China's Dominating Growth Story

The US is concerned about China's arbitrary behaviour and increasing regional domination after 40 years of rapid economic and military development. China's control of global markets, its increasing nuclear weapons capability, the developing nations' debt to China, their continuous attempts to unlawfully expand their boundaries, and suddenly the corona bombardment from China.

When, how, and where was it born in China?

He refuses to be probed. China isn't ready to let an American medical and scientific team inside its lab. China's efforts boosted the US meter. 'We couldn't even travel to the Chinese laboratory,' told US President Joe Biden last month in southwest England.

President Biden is worried because it is still unclear if the corona virus infection came from bats to people or a Chinese laboratory. China continually misleads the globe. He doesn't want outsiders scouring his labs.

Corona has cost the world, especially the United States, millions of lives and billions of dollars. But China, which has brought the globe to its knees, swiftly quelled both the storm and the economic crisis.

The two-year prohibition on corona-caused illnesses has not led to a worldwide economy, but it has increased hunger, unemployment, and fatalities, while China's economy grew at a record pace in the first quarter of 2021. In the first quarter of 2021, China's GDP grew 18.3%.

While the rest of the globe struggles with poor demand, job losses, and company closures, China is the only country experiencing such a surge. The record increase is attributed to strong export and local demand, as well as continuing Chinese government support for small companies.

China continues to develop by combining technology and physical labour. His people are not captives to technology or religion. China's civic society works hard. All the young people there are educated, technologically savvy, and involved in some cottage enterprise.

Like India, China has a long and rich history. He's been killing foreign troops for ages. After years of hardship, China is finally shining on the global map. He is confident because he turned every negative into a good. He did not plead with the world for more people, but to put them to work, feed them, and raise them out of poverty.

China brought education and technology to the rural hut to ensure no one was left behind. The world is astonished by China's fast development in the past 30-35 years; India gained independence in 1947 and China in 1949. As a measure of economic growth, China and India ranked first in 1980. After almost 34 years, where are we and where is China in terms of per capita income?

But China's difficulties without democracy are no less. People there have little freedom. People can't make their own choices. In China, there is no such thing as a fair court. Pollution in China has gradually grown with little opposition. But it doesn't imply China has nothing to teach us. Now it's up to us to learn from China.

Between 1981 and 2013, China pulled 680 million people out of poverty. Never before have so many individuals risen from poverty to riches.

China's exports were just $10 billion in 1978, according to the London School of Economics. It increased from 35 billion dollars in 1985 to 4.3 trillion dollars in two decades. At the same time, China became the world's biggest trader. Millions of Chinese people benefited from economic changes. Moreover, as poverty decreased in China, so did educational standards. By 2030, 27% of Chinese employees will have a university degree.

It's hard work and battling in Chinese cinema and literature of the same period. The fight was poverty and slavery, which China conquered. China has become the world's top exporter. He also has an ego. He's a rising economic power. China's economy is growing. There is no other example of such power in human history. After all, why is this happening? After all, what did China do to emerge in the world's markets?

In 1978, China started to develop. Previously, China was labeled a communist state. That is, no one possessed private property rights. The state owned it. Above all, Mao Zedong's communist philosophy and policies ruled. From 1966 through 1976, Mao Zedong led an anti-capitalist campaign that destroyed China's political and economic structure.

Deng Xiaoping's power grew after Mao Zedong died in 1976. During the Period of Adjustment, he sought to decouple China's economy from communist politics. No need to seek foreign technical assistance opened up international investment opportunities.

Deng Xiaoping started to strengthen China's international ties. This was all evidence that the US recognized China's communist regime in 1979. China also improved ties with the UK and Japan.

Importers in China are accommodated. Yiwu , a city located 300 kilometres from Shanghai, exemplifies this. Yiwu 's stores are the only ones. Nothing is missing. From children's toys to Lakshmi and Ganesh, there is something for everyone. With almost 7.50 million stores, Yiwu is the world's biggest wholesale market. There are so many stores that visiting each one and inspecting the products would take an entire year. The shops are brimming with toys, clothing, cosmetics, hardware, jewellery, and leather goods. This has occurred. Additionally, there will be Santa Clauses of various sizes and quality, as well as a Christmas tree and Christmas lights.

Indeed, Yiwu 's wholesale market acts as a channel between the plant and global importers. Orders are raised in factories, and products are shipped straight to the customer from the manufacturer. The construction of such a big market in Yiwu began about 12 years ago. China's motivation was obvious. China constructed factories first and then arranged for their goods to be marketed.

Importers are not required to relocate, and factory owners are not required to find purchasers. Wholesalers from India go to China's Yiwu city in quest of cheaper costs and more earnings. Indian merchants visit Yiwu in such great numbers that a whole street is lined with Indian eateries and motels. The city is home to fifteen large Indian eateries. In China, there is a business formula. There is no agreement left undone, and no bargain is damaged.

