China: The New Global Giant

Abstract

In a little more than half a century, China has left behind mass poverty, extreme backwardness, and economic and political isolation to march onto the global stage as a major player — an economic and military giant. Chinese presence is now felt in all areas of international financial discourse, including how the value of its currency impacts upon East Asia and the entire global economy, its contribution in keeping inflationary pressures in check around the globe, and its role in the World Trade Organization. China is also a major player in global politics. The United States and Europe sought its counsel during the build up to the 2003 war in Iraq, and China continues to play an important role in the global effort to denuclearize the Korean Peninsula.