Even now Chinas private consumption represents only about 39% of its GDPway below the U.S. level of 68% and the world average of 63%. One reason that many people misread Chinas trajectory may be thatparticularly in the English-language promotional materials the Chinese use overseasthe country tends to portray itself as a variation on a liberal state, and therefore more trustworthy. Chinas rapid economic growth is the result of its embrace of a market economy and private enterprise. China, if it doesnt respond to U.S. nationalist challenges, will face soaring nationalist pressures at home. A Marxist system is concerned primarily with economic outcomes. And what if the market itself is in China? As the situation worsened, Trump had to rise and respond, only to find more problems revealing themselves hundreds of thousands of confirmed cases of infections awaiting treatment, medical equipment in short supply, the fatal consequences of the hollowing out U.S. industries. The pandemic has profoundly shaken the U.S. sense of superiority in values, culture and systems since the Enlightenment, and by extension the entire West. In this interview he talks about the accessibility of the Chinese market, Americas demonization of China, what the Chinese dont understand about the U.S., and more. The legal system of a country plays a key role in terms of its marketing and investment opportunities. We have both sat in meetings where business executives, particularly in the technology and pharmaceutical sectors, expressed surprise at Chinas insistence that they transfer ownership of their IP to a Chinese company. Whatever its intentions may be, there's no longer any denying that the Biden administration has double standards towards diversity at home and abroad, which hints at ulterior motives towards one, the other, or perhaps both of these approaches. Hence the public debt as a percentage of GDP is higher for the U.S. relative to China and the. China and the global economy. Thats why ordinary Chinese people see Chinese companies such as Alibaba, Huawei, and TikTok as sources of national prideinternational vanguards of Chinese successrather than simply sources of jobs or GDP, as they might be viewed in the West. The Chinese spent countless hours restructuring their legal system to closer represent those in the Western business. Thus many Chinese consumers prefer the short-term gains of the stock market to locking their money away in long-term savings vehicles. Disclaimer: ProEssays.net is a custom writing service that provides online on-demand writing work for assistance purposes. Dictatorship, Gun Control: Legal, Psychology and Political Viewpoint, Difference Between Criminal and Civil Court System. In terms of political system, China is unique to all other countries in the world since up to date it is still run by a Communist party (Nolan, 2012). It is also the duty of the representative republic to inform its citizens of their rights, and the candidacy for the elections needs to be transparent since city council members to local judges to mayors, and state legislators are all appointed through voting in the United States. Political discourse in China remains anchored in Marxist-Leninist ideas of struggle (douzheng) and contradiction (maodun)both seen as attributes that force a necessary and even healthy confrontation that can help achieve a victorious outcome. Even though both countries are different in every way, they are still recognized as each others competition in the International Arena. In the early 2010s she started moderating her previously outspoken political comments on Weibo as censorship tightened up. Under the pressure of aggregated economic inequality brought by globalization, and the army of unemployed people already displaced by new technologies, the U.S. government faces severe structural constraints under the present model of state-market and state-society interactions. The only obligation they have is to follow the law that in most cases is straightforward. During the Cold War in the 20th century, and particularly afterward, the U.S. sought to establish and consolidate its leadership role in the international community in the name of freedom and democracy so much so that U.S. hegemony was also often referred to as hegemonic liberalism.. In International Business: Competing in the global marketplace (11th ed.). Some distinctions between the parties. Both countries have a Judicial, Executive, and Legislative branch. The Vietnamese premier is very powerful. The critical distinction is that the Chinese system is not only Marxist, its Marxist-Leninist. The resulting victory, which for decades the CCP spun as its solo vanquishing of an external enemy, was reinforced by defeat of an internal one (Chiang Kai-shek in 1949), establishing the legitimacy of the party and its authoritarian system. The nationalist identification model that serves the U.S. goal of self-identification. Chinas saving rate will drop significantly as its population ages, and investment will slow. He believes Chinese people are fixated on. Majority of China's production companies are owned and managed by the government. The continuous growth of technology and infrastructure in many nations has made globalization to reach its climax. There are other courts in the land such as High Courts and District and County Peoples Courts and Special Courts for military and forestry issues. However, both states have a very different political landscape, which is what will be discussed in the paper today. One reason China can spend so much on infrastructure is that its defense budget, after years of increases, is still only about a quarter that of the United States. Globalization. The article reflects the author's views and not necessarily those of CGTN. Earn badges to share on LinkedIn and your resume. Our firm, PAG, invests throughout Asia and occasionally beyond. Even though China is diverse in its ethnic groups, it is still a relatively high homogenous group, which is also reflected in its politics. Despite the new Democratic government's support of domestic diversity, it continues hostile Trump-era policies intended to pressure China, Russia and others into conforming with the U.S.'s political demands. The old imperial bureaucracy helps modern Chinese to make the government started on more efficient point to absorb interest than any other countries (King, F. J., The United States and China Fourth Edition, 1979, Avoid editing or writing from scratch! Some have expressed optimism that Chinas need for control will lessen after theyve proved their worth as partners. But its also conspicuously different: The concept of U.S. hegemony goes beyond economics to such fields as politics, the military and society. In November 2020 Chinas trade surplus with the U.S. was 70% greater than it had been in January 2017, when Donald Trump took office. While the U.S. political system is partly inspired by the British example, it differs in many important respects. She was a Red Guard as a teenager, screaming adoration for Chairman Mao while her parents were being re-educated for being educated. In China, the legal system "is based on civil laws" (Nolan, 2012). Most significantly, the British have a democratic parliamentary government, headed by a monarch and prime minister. Pundits tend to be alarmed by a default here and there. A. Our response? Sometimes, in fact, it must sacrifice economic benefits for political or military ones. In the early days of the outbreak, the Trump administration tried everything possible to downplay the severity of the situation attempting to secure the economy and votes in a presidential election year. China's Transition from Socialism? They dont know how capitalist China is. Weijian Shan understands the delicate U.S.