China's Economy in the last 30 years Mathematics & Economics Paper (Research Paper Sample)

China’s Economy in the Last 30 Years
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Introduction
The economic rise of China in the past three decades has been a subject of great interest not only among economists and investors, but also in the national politics of other countries as China’s economic might has a direct impact on international trade relations. Most notable is the ripple effects that the Chinese economic juggernaut has had in the U.S., to the point of being a political issue in the just concluded US presidential elections. Donald Trump’s campaign-period promise to renegotiate the U.S.’s bilateral and multilateral trade agreements with China as well as with its North Atlantic Free Trade Agreement partners, Canada and Mexico, suggests the impact that China’s economic growth has had on the U.S. economy. Before China’s rise, the US had no problem with NAFTA because the world market share was enough for everyone. China’s rise, it appears, has negatively affected the US economy not only by eating into its domestic market, but also presenting strong competition in the global arena due to the low prices of Chinese products. Domestically, the U.S. economy has suffered from the influx of cheap Chinese steel products, electronics and furniture, the latter leading to the collapse of the U.S furniture industry (Patel, 2016). Yet, China’s rise to its current level of economic domination is not entirely a surprise given that for years, economic observers had christened China a sleeping lion. The big question is, when did the sleeping lion wake up, and who or what woke it up? When did China’s economy take a turn in a direction that will make it a global titan in the 21st century? This essay analyzes the economic rise of China by tracing its economic performance in the last 30 years and the factors that played to its advantage in its emergence as a real threat to the U.S.’s global economic dominance.