China is variously depicted these days as the economic saviour of the whole world, pulling us all out of the current economic crisis, or the economic devil incarnate, causing the demise of the West, and the US economy in particular. Which one is it?
While Europe and America’s economies are in turmoil, China’s economic growth is flying with dazzling lights. The Chinese government and probably other economies that benefit the red China marketmay be happy to see the prosperity and growing economy of the red country, but US and Europe may often wonder what negative consequences China's economic success will have for them.
Today, as the unending economic turmoil in Europe is wide spread-across the financial markets, everybody is hoping that China will offer financial aid to save Europe from sinking; fortunately, China has not broken their promise to extend their helping hand to Europe, however, due to the massive economic turbulence in European countries - Greece, Spain, Portugal and soon Italy will be experiencing problems - Europe is still in deep financial turmoil. In addition, many people are still expecting that the mighty U.S will offer financial help to Europe from the economic turmoil; however, this is will not be the case now, even the United States economy during the last 10 years has seen slow growth and poor stability.
According to a statement of the International Monetary Fund (IMF), forecasts show that China’s economy might be surpassing America’s by 2016, and thus it is likely that American leadership will be over.
So, what is the impact of China’s economic growth on the United States? Is China’s economic success a threat to the United States?
It is true that the U.S has solid strength and a good foundation of knowledge about the economy, and thus has still has a great potential to remain a global leader, whereas China has low income levels and a high rate of unemployment. However, the United States should not take this issue for granted, having been a developed and powerful country before but a sinking economy at the present, is not ideal for being a leader in the near future.
China’s development somehow gives fear to other people. This is perhaps because China remains an authoritarian Communist state; and many countries, especially United the States, believe that one day China’s economic dominance will threaten the security of the United States or other countries.
The last past few years, China has seen an accelerating fast growing economy. However, it doesn’t mean that in the next decades China’s economic growth will not affect the stability and leadership of the U.S government. However, as China’s economy continues to stabilize, and their role will broaden in international affairs, there will be a big possibility that one day China will be one of the leading countries that will hold an important role among other countries.
I remember that few weeks ago, I read a news story about a 30 story hotel building in China that was built in only 15 days. It is indeed a remarkable effort; the builders believe that this building will withstand a 9.0 magnitude earthquake. You can also say that this 30 story building represents China itself. A big country that economically grow rapidly in modern times; undeniably, China has a lot of potential but countries like the U.S and the U.K should not be frightened by growing power of China, because they were already stabilized and grown before these new kids on the block have started developing their own growing market.
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