China's Economic Development and History
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Questions and Answers

What is the primary focus of China's changing model of development?

  • Production power
  • Consumer power (correct)
  • Foreign investment
  • Export-led growth

    • The Belt and Road Initiative aims to bring half the world together.

    True

    What investment range does the Belt and Road Initiative estimate for the world economy?

    $3-8 trillion

    China's growth model emphasizes __________ driven growth as a means of achieving equitable and sustainable development.

    <p>consumption</p> Signup and view all the answers

    Match the following initiatives or historical references with their significance:

    <p>Belt and Road Initiative = Global investment strategy Boao Asian Forum = Regional cooperation Silk Road = Ancient trade routes Zheng He's voyages = Maritime exploration</p> Signup and view all the answers

    Which of the following leaders initiated the Four Modernizations in China?

    <p>Deng Xiaoping</p> Signup and view all the answers

    The Great Leap Forward was a policy implemented by Deng Xiaoping.

    <p>False</p> Signup and view all the answers

    What is meant by 'crossing the river by feeling the stones' in the context of China's economic development?

    <p>It refers to the approach of experimenting with reforms and scaling them up only if successful.</p> Signup and view all the answers

    The _________ Initiative refers to China's initiative aimed at enhancing global trade and economic cooperation.

    <p>Belt and Road</p> Signup and view all the answers

    Match the following Chinese leaders with their corresponding policies:

    <p>Mao = Great Leap Forward Deng Xiaoping = Four Modernizations Hu Jintao = Harmonious society Xi Jinping = China dream</p> Signup and view all the answers

    Which country is expected to pass the GDP of the US by 2025?

    <p>China</p> Signup and view all the answers

    China is currently the biggest trading partner for Japan.

    <p>False</p> Signup and view all the answers

    What economic group is referred to as BRIC?

    <p>Brazil, Russia, India, China</p> Signup and view all the answers

    By 2025, the combined GDP of BRIC would be one-half the combined GDP of the _____ economies.

    <p>G6</p> Signup and view all the answers

    Match the following years with their significant events:

    <p>2008 = Crash and recession in the US and Europe 2011 = Recovery of the US economy 2016 = Brexit and election of Trump 2020 = Covid chaos in US, UK, and Brazil</p> Signup and view all the answers

    What market condition is described as having demand that continues due to industrialization in Asia?

    <p>Demand for commodities</p> Signup and view all the answers

    Developing countries are currently growing at a faster rate than developed countries.

    <p>True</p> Signup and view all the answers

    What major global event in 2018 highlighted hegemonic and tech clashes between the US and China?

    <p>Huawei 5G controversy</p> Signup and view all the answers

    What major economic crisis began in 2007?

    <p>Financial crisis due to subprime mortgages</p> Signup and view all the answers

    Asia has seen a shift from export-led growth to investment-led growth since 2003.

    <p>True</p> Signup and view all the answers

    What is the primary economic initiative that China launched to bring global connectivity?

    <p>Belt and Road Initiative (BRI)</p> Signup and view all the answers

    The rise of __________ and trade barriers in the EU and US marks the beginning of deglobalization.

    <p>protectionism</p> Signup and view all the answers

    Match the following years with their corresponding significant events:

    <p>2001 = China joins WTO 2008 = Spreads to the UK and EU 2016 = Political crisis: Brexit, Trump election 2015 = New institutions like AIIB formed</p> Signup and view all the answers

    Which of the following statements best describes the 'Goldilocks globalization' period?

    <p>US, Europe, and Japan dominated globalization from 1950-2000</p> Signup and view all the answers

    China is considered a de facto leader in global trade as of 2024.

    <p>True</p> Signup and view all the answers

    What organization was established in 2015 with 57 member countries to support infrastructure investments?

    <p>Asian Infrastructure Investment Bank (AIIB)</p> Signup and view all the answers

    Which type of economy is associated with settler colonial societies?

    <p>LME</p> Signup and view all the answers

    Emerging economies are responsible for increasing trade between Asia, Latin America, the Middle East, and Africa.

    <p>True</p> Signup and view all the answers

    What was the percentage share of global GDP held by emerging market and developing countries in 2013?

    <p>50%</p> Signup and view all the answers

    The _______ economy has seen a turnaround of 200-year North-South domination.

    <p>East-South</p> Signup and view all the answers

    Match the following concepts with their descriptions:

    <p>Belt and Road = Investment of $3 trillion in regional and world economy Asian drivers = Growth contributors in developing countries G20 = Group reflecting the new global economic powers after 2008 'East Asian miracle' = Economic growth phenomenon of the 1990s in Asia</p> Signup and view all the answers

    In the 21st century, which economies outgrew developed economies?

