CHINA’S CHALLENGES

CHINA FACES HUGE POLITICAL AND ECONOMIC TRANSITIONS

Fuyuan Hsiao

The China Post, October 3, 2011

Over the past five years, China has taught the West a new word in English: “shengshi,” or “flourishing age.”

A senior reporter for a Western media outlet stationed in Beijing for many years captured the essence of the concept in talking about how China has evolved. A few years ago, he says, the most hotly debated topic in China was at what point it could become part of the G-8. Then two years ago, American scholars reduced the ranks of the world's powerful countries to the G-2 — United States and China.

“This year, all that's left is the G-1 — China,” said the reporter in fluent Mandarin, sensing China's steadily expanding resolve.

Based on objective indicators, China certainly has the right to say to the world: “When China is not happy, the world will not be happy.”

The country is the world's leading producer of more than 200 kinds of products and the world's biggest market for items such as cars, mobile phones and personal computers normally associated with advanced consumer markets. China not only can build airplanes, high-speed rail lines and aircraft carriers, it exports its technology abroad. While governments in the West have debt ratios of over 80 percent of GDP, China's stands at a mere 17 percent.

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