Abstract This paper is about China's development into a modernized nation. The paper delves into the subject of why China's modernization was set back for so many decades and what projects it took to join the modern world. The paper includes a discussion of Special Economic Zones, the Cultural Revolution, Mao Zedong, and much more. Next, the paper looks at the consequences of China's rapid growth, especially at its effect on the oil market and the global economy. in general. The paper also discusses OPEC, CNOOC, CNCP, and SINOPEC.
From the Paper "The received wisdom is that higher oil prices are negative for economic growth, particularly for countries that are heavily dependent on oil imports. As prices rise, consumers turn cautious and profits fall, the countries' exports decline and trade deficits rise. A sustained rise in prices could lead to aggressive wage demands, possibly causing inflation. The International Monetary Fund (IMF) has suggested that a permanent $15 a barrel oil price hike would reduce the level of GDP by 0.6% in the first year. China is one of these oil dependent nations but its GDP has not necessarily seen any cooling off even in the face of record high oil prices."
