China: The New Leader of the World

China new leader of new
world

Table of Contents
INTRODUCTION....................................................................................................................... 3
REFERENCES......................................................................................................................... 13
............................................................................................................................................. 14

INTRODUCTION
Recognizing that global engagement, it has been evaluated that
leaders of China have been working for countering the backlash against
internationalisation (Cai, 2018). They are also engaged to reconfirm that
their commitment should be continued to reform and opening up. But after
disputes with largest trade partners like US due to some restrictions,
business of China has much affected, that raises a questions on whether this
nation is able to hold the position of new leadership (Gewirtz, 2019).
However, the achievements of China are undeniable where it is considered
as the fastest-ever expanded nation that gives employment to more than
850 million people. This would help them in escaping from poverty and
earning a sustainable life. Along with this, high investment in infrastructure,
education, science and technology has developed the living standard. The
present report is going to make an argument on whether China is able to
hold the position as a new leader in new market. For this purpose, a number
of articles and statistical data has been taken to outline the key discussion
points that supported with evidence.
The biggest industries in China
China is considered as the largest economy of the world as per basis
on purchasing power parity. In 2017, this nation has a GDP (Gross Domestic
Product) of $23.2 trillion where in recent decades, economy of respective
country has recorded as the fastest growth rate as compared with other
countries with an annual average of ten percent that has been recorded over
the last 30 years (Yang, 2018). Along with this, China after Asian country
holds the second biggest importer of resources or good, but received a top
position in the list of biggest exporter of commodities as well, where it has
exported amounting to over $2.09 trillion in 2016. Manufacturing industries
contributed the major role in enhancing economy of China by exporting the
largest products across the territorial regions (Mowlana, 2018). To maintain
this position, the industries of China has also accounted for 46.8% of GDP,
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which is attributed to intense investment for expansion of major industries
(The Biggest Industries in China, 2018). Along with this, manufacturing
industry of this nation also has experienced the tremendous growth within
the past century, that raise country's position from being a small-scale player
to larger manufacturer in global manufacturing. Furthermore, as a testament
regardless with booming industry in domestic area, China also has used more
cement in the period of 2011 to 2013, as compared with cumulative
consumption of US in the entire 20th century (Miller, 2019) . The total output
in terms of manufacturing in China, which is equivalent to near about 19.8%
of total global production.
China is also the biggest producer of cement, steel as well as chemical
fertilizers at global level, where from among the 10 largest steel producers of
the world, 6 are established in China, having production of more than 683
million tons (Fitzgerald, 2018). Along with this, in automobile sector, China is
also counted as the third largest producer in the world after US and Japan,
with the annual export of being estimated over $70 billion. This automobile
sector also has experienced a sustainable growth over few decades where
contribution in economy development can be measured in terms of increased
output from 1.45 million units to near about 13.7 million units in 2009 as
compared in 1995. Manufactured products such as automobiles, locomotives,
ships, textiles, automobile and electronics etc. account for over 94.3% of
$2.09 trillion of China's total exports.
China Overview – World Bank Group
As China began to open up its efforts in economic development,
therefore, its GDP growth has increased by 10% every year, that has lifted
the millions of people to come out of poverty. Today, this nation as per World
Bank Group, is counted as an upper-middle-income nation that also consider
as the second largest economy in the world (Rabushka and Kress, 2019).
However, its per capita income as expected is still below the poverty line for
upper-middle-income of US$5.50 a day. China is also lag in human capital
and labour productivity, where income inequality has been improved but
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