When we look at things we own, most of it is made in China. Before 1979, china was just a third world country. However, in the past years, China's economy has been able to grow by 10.4 percent each year after 1990 (Lin,212). These numbers show us that China is growing at an incredible rate, leaving many developing countries, and even America far behind. China is currently the largest “exporter of goods in the world” (Lin,214). China is not the only country which economy’s is rapidly growing. Countries like Japan, Taiwan, Korea, Malaysia, Indonesia and Thailand have shown an increase of their economy by seven percent each year. These PORTRAYS how America, as well as other countries, are so dependant in China. China’s growth has only happened in recent years. Before the 1980’s, China was still considered a “low-income” country. One of the reasons why it has grown so rapidly is due to its urbanization and industrialization. This has helped China grow …show more content…
Although many countries benefit from China’s exports, China’s ratio of dependence on foreign trade is increasingly rising (Fulin, 16). “In 2006, the export value accounted for 39.9% of the GDP that year. And in 2007, the export value accounted for 35.6% of the GDP that year, 10 percentage points higher than the world's average figure and five percentage points higher than the middle income countries” (Fulin, 16). These shows that China’s economic development is under the control of international markets. According to Raphael Kaplinsly, China would become the second largest economy by 2016. China “offers a rapidly growing market for commodity exporting countries, but it is also the leading exporter for many labor-intensive, manufactured products, potentially accelerating a ‘‘race to the bottom’’ elsewhere” (Kaplinsky, 1). China’s exports have gone from $50 billion to $798 billion in just 20 years. This shows how dominant China’s exportation is and how dependant the world is on