People who do take long-term career risks often do so only after fulfilling their primary need for short-term security. This observation makes one wonder whether the Democrats are exploiting well-intended pro-diversity causes at home as part of a power struggle against Republicans. Unlike China, the U.S. spends more than 50% above its annual revenues leading to high deficits. Trumps trade war was an abject failure. Until Western companies and politicians accept this reality, they will continue to get China wrong. Both countries have human rights issues, although in different forms. Majority of China's production companies are owned and managed by the government. Between 1990 and 2009, investment from China to all of Latin America was about $7 billion. HBR Learnings online leadership training helps you hone your skills with courses like Global Collaboration. Moving from Beijing to Shanghai has made my Mandarin worse. Many Westerners assume that China is on the same development trajectory that Japan, Britain, Germany, and France embarked on in the immediate aftermath of World War IIthe only difference being that the Chinese started much later than other Asian economies, such as South Korea and Malaysia, after a 40-year Maoist detour. For example, in making the case for why it should be involved in the UKs 5G infrastructure rollout, Huawei styled itself the John Lewis of China, in reference to the well-known British department store that is regularly ranked as one of the UKs most trusted brands. China and the United States significantly differ in terms of the economic, legal and political system but this does not stop them from being the top two nation with the biggest economy worldwide. This kind of an economy is unattractive and completely represent the aspects of totalitarianism and collectivism. Chinas rulers, therefore, see foreign engagement as a source less of opportunity than of threat, uncertainty, and even humiliation. A Chinese professor who has lived in both the US and China believes there is a core cultural difference leading to the country's diverging paths. HBR Learnings online leadership training helps you hone your skills with courses like Global Collaboration. Empowered by Xi to deal with the corruption that had become so prevalent early in that decade, the commission can arrest and hold suspects for several months; its decisions cannot be overturned by any other entity in China, not even the supreme court. That has huge implications for people seeking to do business in China. On the foreign front, China never tried to pressure anyone to conform to its domestic political system but instead not only respects, but celebrates, their differences. Chinas Good War: How World War II Is Shaping a New Nationalism. In contrast, the governments discount rate on the future is lowerin part because of its Leninist emphasis on controland explicitly focused on long-term returns. The policies that are discussed in the Legislative Branch on the government are also through the civic engagement process, where the representatives elected by the citizens seek to change the policy or create one to serve them (lumen, 2020). In International Business: Competing in the global marketplace (11th ed.). Politicians and business leaders continue to misread Chinas strategy and politics. Then, in the 1990s, she took advantage of the new economic freedoms, becoming a 30-something entrepreneur in one of the new Special Economic Zones. So a Marxist-Leninist system is concerned not only with economic outcomes but also with gaining and maintaining control over the system itself. Even though the laws of the United States provide every individual regardless of creed and color to vote, there have been instances of voter suppression reported, especially in relation to minorities, and this oppression has been systemic and has existed throughout the history of the US. Until that happens, the world will remain unstable as the U.S. aggressively tries to eliminate political diversity. But much of the technological progress has come from a highly innovative and well-funded military that has invested heavily in Chinas burgeoning new industries. In that period there has been ruins of buildings as well as joy of victories, rapid advance in success as well as pride, tortuous ordeals and lesions from mistakes done . You cant become a senior leader in China without having proved your worth as a manager. (If you want to contribute and have specific expertise, please contact us at opinions@cgtn.com. Is your time best spent reading someone elses essay? A cleaner in Chongqing now owns several apartments because the CCP reformed property laws. In the political system of the United States, Democrats are largely associated with liberalism (a political philosophy based on belief in progress) while Republicans are associated with conservatism (a political philosophy based on tradition and social stability). Also, while its relatively easy to shift the sourcing of a low-value-added product from China to Vietnam or Mexico, how can you move an entire supply chain with many indigenous players? Changes that have been reported but not yet acted on by BGN are noted. There are several major differences: China's system is based on the governance of one political party only (China has 8 other parties that serve in a consultative role). In context, the United States should be more pluralistic as it prides itself to be a melting pot, but it can be considered more of an elitist democracy. Advantages and Disadvantages of Bellwether Cases, The Conundrum of Non-Criminalization of Marital Rape in India, Examination of School Shootings and Student Safety from Public Administration Viewpoint. The United States has a democratic system, but in countries . Would you like to get this essay by email? Chinas saving rate will drop significantly as its population ages, and investment will slow. After all, if it genuinely believed in the merits of diversity at home, it wouldn't try to snuff out political diversity abroad. What to Know. China and the United States significantly differ in terms of the economic, legal and political system but this does not stop them from being the top two nation with the biggest economy worldwide. But in China the consumer applications have come faster, making more obvious the link between government investment and products and services that benefit individuals. The pluralist theory denounces such centralization of power, especially in the hands of the rich or a small percentage reflecting the population, but it does support the idea of groups that control the government such as lobbying groups which are present in the country such as the NRA (OpenStax, 2020). For example, weve interviewed couples in which the wife jumps into the sea of starting her own businessbecoming one of Chinas many female entrepreneursbecause her husbands stable but lower-paid state-sector job will provide the family with security. 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As to the orientation of a new era, however, the Trump administration has yet to offer any answers or insights. In much Western analysis the verb most commonly attached to Chinas reforms is stalled. The truth is that political reform in China hasnt stalled. Chinas rapid economic growth is the result of its embrace of a market economy and private enterprise. There are, however, other forms of citizen engagement at a more local level when electing a township government, which can be done through public recommendation or public nomination ( (Cheng), 2011). Diversity is naturally occurring, whether it be among ethnicities, religions, governing systems or whatever else. Furthermore, it is important for nations to be flexible when it comes to global market system and change laws when necessary in order to attract investment and grow the economy like China did. But the third assumption can also mislead those seeking to engage with China. Canadian jurisdiction is the opposite; if it's not left to the Provinces, it's most likely the responsibility of the federal government. Reforming Sino-American Cultural Exchange for the Better. Yet they found common ground to work in mutually beneficial ways. One example is the reinvention in the late 2010s of the Central Commission for Discipline Inspection. In the countryside life retained many of its traditional elements. In conclusion, it is not possible to have a unanimous decision on which political and economic practice is best for the entire universe. Not completely and not without very high costs. Additionally, human development is also key for countries to realize full economic growth. The only obligation they have is to follow the law that in most cases is straightforward. Springer. Earn badges to share on LinkedIn and your resume. The country will need to continue to reform and privatize its state-owned firmsand shift from investment to private consumptionor it will not be able to sustain its growth. China and the global economy. The article reflects the author's views and not necessarily those of CGTN. Although many in the West may believe that China sees only opportunity in its 21st-century global plans, its motivation is very different. The critical distinction is that the Chinese system is not only Marxist, its Marxist-Leninist. The geographic location factor is important since it dictates how well a country can be accessed to do business with and both China and United States have good locations since they are connected to water bodies. The CPC runs the country while the other non communist parties play the role of participatory. These are valid points and deserve to be expanded upon in order to enlighten others further. 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