0303 GMT October 24, 2019
China's model for economic development, which has produced favorable results in the westernmost part of Asia — where the continent joins Europe — is among the wonders of the world of policy-making.
Despite what the rivals and opponents of 'New China' think about the country, scientific and objective evidences indicate that the mythical Yellow Dragon in the Far East has reemerged. Figures pertaining to China's rapid development, published by the World Bank, show that Chinese have paved the thorny and long path of growth within a short period. On average, they registered an economic growth of 10 percent during the past three decades — commencing concurrent with the country's move to initiate economic reforms at the end of 70s — and managed to create jobs for 800 million people by raising their GDP to more than $10 trillion. Currently, China's unemployment rate stands at about four percent.
Chinese leaders now proudly boast of their second position — after the US — among the world's top economic powers. The country's turnover reached $12.38 trillion over the past three years and its foreign currency reserves has exceeded $3.2 trillion in the current year.
China's rapid development is among the political puzzles of the present era. With a mere change of direction, the country which was highly reliant on agriculture, even in the second half of the 20th century, was transformed into a major commercial and industrial hub. Beijing's statesmen now brag about their management capabilities and their ability to nurture the world's largest skilled workforce at the heart of a society with a population of 1.36 billion — an achievement none of their rivals has attained yet. Currently, China accounts for 25 percent of the global GDP.
The emergence of 'New China' is an indication of a change in the polarization of the world's major powers in international relations. If the 20th century was an era of US-Europe domination over the global economy, the present century is witness to East Asia's success in turning the continent into the global center of competition. China and its neighbors Japan, India and South Korea form the outer reaches of a new quadrangle of power in the Pacific region; which was once held by the Mid-Atlantic States.
Nonetheless, despite the similarities between the development processes in Japan, South Korea and other major Asian powers and those of modern Western countries, China's model of growth is unique. What makes it an exception is the fact that Chinese leaders have set up the bases of an economic and liberal civilization on the shoulders of an extremely ideological and left-wing system.
Today, the helm of China's development vessel is in the hands of a generation of political leaders who still wear the badge of Chinese Communist Revolution on their chests. Chinese President Xi Jinping, representing the country's fifth generation of reformist leaders, still holds negotiations with representatives of world powers in rooms adorned with portraits of the leader of Chinese Marxist Revolution, Mao Zedong. Also, the main emblem of all Chinese government and public bodies is a flag with the insignia of Asia's most socialist revolution on it.
The magnificent combination of three elements: An extremely ideological system, a liberal-economic system and a completely pragmatic diplomacy, is the fruit of the unique art of China's present leaders.
At present, aside from their political and ideological symbols, Chinese cities feature all the products and manifestations of the modern world. All well-known European, Japanese and South Korean brands are present in the country. The architects of 'New China' claim that they have managed to indigenize all the elements of the modern world on their way to progress and development.
The Chinese society has become modernized without making changes in its language and dialects and losing its identity.
The new China, as one of the poles of the global power, needs to be recognized impartially anew. From a closer perspective, the Chinese society is far more different from what most of us imagine. Our mental image of this world power is formed mostly based on the poor judgment we have made in the course of our limited trade exchanges with the country or China's political conflicts with Western powers.
What follows is an overview of China's development method and Chinese leaders' talent for building civilization:
An account of Chinese elites and their historic decisions
China's entry into economic development and international competition was made through a pathway constructed by the country's political elites. With only three decades since the start of the Chinese economic renaissance, traces of the will and decisions of the country's elites are quite evident in each and every economic aspects, elements and sectors of the country's economy. Whether China's change of direction toward the Open Word was a 'great discovery' or a 'great chance', the outcome is that the concept of economy has acquired a sacred status in Chinese people’s ideology and has become one of the most important principles of human life.
It would be quite plausible if the title of 'The Land of Capital and Investors' be bestowed to the China of the third millennium. In addition to Chinese politicians and the country's ruling party, at present, capital and economy is the main concern of every Chinese citizen. Capital has innately become a dominant value in the Chinese society. This, probably, has been one of Karl Marx's dreams come true. At present, all paths lead to economy and capital in East Asia.
The decisions and choices made by the Chinese ruling party and government have turned the country into a gigantic workshop for industrial and service activities. This is indicative of a revolution in the field of investment in China. During 1982-2013, Chinese leaders managed to increase foreign direct investments in their projects from $430 million to $348 billion.
All major American and European companies are participating in Chinese projects. Interesting is that, in addition to Beijing, foreign investors have flocked to 22 Chinese provinces as well as a number of the country's autonomous administrative divisions.
Iranian investors and traders have also targeted Shanghai and a number of other Chinese cities in the past few years.
It is not a herculean task to identify signs and proofs of foreign investors' increased presence in China. The country is currently full of modern automobiles manufactured by well-known brands as well as skyscrapers and towers featuring major international companies' trademarks and commercials. Moreover, Chinese hotels and airports are swarming with foreign visitors.
China owes its present high status in global economy to: 1. Security for foreign financiers, 2. Contribution of all branches and sectors of the country to trade and economy, 3. Effective workforce and service companies, 4. Presence in the frontline of all organizations and coalitions established or created with economic drives, 5. Its people’s new lifestyle — Chinese citizens are the main purchaser of consumer products, and 5. Employing modern technologies, means of communication and advertisement.