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Will China be the Next Superpower?

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Will China be the Next Superpower?

 

Introduction

China is distinguished as the world’s most populous nation with an estimated population of 1.4 billion people. It has the biggest military unit and according to the latest IMF rankings, runs the largest economy on the globe. Furthermore, the rapid growth in GDP is attributable to the country’s communist ideology that seeks upward mobility for all of its citizens. It has gradually but steadily enhanced its profile in global affairs while facing stiff competition for dominance from the United States, which has maintained the lead role for many decades. Recent events indicate that the duel between the two countries will be decisively concluded. China will be the next superpower owing to its massive sociocultural, political and economic developments that have been institutionalized locally and internationally.

 

Migration

China has aggressively pursued exchange programs with several countries for its citizens. Specifically, these tours seek to understand each other’s distinguished culture. The nation, therefore, according to Jinag (2014), boasts of a large overseas pool that has facilitated the export of Chinese culture in several geographical locations. Additionally, intense lobbying for Mandarin’s acceptance as an international language has been successfully embraced in vast regions to rival the English dialect. More people around the world have enhanced their interest in the Chinese culture and uniqueness. China’s stature and assimilation of its culture in overseas jurisdictions have cemented its position as a leading form of civilization that can coexists with other ethnicities. A vast majority of the Chinese are employed in integral sectors of their host countries. For example, some are employed in various sectors such as banking, real estate construction industry, policy-making organizations and entrepreneurial outfits. This provides them an opportunity to drive different agendas that have a serious influence on global events.

 

Health

Provision of healthcare within China has received vital government intervention following the implementation of the 2009 reform package. The state invested EUR 140 billion into the creation of a countrywide essential drug scheme, free medical insurance coverage, free health service program delivery, refurbishment of public hospitals and the enrolment of a grassroots medical cover awareness campaign. These initiatives have made healthcare easily available and affordable to many Chinese from all economic classes and helped to increase their lifespan. This is seen in some instances such as the acceleration of primary care admission which provides a better chance of saving lives and protects the level of production. In fact, health sector reforms have contributed to the growth of medical tourism, making China the preferred destination for medical emergencies by foreigners. Such quality healthcare improves the lives of its citizenry and reassures them of longer survival in the global arena.

 

Technology

Superior technological advancements nowadays originate from China. Sherer (2009) suggests that the nation’s insistence on the importance of science has enabled its citizens to develop several innovative machines that would rival other states. For instance, it has a higher intellectual capacity for quantum information science than the US which has propelled its desire for attempting a moon landing. Supercomputers are routinely being designed, produced, assembled and used within the country while the surplus is sold at the global market. In achieving this, the government has subsidized the production of semi-conductors, lowering its cost and enhancing a faster supply chain management system that has slowly overtaken America’s dominance of the industry. Analysts predicted that China’s investment in research and development will also surpass the US by the year 2020. All of these advancements indicate that China controls a significant share of the technology business irrespective of the destination of the machines for use by different clients. It is therefore plausible that at this rate, in just a short period of time, most devices will have a “made in China” insignia.

 

Economy

China has altered its foreign policy by placing a huge premium on securing infrastructural development contracts and minimized the issuance of harsh conditions for repayments to allied nations. As such, it has won several multibillion tenders, especially in Africa that bolster its revenue generation streams. Yaghmaian (2012) notes that the People’s Bank of China has consistently pursued a simplified value-added-tax (VAT) regime, which managed to have shifted its focus from emphasizing exports to prioritizing the local demand and rebalancing its growth model from making investments to consumption-related activities and swapping manufacturing for services. These fiscal policies have ensured that the country creates a robust domestic market while diversifying its liquidity through the provision of external loans to countries such as the US. Over time, China has reaped dividends from this strategy because its GDP is higher and its position as the leading economy serves to reinforce its powerful status. Minimal fluctuations in its currency have helped to stabilize its domestic market. For instance, China had minimal disruptions in its economic structure during the global financial crisis courtesy of a diversified portfolio and strict fiscal discipline under the supervision of the People’s Bank of China.

