“China is not a superpower, nor

will she ever seek to be one.”

–Deng Xiaoping – April, 1974.

The re-emergence of China as a power dates back to the 1949 Chinese revolution. It brought an upheaval not only to political institutions but to the economic structures and the international status of the state. In 1977, China experienced such dramatic economic reform that it experienced growth rates of 10% per year for 30 years. The Chinese economic model proved its resilience to economic crisis when it was able to successfully withstand the global financial crisis of 2007-09. In 2009,China became the world’s largest exporter and in the following year it overtook Japan to become the world’s second largest economy. In 2010, the Chinese economy was 90 times larger than it had been in 1978. China has a seemingly inexhaustible supply of cheap labour, making it, increasingly, the manufacturing heart of the global economy. It is currently the second largest economy in the world. Interestingly, economists expect the Chinese economy to bypass the economy of the US by 2020. Now it is only a matter of time before the international community witnesses China become the new economic superpower and the global economic hegemon. Let the ‘Chinese century’ begin.