important, but not as important as you might think. The big item in the unfair trade practices is the export subsidies. [China provides] subsidized energy, water, virtually free capital to underperforming industries because the banks don’t call in the loans, VAT tax rebates. There’s just a whole web of complex subsidies that should be subject to WTO complaints and other types of complaints, but for some reason this town is silent on that. The third element is counterfeiting and piracy. The cost advantages vary by sector, but they include things like not having to pay for Information Technology, not having to pay marketing expenses to market your brand, and not having to do things like research and development which for pharmaceutical companies and industries like automobiles is particularly important.[26]” (“Navarro testimony: 2007 Report” p.1). The strength of a nation’s currency does in fact play a major role in the economic strength in general. On the other side, any kind of blind eye tactics, as Navarro alludes to, given to a country to do things outside of the box as it comes to national policies, can also give the nation an advantage for growth, even if given at what some would consider being in an unfair way. Based on previously cited GDP figures, the Chinese have been in a position of economic growth that will surpass that of the United Sates. Their rate of exportation continues to have growth of a substantial rate above its competitors. With the highest percentage increase which China saw being its global account surplus, the question becomes not if the Chinese will recover from previously held economic inferiority. In the end, it becomes how much more they will continue their catastrophic climb on the financial ladder towards an even stronger market economy. “Another factor frequently cited by economists to explain China’s trade surplus with the United States is China’s extremely high savings rate contrasted to the extremely low rate of savings in the United States. Chinese consumers save half their income according to some estimates; Americans save less than five percent of their disposable income and in some months dip into their savings. The personal savings rate in the United States was minus one percent in both the first quarter of 2006 and the first quarter of 2007, for example. U.S. business savings are in the positive range but are overwhelmed by government and household borrowing.[27] The U.S. Federal Government, which accounts for roughly a quarter of GDP, routinely runs large deficits in financing its expenditures—$248.2 billion in fiscal 2006.[28] Total outstanding federal debt, the accumulation of all Federal Government borrowing, is nearly $9 trillion or about 69 percent of GDP in 2006. China’s public finances are in good shape, with a budget deficit below 1 percent of GDP in 2004 and public debt around 23 percent of GDP, down from 50 percent in 1999. [29],” (“2007 Report” p.1). While on the other hand, the source goes on to further say that, “In contrast to ‘‘dissavings’’ by the U.S. Federal Government and citizens, Chinese personal savings add to China’s ability to finance investments and infrastructure improvements, a fact that has been acknowledged by economists and U.S. policymakers alike. There is general consensus on the cause as well. Chinese workers exercise ‘‘precautionary savings’’ in order to make up for a lack of government-sponsored education, pensions, and health care. Meanwhile, insurance and consumer and home mortgage credit are far less available to Chinese consumers. [32],” (“2007 Report” p.1). Any kind of savings rate on the part of a nation can in due course lead to a positive impact for the market economy. By solidifying their savings habits, the Chinese as a result are not plagued by the same financial woes of others who fail to save at the rate at which the Chinese save their income on a regular basis. As most know that savings can play into the expendable cash that one has when needed, “...Chinese workers who choose to save much of their earnings necessarily limit their purchases. Workers therefore pass up luxury items and discretionary purchases, which tend to be imported goods, in order to concentrate their spending on essentials that generally are produced within China. What goods China does import from the United States tend to be manufacturing inputs such as metal scrap, electronics for recycling, or capital goods such as electrical machinery and commercial aircraft used to generate business income. In fact, while 70 percent of GDP in the United States is consumption, the figure for China is 41 percent.[34],” (“2007 Report” p.1). In addition, the report provides a graph of foreign investment which can greatly impact the national market system of any country. At a continued progression, the market system of China will continue to grow and prosper if the economic factors do continue to perform as they have leading up to the present. Such factors as foreign investment, as well as the savings tendencies of the citizens themselves, has in fact placed the nation at a rate that has solidified their market performance and can lead to endless growth potential for the future if continued in the same manner which it has been performing as of late. Some would ask: Why invest in China at all? The following illustration sets out to display the varying reasons for Chinese investment. To further drive the point home, initial and continued development on the part of outside countries serves to decrease the output of financial cost for the countries looking for the work and as such is providing a country which such a staggering economic progression which is sure to continue to amaze and