China's Rising Global Power Essay

588 WordsOct 5, 20123 Pages
China’s power • There will be a time when the regime will possibly depend less on the outside world than it does now. The rise of the Chinese middle class to 400 million or so will provide a domestic market for goods that otherwise would have to be sold abroad. Chinese growth then will no longer largely depend upon exports but on local demand and consumption patterns. Foreign technology will still be critical for Chinese development, and best practice standards achieved elsewhere will continue to be relevant to Chinese industrial progress • By the 1970’s partly because of economic success in Europe and Japan, and partly because of disaster policy in Vietnam, the position of USA as major hegemon was in doubt • The US has an unrivalled ability to project power, as well as a major and expanding lead in the technical sophistication of its weapon systems- something most take to be an unambiguous and enduring expression of America’s continuing dominance • Chinas recent economic development started from a very low base, and despite sustained growth rates, average per capita incomes still remain well below those of Russia • While China’s power is growing, it cannot risk exploiting the potential structural leverage that its massive dollar holdings appears to confer, lest it trigger a crisis in which it would be a major victim • China has effectively abandoned socialism, and sought to join a capitalist economy dominated by the US • It is predicted, that China will overtake the US in the next decade or two ad the world’s largest economy and reinforce its growing economic and political importance to the region. • In China’s case its ascendancy is likely to be faltered by political crisis and the carrying capacity of the planet • The legitimacy of China’s political leadership is increasingly dependent on economic development, which while it has ben spectacular, remains

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