The rise of China

The single most consequential economic development of the past 35 years has been the rise of China. Maria has already studied Deng Xiaoping's reforms (Units 10.6 and 10.8). The results in raw numbers:

• China's economy grew at roughly 10% annually for three decades, the fastest sustained growth of any major economy in history
• Hundreds of millions of Chinese were lifted out of poverty, the largest reduction in poverty in human history
• China became the world's largest manufacturer, exporting roughly $3.5 trillion of goods annually
• China surpassed Japan as the world's second-largest economy in 2010 and is approaching the United States
• Chinese cities (Shenzhen, Shanghai, Beijing) became among the world's most modern and dynamic
• Chinese companies (Huawei, Alibaba, Tencent, BYD) became global competitors in technology and manufacturing

China's rise has been the largest single source of changes in global economic geography. Manufacturing has shifted significantly from Western economies to China. Other developing countries have struggled to compete with Chinese productivity. China's demand for raw materials transformed economies in Africa, Latin America, and elsewhere. The U.S.-China economic relationship has become the central axis of the global economy.