China has one of the fastest growing economies in the world. The once predominantly agrarian civilization has industrialized at a high rate. The growth of China's economy is estimated to have begun in the later years of the 1970s. This initial growth was fuelled by the increase in export that followed the expansion in industrialization. The economy has been growing steadily for the last four decades. It is currently ranked as the second strongest economy in the world. This is based on its GDP that only comes second to that of the United States. The Chinese economy has attracted a lot of speculation on whether it could become the world's next superpower. This paper follows the history of China as it attempts to answer the question of whether it will be the world’s next superpower.
China's earliest history is thought to be between 1700 and 770 BC. During this period, the first Chinese state was made of the Shang Dynasty which was residing in the North Central part of the country. The Shang Dynasty was soon dominated by the Zhou Dynasty which later collapsed. The Eastern Zhou took over in an amalgamation of states. This set the stage for Imperial China. The era is characterized by the rise of emperors as the main rulers of the regions. Various emperors transitioned the nation into different dynasties. The Han Dynasty was the first in Imperial China. It is significant because it marked a robust economic growth. Religious and cultural aspects of China such as Confucianism and Buddhism set to root. The Sui, Tang and Song Dynasty were the other highlights of Imperial China. The country developed rapidly during this season because it experienced more stability than ever before (Chung, 2015).
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The following period was the Mongol rule. Its highlights include the establishment of farming techniques which formed an integral part of the economy. The China wall was also built. This paved way for the 19th century where the Chinese people began to embrace their culture. They rejected western ideals even as the westerners infiltrated the land. The 20th century had similar issues even as the country continued to develop its impressive infrastructure. The rapid economic growth of China began about 40 years ago towards the end of the 20th century. It has continued into the 21st century. Several factors led to the growth of China's economy. A closer examination of these factors will show how the rise of China to superpower status may be a few years premature (Wilsdon, 2007).
China has one of the largest populations in the world. The high number of residents is attributed to the adoption of traditional lifestyle and food choices that were culturally adopted. The Chinese people did not entirely adopt the lifestyle of the visiting westerners. Natural resources such as rice and soy milk and beans are still consumed. Traditional healing methods are applied more often than the conventional medicine of the west. This is the main reason why the population of China has steadily grown. The huge number of healthy and economically productive residents automatically led to the urbanization. This has occurred as the government and private sector partnered to provide facilities and infrastructure to support the masses.
The large numbers provide an ideal labor force that drives the economy. This ensures that labor costs stay affordable and readily available at all times. China has heavily invested in education so the labor force is highly skilled. This has also created new industries and occupation such as extensive research and increased specialist manufacturing. A cheap and skilled labor force provides the best circumstances for both local and foreign investors to set up. This was further encouraged in 1978 when the government formed a new market system. The previously dominant state control that placed the economy centrally has to stifle to personal investors. The government also handed over more than half of the control of the manufacturing to the private sector. The infrastructural assets also supported the industrial age. The railway system, road network and well-developed ports create a suitable environment for transport which fosters economic growth.
China has also benefitted from an upsurge of Foreign Direct Investment.(FDI). This is in part because of the stable political environment which ensures peace. The non-democratic system ensures that political climate is stable and decision making is simplified. The investors, therefore, deal with only authoritative leaders who are committed to the success of the nation. The government also offered tax cuts and other incentives that created the enabling environment for business. The ease of doing business in the country continues to attract investors. China also grows its export base by practicing outward FDI. Reports from as recent as 2015 indicate that China spent over 50 billion dollars in outward net investment. All these factors are supported by the geographical location of China which avails an abundance of raw material (Lu, 2018).
The factors that have fuelled economic growth and the rise of China are the same factors that limit its ascent to superpower status. Chinese ideals that govern conduct and business practices limit the extent to which the nation prospers. For example, Confucianism advocates for societal good over individual greed. This limits the ambition of stakeholders as they must provide leadership and guidance to all the citizens of the nation (Brooks, 2016). Furthermore, China's capital market is fluctuating and the government is not as liberal as it should be. The increasing population also contributes to the strain on resources and economy. Finally, China does not support democracy and a free market. It would require some adjustments to reach the level of the only other superpower.
References
Brooks, S. G., & Wohlforth, W. C. (2016). The Once and Future Superpower: Why China Won't Overtake the United States. Foreign Aff. , 95 , 91.
Chung, J. H. (2015). Assessing China’s power. In Assessing China’s Power (pp. 1-17). Palgrave Macmillan, New York.
http://news.bbc.co.uk/2/hi/asia-pacific/country_profiles/1287798.stm
http://news.bbc.co.uk/2/shared/spl/hi/asia_pac/04/taiwan_flashpoint/html/introduction.stm
Lu, N. (2018). The dynamics of foreign-policy decisionmaking in China . Routledge.
Wilsdon, J. (2007). China: The next science superpower?. Engineering " Technology , 2 (3), 28-31.