While China did not allow people's difficulties to impede its growth, it did produce individuals who became the ladder for China's development, i.e., skilled labour or human capital. When China's economic reforms began, a particular emphasis was placed on educating people in order to create as many skilled craftsmen as possible. This may be shown in the fact that China has the largest number of vocational institutions in the world, with over 13,000. China's small and medium-sized enterprises have expanded significantly as a result of the development of skilled labour. Today, small and medium-sized businesses account for about 68 percent of China's exports.

China's medium and small-scale industries are very powerful. The states there see how increasing amounts of loans may be made to small size industries in their own state, as well as how tax benefits can be provided. The way land and power are distributed to small and medium-sized businesses, as well as the atmosphere and amenities offered, are unparalleled in the world.

It is very simple for any foreigner to establish a corporation and do business in China. Additionally, despite being a Communist nation, China lacks strict labour regulations. This, however, sometimes results in China's censure.

At last month's G-7 meeting, US President Joe Biden pledged to push democracies to boycott China over its bonded labour practices, but China also announced a worldwide infrastructure plan to compete with China.

Alternatively, on the subject of preventing China from abusing human rights, merchants see cheap labour or bonded labourers as a significant factor in China's growth. They may suffer many severe penalties, but they are not opposed to these constraints on the country's development. For example, under Chinese legislation, if a worker from one province works in another, he is unable to support his family, and if he does, his kid will be denied access to school and health care.

The One Belt One Road initiative, also known as the Silk Road Economic Belt and the 21st Century Maritime Silk Road, is Chinese President Xi Jinping's audacious ambition to dominate the world stage. It is a Chinese development model that places a premium on connection. This will link Asia, Europe, and Africa through land and water via roads, trains, ports, pipelines, and other infrastructure.

China's goal with the 'One Belt, One Road' initiative is to impose its control over Asia and the rest of the globe. China has also enjoyed a material surplus throughout the years, including steel, cement, and building equipment. China also wishes to consume this stuff as part of this endeavour.

Additionally, this plan has the potential to undermine India's supremacy in South Asia and the Indian Ocean. China will impose arbitrary requirements on member nations via bilateral agreements, financial aid, and loans, thus cementing its domination in member countries' markets. Without a doubt, China will be able to use the plan to trap nations across the globe.

Notably, several African nations, like Sri Lanka and Pakistan, have already succumbed to China's economic hegemony. A Pakistani publication emphasized the danger posed by China's initiative. He thinks that the initiative would have an effect on the majority of Pakistan's economic sectors.

Deng Xiaoping's economic philosophy prompted this significant shift in Chinese foreign policy. He thought that for China to become fully socialist, its economy must first be powerful, which can only happen if China's closed economic system is opened to the world. Deng Xiaoping defined socialism as eradicating poverty. But poverty is not socialism, but equally benefiting everyone is. Deng Xiaoping's ideas helped China become a global economic power.

Mao Zedong, Deng Xiaoping, and Xi Jinping are recognized in strengthening China. 40 years after the economic revolution, China is again going forward under Xi Jinping's strong leadership.

According to the World Bank, China exports almost 40% of global textiles. China has become the world's largest manufacturer, a key area of capitalist wealth creation. China has therefore surpassed 110 years of US industrial dominance. China produces almost half of the world's crude steel. China now produces 80% of the world's air conditioners, 70% of phones, and 60% of shoes.

Lao Tzu, China's great thinker, said that 'even a journey of thousands of miles requires the first step.' This was done in 1978. China opened its doors to international investment and boosted its aging population. Industries grew and enticed international investors with low-cost labour.

China has become the world's top exporter. His products are distributed worldwide. Due to the same exports, China has the most foreign currency reserves. Those who shaped China's history developed economic policies for the same reason. An economy with high foreign investment and a reliance on exports.

Shenzhen city's SEZ (Special Economic Zone) has played an essential part in China's growth paradigm. Shenzhen makes them for mobile and TV. LED TVs from Higher Toshiba and JBC are made in Shenzhen.

China has six SEZs, including Shenzhen. The sage is huge here. Unlike in India, where sage grows on just 10 hectares, no Chinese SEZ is less than 30,000 hectares. Indeed, China accomplished everything massively.

Following the SEZ, China established SEZs in each of its provinces. A development zone has product factories. So, if one Chinese state is renowned for toys and the other for hosiery,

Global corporate houses as well as numerous Indian businesses have significantly invested in China. For example, Mahindra Tractor decided to build a plant in Yancheng, China. Many small investors felt it was preferable to build a plant in China than in India. Jackie Bhagnani owns a factory in Yancheng.