astound for years to come. (“2007 Report to Congress” p.1). Globalization is a constant factor in the minds of citizens, as well as national leaders, in considering the impact it has on national stability. At the inset, it could very easily be said that the overall winners of the globalization of China have undoubtedly been the larger corporations that have outsourced jobs to the region and as a result, have had their products and services produced at a higher rate, but also at a cheaper rate than they would have seen done somewhere else, such as in the United States which has seen a substantial increase in Us-based jobs and services outsourced to other nations by major multi-conglomerate companies like Dell, as well as a considerable amount of the major clothing companies that produce their apparel for pennies on a dollar and turn around to sell their product to the rest of the world at a highly marked up rate. With that in consideration, corporate leaders do see a great benefit from globalization. Those who do not see a benefit as a whole by globalization are the average, every-day worker, who either see their jobs taken away and sent overseas, or are the people overseas who feel forced to work for substandard pay and even worse conditions are provided for them to work in. A negative result for the increase in the lack of inequality would primarily be the sense of oppression felt by those being forced to live, as well as work, in substandard conditions. In the “Economy of the People’s Republic of China”, this very issue was addressed. The author describes the issue by describing it this way; Regional development “These strategies are aimed at the relatively poorer regions in China in an attempt to prevent widening inequalities:” Great Western Development, designed to improve the economic situation of the western provinces through capital investment and development of natural resources. Revitalize Northeast China, to rejuvenate the industrial bases in the Northeastern China. It covers 3 provinces: Heilongjiang, Jilin, and Liaoning. Rise of Central China Plan, to accelerate the development of its central regions. It covers 6 provinces: Shanxi, Henan, Anhui, Hubei, Hunan, and Jiangxi. Third Front, focused on the southwestern provinces. Foreign Investment abroad: Go Global, to encourage its enterprises to invest overseas. (“Economy” p.1). The rise of China, as well as any implications that would come with it, can be best summed up by Wang Yiwei when he says that, “There are two common views regarding Chinese development: first, that it will result in the revitalization of the Chinese nation, and second, that it is a consequence of globalization. The former is often called nationalism by Western alarmists, and has been called so since the imperial powers applied this moniker to China following the Opium War of the 1840s. The latter holds that China correctly implemented liberalization and reform policies and embraced globalization and market liberalization. One could say that Chinese development is a result of successful US policies to bring China into the world market. Regardless of whether the main catalyst was Franklin D. Roosevelt’s construction of an international order based on a police force of “the Big Four” or Nixon’s conception of an order based on a balance between the five great powers, the fact is that today the United States is China’s principal trading partner and investor, and more importantly, Chinese reform and liberalization was conducted in an international system supported by US hegemony. Objectively, then, the United States is aiding Chinese development and helping China achieve a new position of significant power,” The section of the source in question ends this topic by saying that, “But how should we measure this power? Economically, GDP is not useful as a measure of overall Chinese economic strength. This is not only because Chinese per capita GDP is ranked 110th in the world, but also because there is little Chinese investment abroad and a great deal of foreign investment in China. Thus, in comparison with other developed countries, there is a large amount of “hidden wealth” in China that skews the GDP calculation. China’s foreign currency reserves are huge because foreign investment in China must be made in RMB. Because of this, China is not able to make full use of its own economic strength,” (Yiwei p.1). As was previously addressed, the saving habits for the Chinese population has played a role in moved towards increased solvency. Central to the evaluation of China’s economic solvency and how it has gotten to where it is, is to look at China’s role in agriculture and how it acts to substantially feed into China’s economic affluence. In this case, agriculture is a major contributor to the wealth of China as a large export for the country. “China is the worlds most populous country and one of the largest producers and consumers of agricultural products. According to the United Nations World Food Program, in 2003, China fed 20 percent of the worlds population with only 7 percent of the worlds arable land.