Book

Description

After the 1978 reforms, China has witnessed unprecedented economic growth and development. China is now the second largest economy, the largest trading partner of more than 120 countries, an active voice on multilateral forums and a challenger to the US hegemonic position in various regions like Asia-Pacific, Middle East and Southeast Asia. The Belt and Road Initiative (BRI) launched by China is partnered with 147 countries wherein China shall develop infrastructure and trade links on a mutual basis. The Beijing Consensus is severely challenging the Washington Consensus. Countries like India and the US have become partners to contain China’s rise. China is reforming its laws so that China becomes the leading country in the services sector. China has engaged in various Free Trade Agreements on bilateral and multilateral terms.  China is predicted to overtake the US economy in the coming years and become the largest economy in the world. China is one of the few countries with excellent economic growth rates relative to the 2007-2008 Global Financial Crisis and the 2020-2022 Global Corona pandemic. It controls over 28% of the global manufacturing share. China’s role in the global political economy must be explored and analysed in these scenarios. Current economic, political and domestic developments can be analysed and be formed as a basis for future expectations. China is dominant in the dynamic globalised world, and its growth or rise will always affect the global economy. The world might witness a second cold war between the US and China in the upcoming years.