Chapter 2: China’s Economic Rise and its Impact
Zhang Yunling INTRODUCTION 2.1 China has achieved great success in developing its economy since implementing a reform and opening policy. In just three decades, China has become a leading global economy, the second-largest in terms of foreign direct investment (FDI) inflows, the third-largest in foreign trade, and the fourth-largest in gross domestic product (GDP). One of the key factors for China’s success has been its integration into the world economic system, enabling it to access the global market and utilize global resources (capital and technology). Accession to the World Trade Organization (WTO) has made the Chinese economy more open, transparent and firmly integrated into the world economic system. Rapid economic growth has transformed China into a major player in the global and regional economies. China’s economic growth has been a positive factor in keeping the world economy dynamic, becoming an important engine for global and regional economic growth. Alongside high economic growth, China’s production capacity has significantly increased and, in many areas, it has become the world’s largest producer, or among the largest producers, for example of color TV sets, refrigerators, DVD players, computers and other appliances. If the current trend continues, China may become the world’s second-largest country in foreign trade and in GDP by 2010, after the United States. China’s economic rise has also brought about significant changes in the global and regional economic structure and relations. China is central to the East Asian production network and plays a crucial role in the regional trade balance. However, China...
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