China in the World Economics Essay Example | Topics and Well Written Essays - 2000 words

China in the World Economics - Essay Example At the conclusion of his trip, the Shanghai Communiqu declared a statement of their shared foreign policy views. But following the suppression of Communist demonstrators in June 1989, U.S. suspended high-level official exchanges with the PRC and weapons exports and also imposed a number of economic sanctions on account of its absence of Human Rights policies. Following the September 11 2001 attacks, the U.S. and PRC commenced a counterterrorism propaganda that positively reflected in their joint ventures and wholly US-owned enterprises in mainland China. The 1969-79 years featured normalization of relations between the People's Republic of China and the United States. The economic and political maturity of China, coupled with new concerns over the nature of Chinese-American interactions (concerns that were prompted by several circumstances, including the Vietnam War and Nixon's surprise visit to the PRC), caused the establishment of full diplomatic relations between the United States and the People's Republic of China. ... The PRC welcomed the visit for a variety of reasons, the most important of which was probably the perceived imminence of a Soviet attack on China. A second factor was Peking's concern that Japan's tremendous economic growth might serve as the basis for a revitalization of Japanese militarism until United States by virtue of its security treaty with Japan help prevent any such Japanese rearmament. The size of the Chinese economy, even measured in current U.S. dollar (USD) terms, is likely to have surpassed that of Britain and leapt to be the fourth largest economy in the world by the end of 2005. Since its re-entry into the world economy in the late 1970s, China has been a beneficiary of the international economic system. In the 1990s, more and more states pursue the strategy of entering into free trade agreements that offer preferential terms of trade among its members while discriminating against nonmembers. The establishment of the WTO in 1995, whose explicit intent was to strength en application of the principle of non-discrimination of its member economies, saw a growth in the number of FTAs. By mid-2000, one hundred and fourteen FTAs were in effect. Steve Van Andel, chairman of the US Chamber of Commerce and board chairman of the US-based Amway Company, during an exclusive interview with People's Daily correspondent Liu Aicheng stationed in the United States the Chinese markets potential and economic development to be very promising. He said: US Amway Company, founded in 1959, is a world-famous producer of household products for daily use. The company has been investing in China for seven years, with the total investment topping US$1 million, and it has planned to expand its investment