[73] China ranks first worldwide in farm output, and, as a result of topographic and climatic factors, only about 10–15 percent of the total land area is suitable for cultivation,” Going on to say that, “Of this, slightly more than half is unirrigated, and the remainder is divided roughly equally between paddy fields and irrigated areas. Nevertheless, about 60 percent of the population lives in the rural areas, and until the 1980s a high percentage of them made their living directly from farming. Since then, many have been encouraged to leave the fields and pursue other activities, such as light manufacturing, commerce, and transportation; and by the mid-1980s farming accounted for less than half of the value of rural output. Today, agriculture contributes only 13% of Chinas GDP,” (“Economy” p.1). China Wheat Production (Source: Economy of the People’s Republic of China”) (”Economy” p.1) For many countries, the agriculture capabilities which it holds has often times enabled its earning power in the rest of the world, while at home maintaining the health of its population through an adequate food supply. The Yale University Global wraps up the issue in saying that, “The rapid pace of China’s economic growth has been remarkable, but the country’s success did not magically result from opening to the world, writes economist Fan Gang. China’s experience shows that countries must plot their own individualized paths towards market liberalization. Early in its development, China protected its infant industries from the rigors of global competition – thus allowing them to grow and mature at an appropriate pace,” (“Globalization” p.1). Going on to add that, “Free trade may attract more international capital, but also introduces risks for which a developing country is not always equipped. Lack of established legal and regulatory frameworks and sound financial management skills may lead to crises reminiscent of the late-1990s Asian financial crisis. “It is natural to dream of achieving developed-country living standards as quickly as possible,” writes Fan. “but it is dangerous to copy the models overnight without achieving certain preconditions,” (“Globalization” p.1). Another attribute to the economic state that China has found itself in would be the state of energy, as well as mineral resources, which China utilizes in its every-day life as a nation, as well as an international partner. “Since 1980 Chinas energy production has grown dramatically, as has the proportion allocated to domestic consumption. Some 80 percent of all power generated is at thermal plants, with about 17 percent at hydroelectric installations; only about two percent is from nuclear energy, mainly from plants located in Guangdong and Zhejiang.[75] Though China has rich overall energy potential, most have yet to be developed,” The source goes on to say that, “In addition, the geographical distribution of energy puts most of these resources relatively far from their major industrial users. Basically the northeast is rich in coal and oil, the central part of north China has abundant coal, and the southwest has immense hydroelectric potential. But the industrialized regions around Guangzhou and the Lower Yangtze region around Shanghai have too little energy, while there is relatively little heavy industry located near major energy resource areas other than in the southern part of the northeast,” (“Economy” p.1). Energy Electricity: production: 2.8344 trillion kWh (2006) consumption: 2.8248 trillion kWh (2006) exports: 11.19 billion kWh (2005) imports: 5.011 billion kWh (2005) Electricity - production by source: thermal: 77.8% (68.7% from coal) (2006) hydro: 20.7% (2006) other: 0.4% (2006) nuclear: 1.1% (2006) Oil: production: 3.631 million bbl/day (2005) consumption: 6.534 million bbl/day (2005) and expected 9.3 million bbl/day in 2030 exports: 443,300 bbl/day (2005) imports: 3.181 million bbl/day (2005) net imports: 2.74 million barrel/day (2005) proved reserves: 16.3 billion bbl (1 January 2006) Natural gas: production: 47.88 billion m³ (2005 est.) consumption: 44.93 billion m³ (2005 est.) exports: 2.944 billion m³ (2005) imports: 0 m³ (2005) proved reserves: 1.448 trillion m³ (1 January 2006 est.) (“Economy” p.1). With the continue importance of maintaining international relations, the economic stability and progress of the Republic of China is of great importance and need to observe it. With the continuance of foreign countries to enter the nation with the means of producing their product at a lower cost to themselves, it has become greatly evident that there is a level of inequality that can occur as a result and most definitely has occurred. The greatest motivator for international business is the cheaper help to produce product and the countries which are approached lean more towards the acceptance of foreign business into their country, while in the end facilitating the sad reality that the workers are not being paid at the same rate in which consumers are charged in the stores, as well as online. A policy suggestion for the Chinese is the need to take more of a role to guarantee their citizens are not being exploited for the sake of lining the pockets of a few people at the expense of many others. References “2007 Report to Congress of the U.S.-China Economic and Security Review Commission.” Chapter: 1. Accessed Online: 29 April 2008. URL: http://www.shaps.hawaii.edu/fp/us/2007/rtc/rtc-chap1.html “Globalization: Custom-Made in China.” Source: Yale Global Online. Accessed Online: 29 April 2008. URL: http://yaleglobal.yale.edu/display.article?id=4705 Malek-Abdel, Anouar. “Peaceful Rising.” Accessed Online: 29 April 2008. Source: Al-Ahram Weekly/Opinion. URL: http://weekly.ahram.org.eg/2004/712/op2.htm Sutter, Robert. “China’s Future: Implications for US Interests.” Accessed Online: 29 April 2008. URL: http://www.fas.org/irp/nic/china_future.html Yiwei, Wang. “China’s Rise: An Unlikely Pillar of US Hegemony.” Source: Harvard International Review. From A Titled Balance, Vol. 29 (1) - Spring 2007. Accessed online: 29 April 2008. URL: http://hir.harvard.edu/articles/1613/ Wikipedia: The Online Encyclopedia. ‘Economy of the People’s Republic of China.” Accessed Online: 29 April 2008. URL: http://en.wikipedia.org/wiki/Economy_of_the_People%27s_Republic_of_China Read More