-China dynamic as well as anyone. In a speech in 2000 former U.S. President Bill Clinton declared, By joining the WTO, China is not simply agreeing to import more of our products, it is agreeing to import one of democracys most cherished values: economic freedom. (2016). Is a China-U.S. decoupling a real possibility? All these testify to the strength of the Chinese economy. Chinas history continues to color its view of international relationsand in large part explains its current obsession with the inviolability of its sovereignty. Voter suppression has been reported through disenfranchising people of color, through restrictions placed on mail-in voting that can cause irregularities in the system and strict voter ID laws that can contribute to issues that can cause certain people to not place votes(McKeever, 2020). Federal and state governments wrangled and blamed each other over the pandemic response, exposing public discontent with the efficacy and legitimacy of the government, as well as the internal strife in society. Businesspeople and politicians in the West hold outdated beliefs about the second-largest economy in the world. The differences in political beliefs led to the formation of a two-party system in the United States, contrary to George Washington's wishes. China's political system encourages parties, organizations, and representatives from various circles of Chinese society to discuss basic policy as well as important political, economic, cultural and social issues. Land use is the most direct manifestation of human activities, accompanied by changes in land cover. I see no systemic risk either in Chinas banking system or in its economy. Today he is the CEO of PAG, a $40 billion private equity firm based in Hong Kong. The CPC runs the country while the other non communist parties play the role of participatory. As market research consistently tells us, the majority of individual Chinese investors behave more like traders. Investors have always been enticed by Chinas vast market. The positions in this branch can be for either a five-year long term or even an unlimited amount of time. A country that provides its citizen with education produces better minds that can bring in better business ideas to the economy. Some real differences between the two countries do exist, but they have historically managed them without escalating tensions. As to the orientation of a new era, however, the Trump administration has yet to offer any answers or insights. The task, in both China and the West, is to reduce the gap between the ideal of basic human rights and the reality. Born in 1955, she experienced as a child the terrible Great Leap Forward famine in which 20 million Chinese starved to death. What are the biggest risks for Chinas economy in the coming years? Does the U.S. even have the power to hurt China economically? And what is it that the Chinese dont understand about the United States? Why do leaders in the West persist in getting China so wrong? In the countryside life retained many of its traditional elements. Chinas leaders argue that its essentially Leninist rule book makes Chinese politics far less arbitrary or nepotistic than those of many other, notably Western, countries (even though the system has its share of back-scratching and opaque decision-making). For example, in making the case for why it should be involved in the UKs 5G infrastructure rollout, Huawei styled itself the John Lewis of China, in reference to the well-known British department store that is regularly ranked as one of the UKs most trusted brands. U.S. self-identification has been shaken under these circumstances. For any deep analysis of the ideological aspects of the China-U.S. rivalry to be complete, two questions need to be answered: What political interests do the ideologies serve, and in what forms are they presented? If you are the original author of this essay and no longer wish to have it published on the Shan: Despite initial blunders, China has handled the coronavirus pandemic well through strict lockdowns and mass testing. Eventually he came to the United States, where he earned a masters and a PhD at UC Berkeley, worked for the World Bank and J.P. Morgan, and taught at the Wharton School. And believing that Chinas economic growth would have to be built on the same foundations as those in the West, many failed to envisage the Chinese states continuing role as investor, regulator, and intellectual property owner. But much of the technological progress has come from a highly innovative and well-funded military that has invested heavily in Chinas burgeoning new industries. For example, a 2015 survey found that 81% of them trade at least once a month, even though frequent trading is invariably a way to destroy rather than create long-term fund value. For example, weve interviewed couples in which the wife jumps into the sea of starting her own businessbecoming one of Chinas many female entrepreneursbecause her husbands stable but lower-paid state-sector job will provide the family with security. Entry to the CCP and to a university involves compulsory courses in Marxist-Leninist thought, which has also become part of popular culture, as evidenced by the 2018 TV talk show Marx Got It Right. In the political system of the United States, Democrats are largely associated with liberalism (a political philosophy based on belief in progress) while Republicans are associated with conservatism (a political philosophy based on tradition and social stability). Countries with command economic systems are now changing their laws to become democratic and allow free-enterprise after realizing benefits it can bring in (Cavusgil, Ghauri & Akcal, 2012). Mandarin. Eager for experience, she took a job as an investment analyst with a Shanghai-based foreign asset manager, but despite a long-term career plan mapped out by her employer, she left that company for a small short-term pay raise from a competitor. ), Copyright 2020 CGTN. : Statist Legacies and Market Reforms, 1980-90: Statist Legacies and Market Reforms, 1980-90. Considering that China adopted the system of the dynamic market much later than other nations, it has done remarkably well to have such a positive impact on its economy. Politicians and business leaders continue to misread Chinas strategy and politics. Many people have wrongly assumed that political freedom would follow new economic freedoms in China and that its economic growth would have to be built on the same foundations as in the West. When we first traveled to China, in the early 1990s, it was very different from what we see today. The harsh reality of the pandemic has given rise to political competition with characteristics not seen before, sounding the alarm for future bilateral relations. A nation that practice individualism and democracy is more likely to have an economic system that is market-based and this is more desirable since it allows businesses to produce what their products maximally thereby making desirable profits. But because human beings tend to believe that other humans make decisions as they do, this may be the most difficult assumption for Westerners to overcome. In the legislative branch of the government, the members of the Congress are elected through municipal and regional congresses, which can only have members of the Chinese Communist party which are responsible for the creation of policies and laws that affect the livelihood of the citizens of China which the judicial branch oversees and upholds. 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