According to Bhagnani, China's infrastructure is excellent, and the government and merchants are amicable. There, choices are made swiftly and correctly on the local valve. Whether it's land, roads, energy, or water. Land purchase in India is a legal procedure. Rehabilitating displaced individuals is a must.

Land acquisition and rehabilitation is a significant problem for the Indian government, which is a democratic nation. The anti-acquisition sentiment is inverted in China, where the government has always sought economic expansion. Politics stifled any resistance. Chinese politicians brushed off future growth discussion. Economic investment has never been viewed via the ideological and political lens.

India is aware of this and opposes it. Numerous nations from across the globe attended the Belt and Road Forum Conference in Beijing in 2017. Several Asian countries, including the United States and Japan, also attended, but India did not because the Pakistan-China Economic Corridor, which is being built under the One Belt One Road initiative and passes through Pakistan-occupied Kashmir, violates India's sovereignty and violates international law. Despite India's objections, China is moving through with its plan.

Chinese state-owned banks are lending more to other nations than to their own citizens. Chinese banks' move is part of the Jinping government's intentional strategy in the country. Chinese President Xi Jinping has signed agreements and committed significant resources to the construction of infrastructure in a number of nations as part of the One Belt One Road initiative. As a result, he is accelerating the implementation of his debt strategy. China is also pressuring its businesses to do business in nations where it can earn unilateral gains.

China's debt to three South Asian countries, Pakistan, Sri Lanka, and the Maldives, has been severely burdened. Sri Lanka also handed up its Hambantota port to China last year in exchange for a $1 billion loan, according to a study by The Centre for Global Development, which is the greatest danger to Chinese debt. China has loaned money to Pakistan at the country's high interest rate. Pakistan's debt load from China will continue to grow in the foreseeable future. In detail, Pakistan is transforming into a Chinese economic colony. China has struck a 40-year deal with Pakistan to share and manage financial investments in the Gwadar Port. China would control 91 percent of its income, while the Gwadar authority port will get just 9%. Clearly, Pakistan will lose control of Gwadar for 40 years.

The Maldives seems to be mired in Chinese debt. Maldives is embroiled in an internal political conflict, and the person presently wielding Maldives' authority, China, has confidence. China is heavily engaged in all of the Maldives' major initiatives. China is involved in a number of initiatives in the Maldives.

However, India was working on them as well and they have been turned over to China. Maldives has cancelled a 511-billion-dollar international airport contract with Indian firm GMR. China is currently constructing an airport in the Maldives for $830 million. A bridge near the airport is also being built at a cost of Rs 400 crore. Will China abandon the Maldives after such substantial investment?

China is pushing many nations to develop self-sufficiency. He is obtaining contracts that are totally opaque. By removing terms and conditions, there is no clarity. While unexplained debt encourages crime, it robs such nations of their independence and sovereignty. China is involved in infrastructure development not only in Asian but also in African nations. Djibouti is a country inside the same country. Djibouti is home to a US military facility. Djibouti has entrusted a key port to a Chinese firm that the United States does not approve.

According to the Centre For Global Development, Djibouti, Kyrgyzstan, Laos, Maldives, Mongolia, Montenegro, Pakistan, and Tajikistan all bear the brunt of China's massive debt.

Laos is one of Southeast Asia's poorest nations. The China-Laos Railway Project was established in Laos as part of the 'One Belt, One Road' initiative. The project's total cost is $6.7 billion. That is, it accounts for half of Laos' gross domestic product. Indeed, many nations have not even calculated the degree to which debt would impede their development. In the event of loan default, the borrowing nations may be forced to turn over the whole project to China. Laos' borrowing practices will deteriorate to the point that it will lose its capacity to obtain foreign debt.

Tajikistan is also one of Asia's poorest nations, heavily indebted to China. China owns 80 percent of Tajikistan's total foreign debt, while Kyrgyzstan is also a part of China's 'One Belt, One Road' initiative. China has invested in Kyrgyzstan's economic projects unilaterally. China made a $1.5 billion investment there in 2016. China now accounts for 40% of Kyrgyzstan's total foreign debt.

Lending first for infrastructure development and subsequently seizing control of a nation is referred to as debt trap diplomacy. These terms are reserved for China. China is establishing a worldwide network as part of its debt and occupation strategy in order to increase its control. A perilous illustration of China's debt net diplomacy is Sri Lanka's Hambantota port, which was forced to be transferred to China due to the country's inability to repay Chinese loans.

Pakistan has borrowed billions of dollars from China for the construction of Gwadar Port and other infrastructure projects. China Gwadar Port is being built in Pakistan's Baluchistan Province along the Arabian Sea as part of the China-Pakistan Economic Corridor Project. China's supremacy will continue to prevail in Asia; only India will be able to overcome Chinese dominance in the future, with a strategic planning.