Since taking office in 2012, Chinese President Xi Jinping has made it his mission to transform the nation into a legitimate global superpower. Under his leadership, China’s economy has become the most powerful in the world and its ascendancy has had an undeniable impact on the world order. Here, we take a closer look at theXi Jinping’s China and the rise of one of the most powerful forces in global politics.
Economic Stature
By most metrics, China’s economy is thriving. It is the world’s largest exporter and second largest importer, and holds the world’s largest foreign exchange reserves. Its Gross Domestic Product (GDP) is estimated to surpass that of the United States in 2020. Its growth rate was 3.2% in 2019, rebounding from the 6.6% it experienced in 2018.
These figures are testament to Xi Jinping’s commitment to economic modernization and his ‘Beijing Consensus’approach, which entails a tighter government control of economic and social regulations. His policies have allowed for accelerated investment in infrastructure and technology,which, in turn, has bolstered economic growth and allowed for greater investment in social services.
It is difficult to overstate the scale and importance of China’s growing economic and geopolitical power. Its immense size, in terms of population and GDP, has led to it having a significant influence on world markets, from trade to investment to exchange rates.
Political Reform
Since Xi Jinping’s election, the Chinese Communist Party (CCP) has implemented a number of reforms, both domestically and internationally. One of the most significant has been the abolition of the ‘one-child policy’, which had prohibited families from having more than one child. This change has been accompanied by a number of other reforms, including guaranteeing basic income, free healthcare, and free education.
In addition to such social changes, Xi Jinping has sought to increase China’s power, and his footsteps, on the international stage. He has promoted the formulation of a ‘Belt and Road’ trade and infrastructure initiative, aimed at connecting Asia, Europe and Africa through the construction of roads and railways. He has also sought to further internationalize the country’s currency, the yuan, and hopes to establish it as an alternative to the US Dollar.
Arguably most importantly, however, is Xi Jinping’s intention to change its international standing from that of a developing nation to that of a superpower. In 2017, he initiated the revival of the ancient Silk Road trading route and signed a number of bilateral agreements with other developing countries.
Social Responsibility
One of Xi Jinping’s most significant commitments is that of social responsibility. He has allocated an estimated $900 billion towards the alleviation of poverty, with a particular focus on the nation’s rural areas. This investment has increased access to healthcare, education, and housing, and has resulted in the reduction of rural-urban disparities.
Moreover, the Chinese leader has pledged to meet the United Nations’ 2030 Sustainable Development Goals. He plans to achieve this by investing in renewable energy and developing innovative technologies, such as artificial intelligence and AI-supported industries. Additionally, his government has committed to reducing its carbon emissions, aiming for a 60-65% reduction by 2030.
The Chinese government has also taken a number of strides to increase gender equality. It has created the ‘Two is Enough’ campaign, which encourages couples to only have two children, and it has developed initiatives that empower women through the promotion of education, economics and health.
Military Strength
Another one of Xi Jinping’s primary objectives is to transform China into a ‘superpower’ with an armed force to match. In pursuit of this, China has vastly increased its military spending in recent years. In 2019, it officially approved a budget of $ 175 billion – a 5.5% increase from the previous year.
Faster-than-expected technological advancements have allowed China to make vast strides toward achieving its superpower aspirations. From aircraft carriers to drones, China has made decisive investments in the latest military technologies and its capabilities in the South China Sea are on the rise. It has also recently unveiled the world’s first hypersonic nuclear-capable missiles, sparking tensions with the United States.
Since his election, President Xi Jinping has championed a number of policies that have cemented China’s presence as a global superpower. From its expanding economy to its military prowess, the nation has grown faster than many had expected and its influence on the global stage is becoming more and more apparent. President Xi Jinping will continue to lead China to becoming the world’s superpower, and his legacy will likely remain one of extreme influence and importance for years to come.