Is Chinas rise an opportunity or a threat to world Essay

Is Chinas rise an opportunity or a threat to world - Essay Example The country created an atypical economic growth model for a socialist nation which utilized market forces and strategies somewhat similar to an open democratic capitalistic market. The transformation of the nation was a slow process that culminated in a virtually open market in the 21st century. Light manufacturing is the nations strength since these operations are heavy on labor and China has the lowest prices of trained labor worldwide. There are plans for this economy to enter into other sectors. Among the topics discussed in this report are economic development in China, the US-China relationship and its global implications and China’s path towards change. China changed into semi-open economy forgetting about the previous close economy characteristic of a communist regime to obtain economic growth. China started to invest in infrastructure, water and energy supply increased capacity, and its transportation system to create a more attractive investment location for foreign capital. The transformation started in the 1960’s and the country created an effective environment for manufacturing operations. Communist philosophy did not interfere with the market forces opening. An economy committed to change that is willing to accept the best paths irrelevant of its political structure can achieve financial and economic growth. Economic development is the objective and key missions of all countries in order to achieve a better standard of living of the population of the world which has risen to 6.7 billion as of the fourth quarter of 2007 (CountryWatch). The country took off and gained political, military, and economic power in the 20th century to become the most powerful and influential nation in the world was the United States. In a latter stage of the century starting in the early 1970 a nation that exploded into the global game and displayed decades of outstanding economic growth of an above 10% yearly rate was