The growth of China is becoming more and more evident by the day. It is already the world's fastest growing economy and the second largest holder of foreign - exchange reserves. The Asian country not only has the current largest army but the fourth largest Defense budget, making it a possible threat to America's potential economic overtake. The country's rise in world economy also effects other countries by bringing new prospects to their economies.
For example, cheap imports from China have saved American consumers billions of dollars. The Chinese have also allowed American manufacturers to continue borrowing and spending, disregarding the belief of consumerism in order to maintain the world economy. With it's dramatic policies and economic reforms China has built itself up into a complex society based mainly on commerce. It's original culture has generally un - changed but the mass consumerism has significantly transformed. The Chinese government has modernized the economy without changing the culture of its people. China has the fastest increasing growth rate for a major economy.
With its massive population of approximately 2. 5 billion people, China has become an influential central planner for third - world countries. It's economy has opened to foreign exchange, investment and trade; establishing its ideas of a market - friendly system. It does not give out large amounts of power and enforcing more free - market reforms into society. The rising of china as a global power should not be issued as a threat. It's growth should be seen as an opportunity to strengthen and uphold the world's economy.
With the aid of Asian countries the commerce of the world may finally balance out and help sustain American consumerism.