China's Economy

Published: 2021-09-12 15:00:09
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China's economy
What capacity does China have in order to gain the position of an "economic giant" and to become almost equal to the USA. "As a first step toward understanding China, one can hardly do better than to spend some time with a good atlas. It is vital to understand China's diversity. And a key element in that diversity is its geography...1"[Starr, 3]. China's power is growing every day but still this is not the main factor indicating its potential as an economic giant. The reason that makes the USA pay a lot of attention toward the economical and political development of China is very important: "China's rise has more in common with the rise of the United States a century earlier"[Shenkar, 1]. This similarity of the economic processes makes a solid base for all the "giant" predictions that China gets. For 26 years of reforms the annual increase of the Chinese economy made 9,4% at the average. This numeral exceeds the economic increase of the developed countries in 4 times, the rate of growth of world economy in 3 times and the economic growth of the developing countries in 2 times. Almost every country in the world gets the products, which claim: "Made in China". China shows its "increased dominance in many product markets"[Shenkar, 18]. According to the information of the World bank throughout the period from 1980 till 2000, China's impact into the world's economy made 14%2. The primary reasons for the growing economy of China are the strong increase of investments and growing amount of export.

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