Now that we have completed our unit on postclassical China, we now should have a real appreciation for and understanding of China's lead role in building an emerging global economy as early as the Tang-Song period. In the early 21st century, it is the opinion of many that China is making a comeback to that central role it once possessed, and that this next century will be the Asian century, with China as the leader. However, the current financial crisis has put a question mark next to the economic futures of several countries, including China's. The reality is that China's economy is very much tied to the economy of the United States, which is at the center of the crisis. We would be greatly mistaken to think that China is not being effected by this GLOBAL financial crisis. So as we reflect on China's past, it is important to tie what we know so far about China's history to its present and future. This morning in the New York Times, an excellent article was featured on the front page highlighting China's role in the global economic crisis, China's plans for dealing with it, and some speculation into what China's political and economic role in the world will be in the coming decades. I think that you'll find that, when reading this article, so much of what we've learned about China already plays a role in fully understanding China in the 21st century. As I always say, history is not about the dead, it's about understanding the living. Please click here to read this article. I would like for you to think about and discuss here the following: What evidence do you see of Chinese customs of the classical and postclassical periods still playing a role in Chinese society today? How do you think such customs will effect China in dealing with this current crisis? In looking at the situation objectively, in your opinion, given current global circumstances, where do you think China is going in the coming decades? Your thoughts...
Thursday, October 23, 2008
China, An Engine of Growth, Faces a Global Slump
Now that we have completed our unit on postclassical China, we now should have a real appreciation for and understanding of China's lead role in building an emerging global economy as early as the Tang-Song period. In the early 21st century, it is the opinion of many that China is making a comeback to that central role it once possessed, and that this next century will be the Asian century, with China as the leader. However, the current financial crisis has put a question mark next to the economic futures of several countries, including China's. The reality is that China's economy is very much tied to the economy of the United States, which is at the center of the crisis. We would be greatly mistaken to think that China is not being effected by this GLOBAL financial crisis. So as we reflect on China's past, it is important to tie what we know so far about China's history to its present and future. This morning in the New York Times, an excellent article was featured on the front page highlighting China's role in the global economic crisis, China's plans for dealing with it, and some speculation into what China's political and economic role in the world will be in the coming decades. I think that you'll find that, when reading this article, so much of what we've learned about China already plays a role in fully understanding China in the 21st century. As I always say, history is not about the dead, it's about understanding the living. Please click here to read this article. I would like for you to think about and discuss here the following: What evidence do you see of Chinese customs of the classical and postclassical periods still playing a role in Chinese society today? How do you think such customs will effect China in dealing with this current crisis? In looking at the situation objectively, in your opinion, given current global circumstances, where do you think China is going in the coming decades? Your thoughts...
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After reading the document, it seems more people are looking to China as the center of hope, and the center of the economy on the global scale. In coming years, with the existence of this crisis, China will mimic its post-classical period and begin to focus a lot on its economic power, and increasing the availability of jobs, and depending on internal economy to raise demands for supplies, since external economics is deeply declining. However, with China used as "the world's workshop", because of its low costs of production, causes income rates in China to remain very low. The only money Chinese citizens can save up are used for medical crisises, or a "thin cushion for old age". So depending on internal markets won't be of much help, and with the increasing global economic crisis, China can't depend on other countries to truly aid in their own crisis. In the coming years, China will have to try and help other countries recover from this slump by, possibly, performing as one paragraph mentioned in the article..."Some Chinese experts are suggesting that China could use more of its foreign reserves to purchase stocks in Western companies and even as leverage to gain positions on corporate boards. Doing so, these experts say, would allow China to develop expertise and gain more experience in global business."
I strongly believe that China will come out of the recession a much more powerful country thanthe US. I think over the next couple of decades, China wil have the strongest military, and economy. I still think the US will have a bigger cultural influence on the world and a rivaling military, though.
Actually Greg, I must disagree...Did you read the second page? It states the amount of issues China is facing and even in the last paragraph it states...
“China doesn’t want to be viewed as a replacement for the States,” said one Chinese scholar who requested anonymity so that he could discuss the mind-set of government officials. “We are still a developing country. We have more foreign reserves than other countries, but we also have more problems.”
So I must disagree with you there, but China will definitely remain a strong economic force for the remaining years, but I don't think it will ever truly surpass the United States. I don't mean to seem bias either, because it won't surpass other superpowers like Europe, or Canada.
The document said that the tuition and school fees need to be lowered so that people can get into them reminded me of the civil service exams in postclassical china.
I kinda agree with greg hicks. I do think China will come out of the recession a stronger country and eventually become stronger than the US but i think we r gonna fall because of our own stupidity. Although, there is always the pollution problem in China that definitely needs a lot of work and could potentially hurt them as well. kinda off topic lol but had to add it in there.
it seems as though China may be headed in a similar direction as we are,--- toward economic failure, though maybe not quite as severely or extreme. However,since China owns half the world, i think it will recover quicker and better because it will have help from countries that need china for their own survival.
I think people trust china too much. After all china's economy is not not global. Everything integrates together. In few decades there won't be disctint superpower due to globalization
it seems like china is in a little bit better of a situation than ours. but they have not been in this situation as long as we have. so they could end up in a much worse situation than us.
since China is in a better economical situation than we are in today why don't they learn from our mistakes and not let history repeat itself?
i think that china is going to have a really hard time if they continue to have the mindset that the world needs china that china doesnt need the world. because even though it is one of the leading exporters and manufacturers it has to have someone to export those things to and if societies are having falling economies china eventually will too because countries will start to import things from china less and less causing china to go into and economic slump like the rest of the world because exports are one of its main resources of econumic prosperity.
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