Journal Article: “Chinese Modernization: Spearheading New Globalization and Inspiring an Emerging Field of Study”
Title: Chinese Modernization: Spearheading New Globalization and Inspiring an Emerging Field of Study
This paper identifies three aspects in which Chinese modernization may have a profound influence on the global economic landscape after examining China’s changing role in the global economy over the past millennium. First, since 2006, the Chinese economy has been the largest driver of global economic growth, and this rapid growth is expected to continue until 2060. Second, the Chinese economy has the potential to spearhead a new form of globalization due to China’s market size, increasing innovation, and strong government coordination. Third, Chinese modernization is characterized by a government- market synergy in which the government fosters and regulates the market economy rather than taking its place. In this respect, Chinese modernization may bring about an emerging field in economics: government and economics, and hence make important contribution to the development of economic study.
JEL Classification: B10, B20, N10, N40