Growth of Chinese Economy

The growth of China is becoming more and more evident by the day. It is already

the world's fastest growing economy and the second largest holder of foreign - exchange

reserves. The Asian country not only has the current largest army but the fourth largest

Defense budget, making it a possible threat to America's potential economic overtake.

The country's rise in world economy also effects other countries by bringing new

prospects to their economies. For example, cheap imports from China have saved

American consumers billions of dollars. The Chinese have also allowed American

manufacturers to continue borrowing and spending, disregarding the belief of

consumerism in order to maintain the world economy.

With it's dramatic policies and economic reforms China has built itself up into a

complex society based mainly on commerce. It's original culture has generally un -

changed but the mass consumerism has significantly transformed. The Chinese

government has modernized the economy without changing the culture of its people.