The Economic Dynamics of China's Rise

OpenAlex · İngilizce

The aim of this chapter is to shed light on China&s;s efforts at increasing its structural power in the economic sphere. While the big push strategy in the Mao era may not have realized China&s;s immediate aspirations of global economic dominance, its legacy resides in the establishment of a state-guided developmental economy. This framework has provided the necessary infrastructure and policy tools that underpin China&s;s ongoing endeavors to assert itself as a global economic powerhouse. Moreover, the reform and opening-up strategy implemented in the Deng and Jiang eras facilitated China&s;s integration into the global economy, but it did not entail a wholesale abandonment of economic autonomy or the power of self-determination. On the contrary, China skillfully implemented a well-crafted “going-out” strategy and prioritized the promotion of national champions to increase its influence within the global production structure. By striking a balance between integration and autonomy, China has navigated its path toward becoming a major player in the global economic landscape. Finally, the economic strategies implemented during the Hu and Xi eras were instrumental in propelling China&s;s influence within the global production structure. Through an emphasis on a state-guided economy, balanced socioeconomic development, and sustainability, China&s;s economic model has garnered increasing global influence. Long-term plans targeting innovation and high-tech exports, coupled with the prominent role of strategic SOEs and the increasing prominence of a globalized “China model,” have further solidified China&s;s position as a key player in the international economic arena. In this regard, it is crucial to acknowledge China&s;s status as the world&s;s second largest economy, which has significantly influenced the global production system. China has assumed a prominent position as a leading producer, a foremost exporter of technological goods, a key driver of poverty reduction, and a major promoter of sustainable development, which testify to its efforts at exerting a global economic leadership in line with Susan Strange&s;s depiction of structural power in the production structure.