China, an Engine of Growth, Faces a Global Slump Essay Example for Free

China, an locomotive engine of Growth, Faces a Global Slump EssayYardley, J. , Bradsher, K. (2008). China, an Engine of Growth, Faces a Global Slump. New York Times, October 23, p. A6. In the article Yardley and Bradsher discuss Chinas economic and pecuniary slump caused by the global financial crisis. For three decades China has been one of the most powerful and burnished countries in the world. The country has managed to booster its economic cultivation due to flood of low-priced exports. However, global crisis negatively affects the country that faces the possibility of global recession. The question is whether the ruling Communist Party is able to prevent global financial crisis and to support Chinas economic miracle. Economists and analysts say that Chinas economic development plays crucial role for economies of the United States and European countries as they face serious downturns. Nonetheless, Chinese economic form is to be recalibrated, domestic investments atomi c number 18 be stricken with government spending, and policies aimed at increasing consumer demand are to be promoted.China is in need of better health care network, improvements in social gumshoe network, and lower fees for education establishments. Chinese government claims that global crisis insulates countrys financial system and, thus, leading argue countrys banks would remain domestically concentrated. The overall economic growth has decreased, unemployment rates encounter increased and many factories have closed export region.China is recommended to use its foreign reserves for purchasing stocks in European as it gives China an excellent opportunity to gain more experience in global business. Some researcher say that Americas decline is inevitable and if China is inclined(p) to manage it, it will be ready to stand as a superpower. In its turns, China isnt willing to be considered as a replacement of the USA as it is still a growing country with more foreign reserves and more problems than other countries.