Posted: September 9th, 2022

China’s Rise as a Global Economic Superpower

China’s Rise as a Global Economic Superpower
The past few decades have seen major changes in the world systems. Among them has been the rise of China as a superpower in the world. Indicators from the International Monetary Fund (IMF) indicate that China has the second-highest gross domestic product (GDP), standing at 13.4 trillion dollars, closely behind the United States (“Countries with the …”, n.p.). The economic rise of China to a superpower was fuelled by economic reforms enacted nearly forty years ago. Before implementing the economic and trade liberalization reforms, China maintained centrally controlled, inefficient policies, stagnated the nation and isolated the country from the global economy.
Change of trade and economic policies catapulted the nation’s economy. The adoption of foreign investment and marketing and the implementation of the free-market reforms in 1979 resulted in China becoming among the fastest-growing economies. By 2018, the country had a GDP growth that averaged 9.5%, a fate that the World Bank described as the fastest sustained expansion of a critical economy ever experienced (“China’s Economic Rise …”, n.p.). The rate of growth enabled China to double its GDP every eight years. As a result, China rose to be among the world’s largest economies on purchasing power basis, merchandise trader, manufacturing, and foreign reserves holders. The US has China as its largest trading partner, making it its most significant import and third-largest export market for the US.
Moreover, the decision to leave the Soviet sphere of influence and open up to the free world influenced China’s growth. US President Richard Nixon initiated the country’s exit from the Soviet influence allowed China to open up to the eastern world (Kamrany and Jiang, n.p.). Also, western world influence on China made the country modify its political, economical system to a unique system that allowed the private enterprise market economy. The political system also changed to a one-party state. The changes adopted were both politically and economically prosperous and helped China in global trade and international peace.
Additionally, China’s shift in its economic strategy influenced its rise to dominate world economics. In the early 1980s, China adopted the export orientation strategy from the self-sufficiency approach. The transition was crucial in facilitating growth in national GDP. Moreover, the country started developing its local consumer market for the future. In 2014, China signed a multibillion-dollar contract with Russia on natural gas, which is a significant step towards fulfilling its energy demand (Kamrany and Jiang, n.p.). Besides, the country is also developing its non-fossil energy for local and export purposes. Thus, China’s international trade orientation is a significant factor influencing its rise to a global economic superpower.
Furthermore, China’s population policy is a significant factor that has influenced its economic growth. Successful control of the population through the one-child policy is the ultimate hallmark of China’s long-term economic growth. The country’s development is closely related to its people (Kamrany and Jiang, n.p.). However, its age distribution may cause problems related to the workforce, which may affect productivity. The policy is linked to the population policy in Europe in the 18th century that resulted in the industrial revolution. Therefore, the one-child policy in china influenced its economic growth.
In conclusion, various factors influenced China’s rise to a global economic superpower. The adoption of favorable economic policies facilitated local and international trade. The country’s shift from the Soviet sphere of influence and opening up to the western world enabled international business and political and economic policies. China’s international trade orientation and its strict population policy influenced its rise to a global economic superpower.

Works Cited
CNBC News. Countries with the highest GDP in 2020: the US is No 1, find out where India ranks. 18 March 2020. 28 February 2021. .
EveryCRSReport. China’s Economic Rise: History, Trends, Challenges, and Implications for the United States. 25 June 2019. 28 February 2021. .
Kamrany, Nake M. and Frank Jiang. China’s Rise to Global Economic Superpower. 02 February 2015. 28 February 2021. .

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