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Chinese Economy Essay

3472 words - 14 pages

China is everywhere these days. Powered by the world's most rapidly changing large economy, it is influencing our lives as consumers, employees and citizens. China's miracle economy, though largely initiated by Deng Xiaoping's market reforms in 1978, has resulted because of the current globalisation era in which barriers between nations have been reduced while economies have become increasingly converged leading to increased movement across nations of trade, investment, technology, finance, and labour.By every measure, China's economy is growing rapidly. In 2003, China's GDP was $1.4 trillion. By that measure, China was the seventh-largest economy in the world. The economy of the United States is still by far the worlds biggest and with a 2003 GDP of $10.1 trillion it is seven times the size of China's. China's seventh-place ranking may be too low however, as the large underground economy and purchasing power parity are not taken into account.Since China set about reforming its economy a generation ago, it has grown at an official rate of 9.5 percent. In Latin America, which is often seen as China's rival in low-cost manufacturing, economic progress over the last quarter of a century has been, on average, worse than it was in the region during the Great Depression. China has been able to grow at such a rate over these years because its economy has been heavily favoured by the globalisation process, particularly in the fact that the world keeps feeding it capital.The Chinese government's responsiveness to the process of globalisation saw the implementation of a series of widespread structural reforms beginning in 1978. Foremost of these were the de-collectivisation of the agricultural sector and the implementation of the Special Economic Zones (SEZs).China's movement from an agrarian based economy to a more manufacture-, services- oriented economy typifies the response of many nations to the increasing pressures of globalisation, and it is thus that China has facilitated its integration with the world institution.Special Economic Zones were created to take advantage of their geographic proximity to overseas Chinese communities such as Hong Kong, Taiwan and Macau and for their vast overseas economic connections. China's growth and development are very dependent on the SEZs which are dominated by foreign investment and technology.Brazil's economy can be used as an indicator of the impacts of Globalisation much the same way as China has been. Unlike China, Brazil's political background is not a socialist one, nor is its current form of government Communist. Brazil's market economy is the most important and integral part of the emerging region of Latin America, which is second in size only to the emerging region of East Asia. Despite Brazils relatively small population when it first began opening its economy to the world market its goal was to become self sufficient. In the process however Brazil managed to become more dependant upon, and more...

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