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China The Rise Of A New Power Paper Eco 360

1693 words - 7 pages

China 1 China PAGE 6
ChinaThe Rise of a New PowerThe article I read was entitled "The Rise of a New Power: A Communist Economic Juggernaut Emerges to Challenge the West", written by Richard J. Newman and published in the June 20, 2005 issue U.S. News and World Report. The article examines China's growing and changing role in the world, and the struggle by the United States to reconcile itself with the changes.The rise of China as a major player in the capitalist world-economy is likely to become one of the most significant developments in the first half of the 21st century. After more than two decades of consistently rapid economic growth, in terms of GDP, China now accounts for 12 percent ...view middle of the document...

For instance, on the box that the laptop computer I used to write this paper came in, Apple Computer proudly state that it was "Designed by Apple in California." If you read the small print, however, computer was actually built in China. The problem that I see with this trend is that manufacturing jobs used to be the backbone of the United States middle class. Today, however, many, if not most, American companies are sending their manufacturing jobs to other countries in search of less expensive labor costs, thus creating and building a middle class in countries like China, where none existed before.As China continues to develop its ability to play a leading role in the manufacturing industry, its new middle class will grow and prosper as America's middle class suffers. The article states, "China's consumer class, is spending like lottery winners on everything from bagels to Bentleys and will soon outnumber the entire U.S. population." Stapleton Roy, the former U.S. ambassador to China, is quoted as saying that China's explosive growth "could be the dominant event of this century. Never before has a country risen as fast as China is doing."Our elected officials in Washington have not quite figured out how to deal with the newly emerging China. Not only is China one of the United State's largest world rivals, it is a communist country of which Americans have little understanding. And of course, what we don't understand, we sometimes worry about and fear. A strong communist rival brings back unpleasant memories of the former Soviet Union, and many worry that China is following on the same path. Unlike in times past, however, when other world powers had a weak economy, China has become "flush with cash for missiles, satellites, and other advanced weapons."Every businessman these days has a dazzling statistic about China, meant to stun the listener, and they are an impressive set of numbers. China is now the world's largest producer of coal, steel and cement, the second largest consumer of energy and the third largest importer of oil, which is why gas prices are soaring. China's exports to the United States have grown by 1,600 percent over the past 15 years, while U.S. exports to China have grown by a mere 415 percent.Sometimes I really don't understand the decisions made in Washington by our government officials. Why would we, as a nation, grant a communist rival the coveted "Most Favored Nation Trade Status," allowing China to import as much as they want of whatever they want, when China places tariffs and restrictions on imported U.S. goods. It is my belief that we should place the same restrictions on imported Chinese goods as China places on imported U.S. Goods.As the article states, Washington and Beijing have been "lobbing verbal missiles over China's fixed exchange rate, which makes Chinese products even cheaper than they'd be with a floating currency." What is at stake in this economically dangerous situation are U.S. jobs and prosperity....

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