It is unquestionable that today the trade war between emerging market economies (also known as developing countries) and developed countries is posing more threat to the world than world wars. China is the most influential emerging market of the present time, and the way it’s integrating with the global economy has unprecedented economic impacts apart from socio-political, and geopolitical implications for the world.
Although the rapid growth of China is an unbelievable sign of the prosperity and potential of emerging markets; however; the developed countries are looking at it with a different lens. For them, China is possibly the biggest contender for the next superpower in the world – in an age dominated by tech-titans.
China saw a lot of ups and downs in the past. The re-emergence of this Asian nation began way-back in 1978 with market reforms, which transformed this centrally-planned economy – characterized by enormous trade restrictions because the economic decision making was entirely in the hands of the government, to a market-based economy.
After the market reforms, the country witnessed an unusual social, economic, and political development that painted an entirely new picture of Chine and presented it to the world.
Reasons Why You Should Learn Chinese
China is not only emerging as a dominant player in the Asian markets, but it’s also on the verge of making it big when it comes to operating on a global scale.
And since this Asian giant is spreading its wings across the globe, it’s kind of essential for the rest of the world to learn Chinese to become the part of this global expansion led by China. China is not only defining the rules and norms of global trade, but it’s also working on strengthening its manufacturing industry and military expansion – factors that indicate this emerging economy will not only be leading the world in global trade but will have a strong political significance.
China’s GDP growth rate, which was 6.9% for the year 2017 is utterly impressive by the present global standards. It gives a precise idea to other nations in the world about how aggressively this country is working towards its development.
A Brief Note on China’s Global Expansion
Expansion of Chinese Banks on Global Scale
The expansion of Chinese banks across the world gives enough evidence that this country is all set to rule the world as a superpower. If you talk about Forbes Global 2000 list, four Chinese banks feature in the top 10 among the world’s largest public companies.
Given below are four Chinese banks that make it to the top 10 in the Forbes Global 2000 list.
- Industrial & Commercial Bank of China
- China Construction Bank
- Agricultural Bank of China
- Bank of China
Established way back in 1984, the Industrial & Commercial Bank of China (ICBC), which has its branches in several places in the world wins the first place in the list. It offers its services in Kuwait, Abu Dhabi, and Dubai, etc.
With branches in countries like South Korea, South Africa, Australia, and the United States, the China Construction Bank wins second place in the list.
Founded back in 1951, the Agricultural Bank of China has managed to win the fifth place in Forbes’ Global 2000 list. Today the bank has its branches in cities like Sydney, New York, London, and Tokyo, apart from mainland China.
Established in 1912, the Bank of China gets the ninth place in Forbes’ Global 2000 list.
The list which features public companies from 60 countries across the globe includes a total of 291 companies from China and Hong Kong alone. This figure talks volumes about how Chines companies are dominating the world at the present times, and how the world can take advantage of its rapid growth by enhancing their knowledge about the Chinese language.
Yes, if you want to become part of these companies, learning the Chinese language can always have an added advantage for you.
Growing Demand For Chinese Gadgets
Whether you talk about producing smartphones, laptops, cameras, smart watches, music systems, or wearables devises like fitness bands; China is excelling in this direction as well.
The reason demand for Chinese gadgets is increasing with each passing day is because they are utterly inexpensive and still come with high-end features. These gadgets are not only popular in Asian countries, but customers in the developed world are using them equally.
So, again, if you want to work in Chinese tech firms, it’s better to learn the Chinese language in the first place.
Belt and Road Initiative (BRI)
China is not only working on its individual infrastructural development and countries surrounding it, but it’s trying to work in this direction on a global scale. With its Belt and Road initiative, China is trying to transform the trade routes that connect it to Asia, Africa, and Europe.
With this initiative, China will develop the infrastructure in countries where it has strategic interests. By ending the infrastructural gap in nations along the trade routes, China is concentrating on the big picture that is maritime dominance.
China is investing a tremendous amount of money in Kenya for building the African nation’s Standard Gauge Railway (SGR). Dubbed as the “Freedom Express,” this is Kenya’s largest infrastructure initiative since independence. This railway project will help link the capital city of Kenya that is Nairobi with Mombasa port, which will play a significant role in the further development of the country.
China’s Belt and Road Initiative Consists Of Two Essential Parts That Include:
- The Economic Belt Initiative
- The Maritime Silk Road Initiative
Under the economic belt initiative, China will build six corridors along the international transport routes. The country will consider all the indispensable cities and ports in the reason while developing them.
Here Are Those Six Corridors
- The New Eurasia Land Bridge Economic Corridor
- The China-Mongolia-Russia Economic Corridor
- China-Central Asia-West Asia Economic Corridor
- China-Indochina Peninsula Economic Corridor
- China-Pakistan Economic Corridor
- Bangladesh-China-India-Myanmar Economic Corridor
To execute this project effectively, China is seeking co-operation from the countries that are the part of this initiative in the following areas.
- Policy co-ordination
- Facilities connectivity
- Unimpeded trade
- Financial integration
- People-to-people bond
On the other hand, under the maritime silk road Initiative, China will expand its dominance on seaports that will help it export its goods to the rest of the world. The country will establish a series of sea lanes connecting the South China Sea to the Indian Ocean to streamline trade activities.
The successful completion of the Belt and Road Initiative will establish China as one of the most powerful countries in the world as it will not only dominate the global trade by exporting its products via land routes but it will also rule the waves.
So, as China is eyeing on capturing a significant market share in the international trade, it’s always better to learn Chinese to reap the benefits of its rapid growth.