China: A Major Economic Power?

For almost quarter of a century since the U.S. normalization of diplomatic relations with China and the beginning of economic reforms under the leadership of Deng Xioaping, two incidents virtually coinciding together, the PRC has achieved impressive, although not unprecedented, rates of economic growth. The future rate of growth of the Chinese economy will depend not only on continuing economic reforms, but also having a tolerable level of social unrest, and achieving a reasonable level of entrepreneurial and bureaucratic efficiency. On the international side, growth will require access to world markets for Chinese exports, continued access to foreign capital and technology, and regional peace. On current reckoning it seems that economic growth of anything between five and seven percent may continue for the forseeable future. This paper tries to analyze the problems and the prospects of China emerging as a major economic power and it's economic and political implications.