Economic Issues Associated with Communist China and Their Relationship with Africa as a Result.
Economic Issues Associated with Communist China and their relationship with Africa as a Result.
Introduction
The importance of this topic is vast due to the fact that China is one of the fastest growing economies in the world, being part of the BRIC countries which are synonymous with emerging markets and economic growth. According to Chow (2002, p252) “the exponential rate of growth was 9.7%” in the time period of 1978 to 1998 which substantiates that China’s economy is one of the fastest growing when compared with other rates of growth among other countries. China possesses the title of the chief exporter and second highest importer in the world, therefore the success of their economy directly influences the rest of the world. This topic is very important to modern day economists due to the fact that China has become a ‘major player’ and has the ability to one day eclipse the United States of America as the primary leader in the economic field. With that responsibility certain obligations occur such as having ‘clout’ when issues are raised and that China will be potentially seen as a World leader in the mould of the US.
When contemplating international economic issues associated with China, It is essential to note that the People’s Republic of China is a single-party state, with governance of the communist party coming as a result of the Chinese civil war. The direct years after the communist party usurping power, China’s economic growth stagnated and faltered due to the leadership of Mao Zedong. It has been referred to as “chaotic” and although stringent rules and regulations where-ever-present in the early years under Mao, they have relaxed since his death in 1976. If his death had a large effect on the economy of China so too did the 1978 reforms that allowed for a freer market place and encouraged growth in rural areas. This has resulted in new urbanised areas, outside of the major cities. With this increase in urbanisation comes the need for materials
Introduction
The importance of this topic is vast due to the fact that China is one of the fastest growing economies in the world, being part of the BRIC countries which are synonymous with emerging markets and economic growth. According to Chow (2002, p252) “the exponential rate of growth was 9.7%” in the time period of 1978 to 1998 which substantiates that China’s economy is one of the fastest growing when compared with other rates of growth among other countries. China possesses the title of the chief exporter and second highest importer in the world, therefore the success of their economy directly influences the rest of the world. This topic is very important to modern day economists due to the fact that China has become a ‘major player’ and has the ability to one day eclipse the United States of America as the primary leader in the economic field. With that responsibility certain obligations occur such as having ‘clout’ when issues are raised and that China will be potentially seen as a World leader in the mould of the US.
When contemplating international economic issues associated with China, It is essential to note that the People’s Republic of China is a single-party state, with governance of the communist party coming as a result of the Chinese civil war. The direct years after the communist party usurping power, China’s economic growth stagnated and faltered due to the leadership of Mao Zedong. It has been referred to as “chaotic” and although stringent rules and regulations where-ever-present in the early years under Mao, they have relaxed since his death in 1976. If his death had a large effect on the economy of China so too did the 1978 reforms that allowed for a freer market place and encouraged growth in rural areas. This has resulted in new urbanised areas, outside of the major cities. With this increase in urbanisation comes the need for materials
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