 

Energy

Rapid economic expansion within China has necessitated the need for greater energy production to sustain the growth prospects. 70% of the nation’s energy consumption is dependent on the industrial sector. This outcome has stalled global efforts to reduce pollution levels because China is forced to rely on coal. Stiglitz (2014) asserts that the overwhelming effect of using non-renewable energy sources has occasioned a rise in pollution, denting the image of the country. The government’s reluctance to reduce VAT has aided in the proliferation of the practice and derailed achievement of climate change objectives that were agreed upon by many international partners. It is; however, laudable that China has embarked on a transformative agenda of examining proper urban planning mechanisms to promote the construction of energy-efficient buildings. Such interventions would help alleviate its reliance on coal and create a conducive environment for the growth of environmentally friendly businesses.

 

Education

The installation of education in development policy has seen millions of children gain enrollment in various schools across China. For example, the nation had approximately 200 million students studying full-time in 2012. China’s commitment and investment in public schooling have ensured that literacy levels are uplifted throughout the country. The curriculum is laden with physiological exercises that promote unity amongst the different ethnicities. As such, a majority of the population is highly educated and worthy of formal employment. Additionally, this environment facilitates the availability of a highly-skilled labor force that is vital for spurring economic growth. Outsourcing of this workforce is a common phenomenon which helps to underscore China’s stance and reputation in the corporate world. Major discoveries and innovations also originate from its populace. Such high-profile findings are often revolutionary and tend to drive global market trends. In fact, they build the country’s reputation as the future source of global products.

 

Infrastructure

Examination of the Chinese landscape reveals major infrastructural developments. Modern electric railways, state-of-the-art airports, durable highways, well-equipped hospitals and different social amenities are among the significant advancements that dot major cities such as Beijing and Hong Kong. These facilities ensure a faster movement of goods and services. Yueh (2010) posits that the transportation sector employs millions of people, while the expansion of different provinces has accelerated linkages to vital social amenities that are much-needed by the growing population. Unique architectural designs displayed by the various sites have become tourist attractions especially from developing nations that in turn replicate the same in their own home countries. The nation receives higher tourism revenue from such visits. It also experiences challenges owing to unprecedented population growth after the lifting of the One-Child policy, but China’s resilience has managed to navigate its way forward.

 

Conclusion

Despite the US being the only superpower for a very long time, China has persistently become its new challenger by using different macroeconomic mechanisms. It has embraced a transformative economic model that reduces expenditure by having fewer intrusions into the private sector, invested in progressive educational standards for all citizens, created a national health scheme that guarantees quick and affordable medical attention and expanded infrastructural development to ease the living standards of the populace. It has further rigorously marketed its tourism industry and actively sought mutually beneficial partnerships with several developing countries. The nation has modernized its military capabilities to rival those of other states and increased its humanitarian role in global conflict-resolution. The presence of its citizens in several foreign countries, universal approval of Mandarin as an international language and placement of Chinese nationals in vital sociopolitical institutions globally has facilitated the rise of China. In fact, the edging out of the US in 2014 as the leading economy signifies China’s ascent to the pinnacle. China has become more stable, likable and powerful which indicates that it will surely be the next global superpower.

 

 

 

 

 

 

 

References

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Jiang, F., 2014, January 3, “China’s Rise to Global Economic Superpower,” Huffington Post, Retrieved https://www.huffingtonpost.com/nake-m-kamrany/chinas-rise-to-global-eco_b_6544924.html , 1.

Scherer, S., 2009, China, Greenhaven Press, 50 p.

Stiglitz, J., 2014, December 9, “The Chinese Century,” Vanity Fair, Retrieved from https://www.vanityfair.com/news/2015/01/china-worlds-largest-economy , 1.

Yaghmaian, B., 2012, The Accidental Capitalist: A People’s Story of the New China, London: Pluto Press, 41 p.

Yueh, Y., 2010, The Future of Asian Trade and Growth: Economic Development with the Emergence of China, Routledge, 37 p.

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