100%(1)1 out of 1 people found this document helpful
This preview shows page 1 - 5 out of 9 pages.
RISE OF CHINA 1The Rise of ChinaBrett J LeeSt. Ambrose University
RISE OF CHINA 2AbstractOnce a suppressed economy almost complete controlled by government, China has since experienced political and economic reform that has propelled its growth into the world’s largest economy. Fueling this growth are the abundance of natural resources, the aggressiveness of foreign trade, and their sheer vastness of size and population. This powerful trio combine to create significant labor and production advantages and the result is the interest in foreign investment. In order to create an environment of successful foreign investment, we must first understand the importance of Confucianism and the role that honestly, loyalty, and respect play in both society and business. Once we are able to have a better understanding of our cultural counterparts only then are we able to being cultivating mutually successful business partnerships.
RISE OF CHINA 3The Rise of ChinaThe legacy that surrounds China and its rise to the status of world power is long and steeped in history. The Chinese civilization was one of the seven primary groups to emerge independently of other (Edfelt, 2009). This culture is heavily influenced by traditions and valuesand those two aspects serve as pillars within the foundation of an economy that is quickly becoming among the most influential and dominant in the world. With its origins coming from small agricultural villages in northern China approximately seven thousand years ago, the country of China eventually grew to include modern day China, Taiwan, Hong Kong, and Singapore and became a heavy influence in Korean and Japanese culture. From an early stage, the Chinese were known for innovation and their technological advancements of their time. These included new technologies such as gunpowder, paper, magnetic compass, and even complex systems of pest control (Edfelt, 2009). These types of advancements are indicative of their ability to continue to adapt and innovate and these qualities have transcended through time and are still a mainstay in the modern culture. The People’s Republic of China assumes the political framework of a singular socialist party, the Communist Party of China. For a very long time, this communist rule inadvertently suppressed Chinese economic development and culture. Prior to 1979, China maintained a centrally planned economy under the leadership of Mao Zedong. In this setting, a very large majority of the economic output and directed and controlled by the government, going so far as to set production goals, control pricing, and allocate resources throughout the country. Throughout the 1950s and 1960s, China employed tactics that were aimed at making China’s economy self-sufficient. These policies went so far as to aggregate farms into communes and included massive investments in human capital and as a result of these efforts a large majority
RISE OF CHINA 4(75%) of industrial production was completed by state-owned companies (Morrison, 2015).