China s Economic Growth - 1321 Words

For many years China has been the leading economic power in the world, even surpassing the United States. Recently, the country has been hanging onto that title despite its weakening economy. China’s economic growth has been declining due to job losses and lack of manufacturing. However, there have been numerous attempts to fix this problem. According to an article in the New York Times, China has created a new world bank — despite skepticism about that idea by other nations including the United States – in order to maintain its global and free economy. China has been trying to maintain a free economy, an idea that would not have worked or even been conceivable during the time China was a communist state. There were many attempts to try†¦show more content†¦So far, China appears to be navigating the two extremes†¦ but China is hardly yielding control, raising concerns about where the bank will land on issues like climate change and labor rights... (Perlez, New York Times) This quote implies that the Chinese government is only creating a World Bank to make economic conditions in the country better and favor the majority or just out of the government’s own personal ambitions in terms of making the economy benefit themselves rather than the citizens. While it may seem like the World Bank is being created for both reasons, it raises concerns because the government isn’t mentioning what the World Bank will do to tackle the issues such as labor rights and the changing climates. Unless the government can do something to address these issues, the economy will not be able to get better and it will continue to decrease. This quote and circumstance not only speaks about the state of China, but it relates back to the mistakes that previous leaders made in terms of trying to revamp the economy in China. During the 1920s and early 1930s, then-leader Chiang Kai-shek was in power, but the economy was not in a very good state due to numerous circumstances and mistakes he made during his reign. Kai-shek sought to develop the economy in order to make his time in power last, but he had lacked a sense of devotion to bettering the economy as well as to the people of China. While Kai-shek was able to develop