Essay Example on China's Economic Growth: Thirty Years of Transformation

For more than three decades, China has thrived and re-enforced the economic growth of the nation, making it one of the most lucrative and fastest-growing economies in the world (Jonker, & Robinson, 2018). Since the adoption of simple market reforms in China by 1978, a new phase of development was created, with a very slow-growing margin. Despite the simple improvements dating way back in 1963, being adopted as a result of the second world war, China's market reform, did not impact the economic development of the region, until the adoption and utilization of the new market reform adopted later. Today, the Chinese market is deemed as one of the lucrative and powerful markets that are profoundly developing the skyrocketing concept of the region, hence improving the economy at an alarming rate. Despite the rapid development and growth of the Chines economy, the entire market is dominated by unfair competition which is gradually fueling the Chinese export-led growth. Through assessing different concepts, and principles adopted in the global market, the essay will critically elucidate the unfair completion behind the unfair competition fueling China's export-led growth.

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According to Monyae and Nganje (2019), economics can be defined as the underlying scarcity of production, and sales, which is accompanied by tough and critical decision-making to help the flow of money and wealth within a controlled loop. The government in many cases controls the growth of the economy through reintroducing and refining new policies that will attract the development of market and trading partners within the region. Most of the legislation adopted in this case tends to help favor the government through loosening its grip in trading to allow higher rates of growth in trading to take control. The economic development of a region can undergo a series of developments and growth rates to favor the region. The Chinese government economy may be assessed through two different eras of leadership dating back from 1949- 1976 under Mao Zedong, and during the 1976 period to present under Deng Xiaoping and the series of his successors. Though the assessments, the Chinese government has profoundly inflicted different policies that have thoroughly neglected to observe the standards of measurements and respecting of various trademarks, not to mention the concept of intellectual property that the Chinese government is turning a blind eye to yield in unfair completion.

The world is slowly being drawn to the narrative about China being the global economic powerhouse. The increasing demand and universal control of the economy, is pushing China beyond its limits to help cope with the growing needs of a rising hegemon. As Sedai and Kulkarni (2018) observed in the 1980s, only a few years since the adaptation of the new economic reforms, China's GDP per capita was submerged under the water, with countries like India, even being ahead of the Chinese community. However, by the year 2000, things had slightly turned around, with figures doubling that of India. However, the spectacular propulsion in the economic development in the nation has raised many questions than answers about whether China is using the required concepts to attract and increase the economic grip of the region.

Despite China being a communist nation, a lot has been swept under the carpet, when it comes to different economic factors. For instance, the concept of intellectual property is one of the trade secrets that has been on the practice for ages. The essence of intellectual property (IP) in an economy, gives the original inventor, or the owner of the technology, exclusive rights to benefit from his or her invention. As a result, this pushes for more invention and research that critically, helps every single contributor of the technology reserved rights to benefit from their invention. Although the concept of intellectual property is one of the most observed trade affairs across the world, China, has swept this concept of intellectual property under the carpet for its benefits.

The Chinese economy is profoundly benefiting from the maximum neglecting of intellectual property policy. Foreign and wester technology that is being sold to the Chinese market is deemed counterfeit, which is slowly affecting the western market. As Sedai and Kulkarni (2018), observed, the refining of technology and western ideas in the chines market is done through illegal means. Through this, the Chinese market is thriving with goods made based on western concepts, yet they help dominate and grow the Chinese market. On the contrary, the thriving Chinese market is proving cheaper quality products that can be affordable to both luxurious and local customers. As a way of attracting foreign markets, the Chinese government has taken the initiative of subsidizing the final products' prices, to ensure that products from the Chinese market are finding their way to the world market at a lower price, and a faster rate.

As Zhou (2000), observed, despite the violation of intellectual property, that most of the companies have to suffer, there is far more disaster in the unfair completion fueling the Chinese export-led growth. State control organizations in China, have in recent years, faced it rough in different parts of the United States. For instance, software developing companies in the US that are on the brink of going bankrupt, are bought by Chinese state-controlled companies. The essence of acquiring these companies by the chines state-controlled organizations, helps to easily extract the valuable technology from the foreign companies, which is then used to grow and develop the demanding Chinese economy. As a result, the lack of observing the regulations stipulated in the World Trade Organization Center has pushed the Chinese and the Us government at an economic turmoil. The US has been forced to retaliate through the raising of tariffs on Chinese products, as a countermeasure to the situation. Nevertheless, this has not shaken the Chinese government from continuing with the tactical concept of gaining effective means to fuel its market.

The increasing demand for the Chines lucrative market by many foreign companies has come with costly pricing. Among one of the standard practices, is the rising "Kick-back" principle that has been involved with many businesses (Sedai and Kulkarni 2018). In other words, the companies are forced to surrender their precious technology and inventions to the Chinese government. In return, the companies will enjoy the lucrative Chinese market, which helps them to provide a ready demand for their products. However, the Chinese government, through the fusing of different batched technologies, can develop and create a single product that outstands the current products in the market. Through using the borrowed technology, the Chinese government ultimately oppresses, foreign companies to partner with local Chinese companies to help them, diversify, and thrive in their market.

In the bottom line, the Chinese economy is growing at a faster rate, thanks to a series of unfair completion concepts adopted in the market. On the contrary, the increasing growth and demand for Chinese products are creating room for the development of the economy. The Chinese government does not observe the concepts such as intellectual property (IP) policies. The essence of turning a blind eye is giving economic development a chance to thrive at the expense of violating global marketing regulations.

References

Jonker, K., & Robinson, B. (2018). Economic Growth and Diversification Fuelling Development in Africa. In China's Impact on the African Renaissance (pp. 35-76). Palgrave Macmillan, Singapore.

Monyae, D., & Nganje, F. (2019). BRICS and regional industrialisation in Southern Africa-partner or spoiler? The case of China. Africa Insight, 48(4), 3-20.

Sedai, A. K., & Kulkarni, K. (2018). Competition to Catch the Capital Flight. Journal of Applied Business & Economics, 20(5).

Zhou, X. (2000). Economic transformation and income inequality in urban China: evidence from panel data. American Journal of Sociology, 105(4), 1135-1174.