Description
Scitus Academics LLC China's contingencies and globalization by Ferdinand David
As China has become an increasingly important part of the global trading
system over the past two decades, interest in the country and its international
economic policies has increased among international economists.
There is no considerable account of China that doesn’t mark major contingencies.
China’s development has been significant, yet its further course
hinges on challenges across many terrains. Since this concerns the world’s
largest economy and a fifth of humanity, the stakes are large and China’s
contingencies take on a dramatic character. The contingencies have been
shaped by globalization; how China meets these challenges shapes globalization
in turn. The globalization speedily driven by the world economy has
been shaping the world in a profound way. With this mega trend, China was
able to break the bondage of the Cultural Revolution. It has taken a historical
step to initiate a set of policies conducive to reform and liberalization, with
modernization as its mission. Such a move has transformed China from a
planned economy into a socialist market economy. It leads China in further
opening up and integrating with the global economy, which will in turn
speed up the progress of modernization in the country. Over the past 20
years, China achieved significant economic growth. If China failed to make
such a decisive move, China would miss the golden opportunity to advance
its economy. In absence of such a sound external environment created by
economic globalization, the effectiveness of China’s open door policy would
have been lackluster.
This Book, China's contingencies and globalization, presents an emphasis
on the major constraints and transformations that China faces, primarily on
the basis of policy discussions in China. It discusses how these constraints
and China’s rebalancing policies narrate to globalization dynamics.
China has moved on from its growth and survival stage to its transformation
stage. The keynotes of China changing its model of development in the
post-crisis era are its transformation from a production power to a consumer
power; the notion that consumption-driven growth best embodies equitable
and sustainable growth; and the belief that urbanization, the integration of
urban and rural areas, along with institutional innovation, are the best
avenues to accomplish these transitions. Implementing this will slow growth
rates and run counter to powerful elite interests, so it is a long and winding
road.