Chinese President Xi Jinping didn’t talk about his dream during the two-day summit with U.S. President Barack Obama last weekend, but China watchers and analysts have tried to unravel its meaning.
China’s President Xi may not have talked about his dream — what he calls the “China Dream”— during his first “face-to-face” talks with U.S. President Obama, but some perceptive China watchers and analysts have written about its meaning and implications for all countries of the world.
President Xi’s dream, in the view of Damian Grammaticos, China correspondent of BBC News, “is to lead a Chinese renaissance so China can resume its rightful place in the world. As one of the most powerful leaders on the planet, “he can, if he wishes, influence the destiny of hundreds of millions of people, inside and outside China. He can shape history. So will he? And if so, how? What does his dream mean?”
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Proportion of people earning between $17,000 and $35,000 a year set to soar
Chinese consumption, largely driven by the middle class, will account for $6.2 trillion, just under a quarter of the $26 trillion of additional global consumption in the years up to 2025, according to McKinsey & Co.
This is more than the three next BRICS countries combined with India contributing an extra $2.5 trillion, Brazil $1.4 trillion and Russia $770 billion.
Karl Gerth, author of As China Goes, So Goes The World: How Chinese Consumers are Transforming Everything and lecturer in Modern Chinese History at Oxford University, said every company in the world now has to have a strategy for the Chinese middle class.
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‘Asian and Western observers have noted that China blamed the United States as the one destabilizing the region, and predicted its rise as a new world superpower.’
China has blamed the United States as the one destabilizing the Asia-Pacific region, ignoring its own bullying of Southeast Asian countries, including the Philippines, which have territorial claims in the South China Sea. This was contained in a white paper written by China’s Ministry of defense released by Beijing last week. It spelled out its strategic world-view, security priorities, military programs, and main armed forces with a headcount of 1.4 million.
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For much of the two decades since the 1990s, when China moved into a high orbit of economic growth, it propounded the theory that its “rise” would be “peaceful” in nature. It was perhaps intended to reassure a wary world, which was watching a notionally Communist country of a billion-plus people move at top speed, that China would not disturb the global order overmuch even if it became the world’s largest economy (which it is on course to be, perhaps as early as the end of this decade).
That reassurance was critical to China’s securing access to international capital, becoming a magnet for Big Business, and more generally ensuring a benign geopolitical and regional climate in the early stages of its development. And particularly after the bloody crackdown on the Tiananmen Square student protests of June 1989 rattled global faith in China’s motives, “peaceful rise” became something of a mantra.
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China might have been the world’s manufacturing powerhouse for the past two decades but it could be in financial services where it is yet to have its most dramatic impact.
The country already has the world’s biggest bank – ICBC (Industrial and Commercial Bank of China) by profit and market capitalization, and its four biggest banks are now among the top 10 biggest globally.
During the recent reporting season, China’s Big Four banks, which apart from ICBC, are Bank of China, China Construction Bank and Agricultural Bank of China, revealed some 4.7 trillion yuan (580 billion euros, $758 billion) of overseas assets.
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Martin Jacques, author of When China Rules the World, said China is expected to face enormous challenges and the world will be more profoundly affected during the next phase ofthe country’s development.
“China is still little more than halfway through the process of modernization, and the country’s economy was too small to have much of an impact outside its own frontiers for most of the first phase,” he said at the 5th World Forum on China Studies in Shanghai.
In the next twenty years, China’s global impact will be more fundamental and extensive, and both the West and China need to be prepared for the changing scenario ahead.
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The 5th World Forum on China Studies, themed “China’s Modernization: Road and Prospect,” came to a close at the Shanghai Exhibition Center on the late afternoon of March 24.
Martin Jacques, visiting senior fellow at IDEAS, London School of Economics and Political Science, delivered his keynote speech at the ceremony, entitled “China’s Modernization and its Transformation of the World.” He is renowned for his influential book “When China Rules the World.” He clarified his viewpoint that China will undergo a profound transformation and complete its modernization drive over the next two decades.
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China is not only transforming itself but also the world in the process of modernization, which requires the Chinese to have cosmopolitan outlook to embrace global impacts, Martin Jacques said on Sunday.
Martin Jacques, the author of When China Rules the World, and visiting senior fellow at IDEAS of London School of Economics and Political Science, made the remarks during a joint media interview at the 5th World Forum on Chinese Studies.
Martin is confident that China will become the most influential and powerful country in the world, not just economically but politically and culturally, despite it will take a long way to go.
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CHINA’S profound engagement with the world will over time engender a “global mentality” in its citizens and make its peaceful rise more acceptable to a sometimes skeptical world, an acclaimed British author and scholar said yesterday.
Martin Jacques, author of the best-seller “When China Rules the World,” attended the Fifth World Forum on China Studies in Shanghai that ended yesterday.
The time since Deng Xiaoping’s reform and opening up policy has been the most open period in Chinese history, said Jacques.
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