“The Chinese are industrious, courageous, honest, and intelligent. They created the splendid ancient Chinese civilisation, and today, they’re firmly committed to the path of peaceful development and are making continuous progress in the modernisation drive by carrying out the reform and opening up program.”

–Jintao Hu – 20 April 2006

China is the world’s second largest economy following US in terms of its nominal GDP. With curbing its increasing population alongside expanding its industrial growth, China’s economy might become the next leading economy of the twenty first century. The US narrative of globalisation is diminishing through its own protectionist measures, as expected through Donald Trump’s predictable foreign policy formulation. The very nation which built the motion of integration and coerced, through its hegemony, other nations to do so, is now falling short within itself. The conservative policies, as announced in his first video message, have left the economic and foreign policy analysts stunned. However, China is struggling hard both economically and otherwise, to be on par with the US economy. Historically, before 1979, China followed a socialist pattern in running its economy with state controlling most aspects of industry. The living standard was quite low and the economic growth was stagnant. Nevertheless, after 1979, the government introduced a series of reforms which resembled a laissez-fare economy and opened up the market to world trade. The last 28 years have seen a rapid growth in its annual GDP making it catching up with the US most likely in the near future. The extent to which China will go on in improving its market structure depends on a number of factors. These factors include trading with the US, foreign policy pursued by the US, mobilization of its resources, development of its soft power, the face-off between capitalism and socialism, decreasing unemployment and inflation, and proliferating its per capita national income.