China's Economic Reforms

Paper Summary:

The paper relates that while China's economic reform has been a huge success, there are many concerns about China's economy being linked
to other economies and its World Trade Organization (WTO) membership. The paper also discusses how critics accuse the country of intentionally undervaluing its currency and reveals China's shortcomings in enforcing intellectual property rights (IPR) laws. Additionally, the paper points out the deterioration in the environment that is another consequence of China's economic development. The paper concludes that China's is clearly moving in the right direction and its success will compel the government to make the additional changes that its world trading partners are demanding and that environmental limitations dictate.

From the Paper:

"Throughout much of history, China has been a major economic force. The country has been the world's largest economy for 18 of the past 20 centuries (Patten, 2005). Until the 15th century, China had the higher income per capita and was the world's technological leader (The real great leap forward). Up until 1820, China was responsible for 33% of the world's gross domestic product (GDP). However, things took a dramatic downturn between that time and the early twentieth century when China accounted for only 9% of the word's GDP (Gupta, 2008). According to Gupta (2008), the reason for the decline in economic dominance was China's missing out on the industrial revolution that made Europe and America prosperous. During this time, China's rules imposed international trading restrictions and tightened their controls on new technologies (The great leap forward)."

Sample of Sources Used:

• 2006 report to Congress on China's WTO compliance (2006, December 11). United States Trade Representative. Retrieved from http://www.ustr.gov/assets/Document_Library/Reports_Publications/2006/asset_upload_file688_10223.pdf
• A brief chronology of China's intellectual property protection. Retrieved from: http://www.american.edu/TED/hpages/ipr/cheng.htm
• Balfour, F.(2008, March 18). World sneezes, China's just fine. BusinessWeek. Retrieved from: http://www.businessweek.com/globalbiz/content/mar2008/gb20080318_747713.htm?chan=globalbiz_asia+index+page_asia+investing
• China. The World Fact Book. Retrieved from: https://www.cia.gov/library/publications/the-world-factbook/geos/ch.html#Econ
• Economic reform in the People's Republic of China. Wikipedia. Retrieved from: http://en.wikipedia.org/wiki/Chinese_economic_reform

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