China's rise offering opportunities

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Last updated at: (Beijing Time) Monday, December 08, 2003

China's rise offering opportunities

The rise of China has not been a matter of debate. However, an argument over the political and economic implications of the nation's muscle-flexing still lingers.

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The rise of China has not been a matter of debate. However, an argument over the political and economic implications of the nation's muscle-flexing still lingers.

For most Chinese, the country's rise in global political and economic status is something that was long expected; for others, China's rise has been greeted with fear.

Although the mythical spectre of China's military threat has faded substantially, there is still apprehension in some quarters that the world's fastest growing economy poses an economic threat to the survival of others.

Indian economist Ramgopal Agarwala asserts in his new book "The Rise of China: Threat or Opportunity?" (Chinese edition) that China's rise is an opportunity rather than a threat to the rest of the world.

Agarwala also writes that China can be expected to become the largest economy in the world around 2020.

The economist says China is likely to be the world's largest producer of a wide range of agricultural and industrial products, and the largest trading partner for most countries in Asia as well as other parts of the world.

He states that for developing countries, China presents an opportunity to reverse the trend of declining prices of primary products such as coffee and cocoa and to serve as a major source of trade and investment.

For developed countries, China has the potential to become their largest market for a wide range of products including aircraft, computers, electric power plants and petrochemicals.

Argarwala ascribes the doubt whether China is a threat to the world to the important bilateral relationship between China and the United States, saying that "if the present US policy is indeed one of either enlargement or containment, it will make China a threat, not only to its neighbours but also to the world."

Argarwala worked as the chief economist in the Economic Unit at the Beijing Office of the World Bank from 1993 to 1996. During his stay in China he had an opportunity to interact with high-profile government and Party officials as well as intellectuals and ordinary people.

According to Argarwala, China's rise will not only provide the world with opportunities in economy, but also contribute to the shift from a uni-polar world to a multipolar one.

He states that in the 21st century, neither the United States nor China nor Europe will be able to dominate the world since a multipolar world will be established thanks to the rise of China.

According to the writer, the best way to utilize the opportunities likely to be created by China's rise is to create a framework for international governance, where there is rule of law and pluralism is accepted, and thus can help create a new international order.

Argarwala is not alone in espousing the belief China presents the world an opportunity instead of threat.

Jemal-ud-din Kassum, the World Bank's vice-president for East Asia and the Pacific, said in an interview with the Korean Times that from the WB's perspective, the organization supports the side "of very significant opportunities."

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