Abstract: ABSTRACT The stereotype of a backward is outdated at best. Today, after a record-breaking average of almost 10% annual real growth over the past two decades, is home to some of the largest consumer markets in the world and to local Chinese companies which are emerging as world-class players, capable of advancing the global high-bar for economic performance in many industries. Using four industries (aircraft, automobiles, mobile phones and housing) as examples, the author examines China's rapid economic transformation, suggesting that the tendency to talk down to should be replaced with respect for a global partner who has much to teach the world even as it continues to learn from others in the global community. JEL: O53; P27; R00 Keywords: China; Economy; urban development; economic transformation I. INTRODUCTION It is an honor to participate in this conference dedicated to promoting dialogue and improved understanding between China, Taiwan and the United States. I would like to congratulate the conference organizers for their efforts to promote such a worthy goal. In a time of tremendous change, it is even more important to keep lines of communication open and to continuously update our perspective. While this is true in every area of the world, keeping up with China's rapid rate of economic development is particularly challenging. Change has taken place so quickly in that attitudes and policies toward are often based on sadly outdated information. An appreciation for the size, dynamism and global sophistication of this China could at once facilitate the development of a more balanced perspective on China's potential role as a market, competitor and partner in the global economy and hopefully point toward a more productive relationship that can now be developed between and other countries including Taiwan and the U.S. This paper is offered with the hope that it can provide a small glimpse of the new and encourage conference participants to take a new look for themselves at how far has come in a very short period of time. II. NEEDED: A NEW MINDSET TOWARD CHINA The stereotype of a backward is terribly outdated at best. possesses one of the richest heritages of culture, enterprise, invention and wealth dating back more than a thousand years. While proudly conscious of this history, is not looking backwards as it builds a new economic reality. Today, after a world-record breaking average of almost 10% annual real growth over the past two decades, is home to some of the largest consumer markets in the world and to local Chinese companies which are emerging as world-class players, capable of advancing the global high-bar for economic performance in many industries. A tendency to talk down to must be replaced with respect for a global partner who has much to teach the world even as it continues to learn from others in the global community. A. Is a Developing or an Industrialized Country? As prepares for admission to the WTO and emerges as one of the world's economic superpowers, a continuing debate exists over whether it should be viewed and treated as an industrialized or a developing country. For astute students of the economy of China, the answer is quite clear. Yes, is a developing country and yes is an industrialized country. A reasonable assessment of must acknowledge both realities. B. In China, Meets Old Meet the new China. Fastest growing economy in the world during the decade of the 1990s. Soon to join the WTO. Sleek, modern market sought by almost every giant MNC in the world. Increasingly powerful member of the global community of nations. Home to what could become within the next 30 years, the largest economy in the world (Liu, 2001). Meet the New Beijing as posters celebrating the city's successful bid for the 2008 Olympics proclaim. …
Publication Year: 2002
Publication Date: 2002-06-22
Language: en
Type: article
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Cited By Count: 2
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