China: Rising to Be the Next Superpower?

975 Words2 Pages

The rise in China from a poor, stagnant country to a major economic power within a time span of twenty-eight years is often described by analysts as one of the greatest success stories in these present times. With China receiving an increase in the amount of trade business from many countries around the world, they may soon be a major competitor to surpass the U.S. China became the second largest economy, last year, overtaking Japan which had held that position since 1968 (Gallup). China could become the world’s largest economy in decades. China’s economical strength comes from its international trades as the economy has grown to a rate of 10.3% in 2010. It has become the world’s largest exporter in the global economy. In the area of trade, three major strengths of China are 1) it is the single most important challenge for the European Union (EU) trade policy, 2) China is the second trade partner behind the U.S., and 3) it is the EU’s biggest source of imports by far with the dramatic increase in the EU-China trades over the recent years. The EU exports of goods to China were 113.1 billion Euros and in imports was 281.9 billion Euros in 2010. The service exports were 18 billion Euros and in imports were 13 billion Euros in 2009. China has also established trades with Australia. Recently, the two countries have been cooperating and assisting each other in industries such as agriculture, energy and minerals as they continue their free trade agreements (Jia Qinglin). China has also expanded their trading industries with countries such as South Korea, Japan, Taiwan, ASEAN, India, Russia and Hong Kong. This has not satisfied the Chinese greed for income as they also export and import goods to American countries, name... ... middle of paper ... ...side of any trade partner with China because of its desire for cheap labor which has cost America countless manufacturing jobs (Rendell) and thus, making China a worthy adversary to claim number one spot for the world’s best economy. Works Cited Becky Quick. “Stop The Beijing Bashing! The Health of the U.S. Economy Depends on Trades with China.” Source; Fortune 11/15/2010. Vol. 162 Issue 8, p76. Business source Elite ChinaTrade.com. “ China Pushing FTA negotiations with Australia. Jia Qinglin Editor April 8 2011. China’s Economy grows 100.3 % In 2010 Source : Arabia 2000, January 20 2011 Renee Montagne. “While the U.S. Economy Struggles, China’s Rises.” Morning Edition (NPR) , Nov 16, 2009 Willard E, Witte. “The U.S. Economy” IBR Indian Business Review: Winter 2003 Volume78. No4.

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