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4 Examples of why a Powerful China is good for the World

People in the West think of China’s rise as bad for America and Europe. But I have 4

reasons why that’s not true!

Increase in Foreign Direct Investment and Trade

China has surpassed the US as Africa’s largest trading partner. China has spent more than $56

billion in sub-Saharan Africa since 2005 with significant investment in construction, copper, oil, nickel, manganese and platinum. Its bilateral trade with African countries significantly rose from $10

billion in 2000 to $125billion in 2010. It is estimated to reach around $500 billion in 2020.

China is also finding a home in Latin America which has been historically considered the backyard of

America. Its trade with Latin America dramatically increased between 2000 and 2010 by 1,500%. It is making roads into Latin America through its loans and foreign direct investments. It’s investing in the extractive and energy industries in Latin America

with its direct investment in the country and Caribbean reaching $15billion in 2010.

It is currently the largest trading partner of Chile, Brazil and Peru and the second largest

with Argentina. It has major oil deals with Ecuador, Brazil, and Venezuela and has signed free trade agreements with Costa Rica, Chile,

and Peru.

China is also going to benefit from the United States increasing militarization of conflicts in other

strategic regions such as Afghanistan where the US has spent nearly $940billion since 2001. Afghanistan is full of resources, and it’s believed to be having a $1 trillion dollars worth of minerals, Copper and Lithium included. China is on the forefront as the

prospective candidate for exploiting and developing these resources.

It was awarded the right to develop the Aynak copper field and signed its first oil deal with Afghanistan in 2011. China is winning on all levels from the hostility and resentment of Afghanistan towards the US to the western

sanctions against Iran. After Iran was banned from trading using dollars and the SWIFT

banking system.

China grabbed the accidental opportunity and became Iran’s top trading partners whereby its is currently purchasing over 440,000 barrels of

oil from Iran and paying them in Yuan. This action has helped showcase the Yuan has a

potential international currency breaking the monopoly of the dollar.

Job Creation especially in Africa

Africa- Chinese economic and political relations ought to be a win-win situation. The Chinese president has in the previous years visited several African countries including

Kenya, Angola, Nigeria and Ethiopia in a bid to strengthen economic ties and sought to

increase its engagement and investment in the continent.

China has significantly risen to become the continent’s most leading partner with

estimated trade worth of $210 billion by 2014. The main areas of collaboration

include agriculture, construction, mining, finance, real estate, resource processing,

trade and industrial manufacturing.

China has significantly contributed to Africa’s growth which is now considered the fastest growing

continent in the world. With so many jobs created, from its massive infrastructure projects clearly improves the quality of life in these 3rd world

countries. There are also cheap Chinese goods being imported each day which make living more

affordable and develop the consumer sector across the continent.

President Xi once told lawmakers in Congo that, the development of China will be an

unprecedented opportunity for Africa, and Africa’s development will be the same for my country.

Beijing has provided the much-needed capital to a continent starved of investment with the China’s Import-Export Bank being the continent’s largest creditor, and things are still looking up in future.

Education and Health Systems

Globalization has contributed to the development of education and health systems in developing countries.

It has allowed people to gain higher education and achieve the required skill sets. China has heavily

invested in its school system which has enabled it to receive a greater number of overseas students who

would love to be part of its education system.

So many people in senior positions ranging from science and technology to business have passed

through the Chinese school system. Living standards and life expectancy of individuals living in developing countries have significantly increased thanks to the

economic gains from globalization.

There are so many international organizations such as WHO, NGO and UNESCO, which are trying to

eliminate illiteracy and deadly diseases in developing countries, and China is just one of the partners.

Culture Effects

Globalization has many benefits but can also be detrimental to culture. Many countries cultures have

been changed through globalization with most individuals trying to imitate other cultures such as the

American and European Cultures.

When the world has become such a small village, it is inevitable that there will be an adaptation of new

cultures such as getting influenced by the Hollywood’s pop culture. This has influenced the way people dress,

talk and operate on a day to day basis which might not directly conform to the societal expectations.

When the world has become such a small village, it is inevitable that there will be an adaptation of new

cultures such as getting influenced by the Hollywood’s pop culture. This has influenced the way people dress,

talk and operate on a day to day basis which might not directly conform to the societal expectations.

It is not all that bad since after all the world is a small village and in a big cosmopolitan city like Beijing, it’s

possible to meet individuals from all nations.

As the late American economist Paul Samuelson once said, “every good cause is worth some inefficiency”,

and true to his words social cohesion and culture corrosion are some of the inefficiencies of

globalization. But like a snowball rolling on a steep mountain, globalization seems to be gathering more and more momentum, and it’s not planning to stop.

Whether it’s in Africa, the Middle East or Latin America, China has incidental interests to help the people and economies of its trading partners. It is

achieving what the West had in the past, but it comes in as equal partners but not as the big brother.

Globalization has significantly limited the utility of old methods of building an empire but China has found its

footing by emerging with a new model to help it survive in this golden age of trade, commerce, and

business.

BonusClick on the link below to read the full blog post.

https://blog.laowaicareer.com/globalization-chinas-role/

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