The Dragon Turns Into a Global Economic Power

Paper Summary:

In this article the author examines the effects of China's large manufacturing power on the USA and the rest of the world. The revaluation of the yuan is highlighted with its potential advantages and disadvantages.The author details how the Chinese government is trying to hold things together until after the 2008 Beijing Olympics.The article concludes that with its delicate balancing act on government-subsidized production, China is beginning to teeter under the strain of overcapacity and ballooning inventories.
Introduction
Surging Economy
Overheat
China Bashing
Yuan Revaluation
Short-term Effects
Long-term Effects
Real Reasons
Yen and Yuan
Achilles Heel
Trade Imbalance with US
Conclusion

From the Paper:

"Up until recently, China was an up-to-no-good pariah and a threat to the rest of the world. Terrible things were thought to be going on behind the Bamboo Curtain or at least everything was going wrong there. With the Chinese population spinning out of control, millions were said to be starving to death while the Red Guard ran amuck. Until the 1980s, Saudi Arabia for one regarded communist China as a godless, revolutionary threat and would not sell oil to it, says Flynt Leverett of the Brooking Institution in Washington. Reflecting this worldwide attitude towards China was the admission by top American defense officials in the 1960s that the US had a "well-developed" plan then to detonate warheads over 50 Chinese urban centers. But there was no doubt even then that China the dragon country was a sleeping giant."

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