The Benefit of the Rise of China

The Chinese economy has contributed positively to world economic growth for decades, with a pivotal role during the global financial crisis. China’s integration into the global economy has brought one-fifth of the global population into the world trading system, which has increased global market potential and integration to unprecedented levels. However, as China’s role in political and economic issues increases, many believe that the rise of China will bear more disadvantages than advantages, while others believe that nothing but good can come from the creation of an additional global superpower.
The debate over China’s economic growth began 2007, when Wen Jiabao described the Chinese economy as, “strong on the surface, but beneath the surface it is unbalanced, unstable, uncoordinated, and ultimately unsustainable.” It was this description that essentially underscored the realization that China’s highly successful “producer model”, which was powered by exports and fixed investments, had outlived its usefulness. This eventually led to several leaders attempting to somehow save the crippling economy.
China’s phenomenal growth keeps the world’s economy afloat. By embracing the market, China has multiplied its economy significantly over the past decades. This has empowered millions of consumers eager to buy foreign goods. The Chinese Miracle or the Chinese Economic Boom saw thirty years of growth averaging over eight percent. Due to the fact that growth has recently decreased to seven percent, many people believe that China must now be cautious and avoid the “middle income trap”. China’s rise is believed to offer boundless opportunities, and as numerous countries begin to notice this, China’s economy continues to expand rapidly.
A significant fear of China’s rise however, is its military power. China’s military budget has grown even faster than its GDP, averaging over twelve percent for over a decade. The 2.3 million strong People’s Liberation Army is rapidly...