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China: A Look at the Powerful New Force on the Global Business Scene
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China: A Look at the Powerful New Force on the Global Business Scene (Extra Credit Essay) By Cheng (Katherine) Li MKT 321 International Business Dr. Ivan Vernon December 15th, 2005 These days, China is mentioned in almost every business newspaper journals at least once every single day. The world has its magnifying glass on China. The growth of this nation has astonished the world. From a backwards, communist country to one of the most powerful and fastest growing economies, the "new" China is surpassing most of its competitors and accomplishing this at lightening speed. Here are some staggering statistics about the formidable force of New China - a far cry from its bleak past: o China is the world's fastest-growing large economy. o It is the second largest holder of foreign-exchange reserves, mainly dollars. o It has the world's largest army consisting of 2.5 million men and the fourth largest defense budget, which is rising by more than 10...
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