    <p>EE</p> Signup and view all the answers

    Crossover countries are exclusively classified as either LME or CME.

    <p>False</p> Signup and view all the answers

    What term describes the relocation of industries to low wage zones in the 1970s?

    <p>International division of labor</p> Signup and view all the answers

    The rise of _______ is characterized by sustained growth of more than 5%.

    <p>emerging markets</p> Signup and view all the answers

    Which organization was established in 2001 and focuses on cooperation among Asian countries?

    <p>Shanghai Cooperation Organization</p> Signup and view all the answers

    Which of the following is NOT a characteristic of Coordinated Market Economies (CME)?

    <p>Corporate-led economies</p> Signup and view all the answers

    Neoliberalism is considered the only form of capitalism.

    <p>False</p> Signup and view all the answers

    What are the three types of state-led market economies?

    <p>Developmental, National security state, Conservative</p> Signup and view all the answers

    The dollar as a reserve currency represented approximately ________% of global reserves in 2023.

    <p>58</p> Signup and view all the answers

    Match the following stages of capitalism with their features:

    <p>Merchant = Commerce (towns, trade routes) Competitive = Industrial (national firms) Monopoly = Cartels, trusts Finance = Banks lead, no longer industrial capital</p> Signup and view all the answers

    What is a key feature of Liberal Market Economies (LME)?

    <p>Predominantly corporate-led frameworks</p> Signup and view all the answers

    The classic stages theory of capitalism suggests that finance became the leading sector in the economy after the industrial age.

    <p>True</p> Signup and view all the answers

    What financial system is seen as crucial to American hegemony since the 1970s?

    <p>Oil-dollar system</p> Signup and view all the answers

    Many of China's past projects involved issues such as ________ and international overinvestment.

    <p>domestic</p> Signup and view all the answers

    Which country does NOT fall under the category of Conservative state-led market economies?

    <p>Brazil</p> Signup and view all the answers

    Study Notes

    China's Transitions

    • China is undergoing transitions, with ongoing challenges and opportunities
    • Global competition is a key aspect of China's Belt and Road Initiative
    • Varied market economies exist globally, including state capitalism and clan capitalism
    • Emerging economies, like those within BRICS, are crucial to observe
    • Governance and development are integral to emerging economies
    • Globalization and possible reorganization are key trends to analyze

    Pragmatism in China's Development

    • Pragmatism ("don't rush, incremental change") is a core tenet of China's development strategy
    • Success hinges on experimentation and scaling up strategies
    • Bottom-up and country-driven development models are central to China's approach

    China's Historical Periods

    • 1949-1978: Mao Zedong's leadership with the Great Leap Forward and Cultural Revolution. Chinese Communist party
    • 1978-1989: Deng Xiaoping's era of reform with Four Modernizations and rapid growth.
    • 1989-2002: Shanghai model emerges with rapid foreign investment and uneven development. Jiang Zemin's leadership
    • 2003-2012: Focus on harmonious society, Hu Jintao's leadership.
    • 2012-Present: Xi Jinping's leadership focuses on the "China dream", AIIB, BRI

    China's Market Economies

    • State-owned enterprises are prominent
    • Partnerships between public and private sectors exist
    • The private sector plays a significant role in the economy
    • Also a 'clan capitalism' and 'state capitalism' form

    China's Development Model

    • China's development is changing from production power to consumer power
    • Investment-led growth is shifting towards consumption-driven growth
    • This transition focuses on equitable and sustainable growth
    • The export-oriented model is no longer the only focus

    Belt and Road Initiative (BRI)

    • BRI aims to connect half the world
    • BRI investors are committed to international standards
    • Increased investment in infrastructure, particularly in Asia
    • A comparison exists with the Marshall Plan but OBOR is not a direct comparison

    Globalization and Emerging Economies

    • The growth of emerging economies (EE) surpasses developed economies
    • EE are crucial drivers of global economic growth
    • EE have a widening international division of labor
    • EE include growing trade between Asia, Latin America, and Africa

    Varieties of Market Economies

    • Comparing market economies, (CMEs) such as the US, UK, and Europe, with other types of economies, particularly in Asia (LMEs) and SME

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    Related Documents

    S 185DG Part Two: China Transitions & Globalization PDF

    Description

    Explore the dynamic transitions in China's economy and governance from 1949 to present. This quiz covers significant periods, key strategies like pragmatism in development, and the implications of China's interactions with global markets and emerging economies. Test your knowledge of the critical factors driving China's growth and challenges.

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