The paper "The Functioning of the Economy of China" is a good example of a macro & microeconomics case study. The rise of China is viewed as one of the most significant trends worldwide in this century. In the future, when historians write about this era, they might summarize it as one of the most important development that saw the emergence of a dynamic army and market economy in the most heavily populated nation of the world. China’ s economy is one of the fastest-growing worldwide; in addition, it has one of the fastest expanding budgets for its military.
The nation has a fast-improving army, nuclear weapons, and border clashes with a majority of its neighbors. Such advancements in all its aspect have led to the nation being viewed as one of the top superpowers in the world. The US has for a long time been ranked as having the largest economy in the world, nevertheless, the current patterns in the world indicate that soon China might be able to displace its future to clinch the top position in terms of economic growth. Introduction The rise of China can be defined as the sustained and rapid growth of the economy of China from the time when open door policy and reforms were initiated in the late 1970s.
The rise of China can also be viewed as the advancement of the Chinese military together with the revival of the Chinese culture. However, the heart of the rise of china is in its economic advancement. In other words, China’ s rise is the continuous process of modernizing China, and specifically economic modernization. In 1979, Deng Xiaoping identified modernization construction, as the first priority for China.
Xiaoping stressed the importance of the construction of socialist modernization. He viewed it as the most significant issue as he regarded it as, the representation of the fundamental and foremost interest of the people of China. In recent years, China’ s rise has been regarded as a cliché a lot of effort has been spent in studying the implications of such a rise to the rest of the world and particularly the United States and East Asia. China’ s rise began in the late 1970s whereby the open door policy and reforms were initiated and adopted.
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Schmitt, G 2009, The rise of China; essays on the future competition. Encounter books, New York.
Yang, Y 2003, China's Integration into the World Economy: Implications for Developing Countries. International Monetary Fund, Washington, DC.