China in 2020: A New Type of Superpower (Thornton Center by Angang Hu

By Angang Hu

The quick speed and grand scale of China's upward thrust have produced a heady mix of ask yourself and consternation within the West. Is China on course to turn into a superpower? What could that suggest for the remainder of the area? Economist Hu Angang ways those questions via research of 3 significant dimensions of China's upward thrust: its total fiscal and social improvement; advances in schooling, technology, and expertise (including substitute energy); and the most likely problems posed by means of source shortage, environmental degradation, and weather switch. After 3 many years of unparalleled fiscal progress, China is now domestic to the world's second-largest financial system. it's the world's greatest exporter and its second-largest customer of strength (as good as #1 in carbon emissions). Extrapolating from those seismic adjustments, Hu forecasts that by way of 2020 China turns into a "mature, dependable, and tasty superpower" that might give a contribution, along the ecu Union, to the "end of the unipolar period ruled by means of the United States." China in 2020 offers a local chinese language standpoint at the demanding situations and possibilities that Beijing will face as its international footprint expands. via a meticulous exam of China's improvement trajectory, Hu Angang explains how his nation—as the world's greatest rising market—will influence worldwide monetary progress, international direct funding flows, strength intake, and carbon dioxide emissions. He proposes a entire strategic framework to steer the subsequent degree of China's upward thrust, trying to maximize the country's confident impression at the international and reduce the detrimental externalities of its meteoric improvement.

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Extra info for China in 2020: A New Type of Superpower (Thornton Center Chinese Thinkers)

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48 China’s rapid development in infrastructure, especially some of its state-of-the-art transportation projects, are not only the envy of other developing countries but have also become showcases for developed countries such as the United States. This newly built transportation infrastructure will promote commerce, both domestically and internationally, making China more competitive in the world economy in the years and decades to come. Emerging Middle Class Hu Angang and other Chinese scholars who are optimistic about China’s continuing growth often stress the great significance of the rapid emergence and explosive growth of the Chinese middle class.

According to Gregory C. ”33 Many international institutions and scholars found it very difficult to accurately forecast not only China’s actual economic growth but also the forces driving it. Thus far China’s rapid economic growth has lasted thirty-two years. The economic rise of the United States, Japan, and South Korea lasted forty-three years (1870–1913), twentythree years (1950–73), and thirty-one years (1965–96), respectively. How long will China continue to grow? What will China rely on to drive and maintain its growth?

As for the meteoric rise and ever-growing power of China’s large SOEs on the world stage, the critics believe that the oligopoly of SOEs not only jeopardizes the commercial interests of foreign companies but also hurts the country’s own private enterprises, thus detracting from the long-term potential of China’s market economy. 64 The impressive growth of China Mobile has been attributed, at least partially, to the company’s monopoly of telecommunications in the Chinese domestic market. indd 32 3/22/11 4:00 PM introduction╇╇ xxxiii flagship companies to pursue technological innovation.

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