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China in the Global Economy: The U.S. and African Connections Shiping Zheng 郑世平 Bentley University November 18, 2008. Globalization: Then and Now. “Sleeping Giant” No More. "Let China sleep, for when she wakes the world will shake.” -- Napoleon Bonaparte (1805).

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China in the Global Economy: The U.S. and African Connections Shiping Zheng 郑世平


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    1. China in the Global Economy: The U.S. and African Connections Shiping Zheng 郑世平 Bentley University November 18, 2008

    2. Globalization: Then and Now

    3. “Sleeping Giant” No More "Let China sleep, for when she wakes the world will shake.” -- Napoleon Bonaparte (1805)

    4. World Output: 1820-1950 Country 1820 1950 ------------------------------------------------------------------------------ China 30% 5% India 16% 4% European Big Four 17% 19% USA 2% 27%

    5. Chinese Economy: Pre-Reform Years • Pre-1949: Traditional Agrarian Economy with Limited Industry • 1949-1957: Following the Soviet Model of Command Economy • 1958-1960: The Great Leap Forward Movement • 1961-1964: Post-GLF Economic Adjustment • 1965-1976: The Cultural Revolution and Self-Reliance

    6. Post-Mao Chinese Reforms • 1978-1984: ` Rural Reforms • 1985-1989: Urban Reforms • 1992-1999: Market Reforms • 2001-- WTO-Led Reforms

    7. Rise, Fall and Reemergence of China

    8. World’s Largest Economies https://www.cia.gov/library/publications/the-world-factbook/geos/ch.html

    9. Millionaire Households: The Top 5 Countries Country Millionaire Households Change (05/06) ------------------------------------------------------------------------------- United States 4,585,000 10% Japan 830,000 6% Britain 610,000 30% Germany 350,000 21% China 310,000 39% Source: Businessweek, 10/22/2007

    10. Top 10 Economies in the World2005

    11. Key Components of China’s Development Strategies Special Economic Zones Export-led and FDI-driven Manufacturing-centered State as the “visible hand” Heavy investment by the state in infrastructure and agriculture High national and individual saving rate

    12. China’s Investment in Africa • China’s direct investment in Africa grew from $491 million in 2003 to 11.7 billion in 2006 • In October 2007, China’s Industrial and Commercial Bank of China purchased 20% stake in South Africa’s Standard Bank • China made a $9 billion loan and investment package for Congo that will be repaid in cobalt and copper from Congolese mines.

    13. China’s Trade with Africa • China-Africa trade has increased since the start of a new era of cooperation that began with 2000’s China-Africa Forum. • The bilateral trade between China and the African continent grew from $10 billion in 2000 to $70 billion in 2007, making China the second largest trading partner of Africa. • The U.S. trade with Africa $71.3 billion • France’s trade with Africa $30 billion • Germany’s trade with Africa $23 billion

    14. China’s Oil Needs and Africa’s Oil Reserves • Once the largest oil exporter in Asia, China became a net importer of oil in 1993. • In 2003, China overtook Japan to become the world’s second-biggest consumer of petroleum products after the U.S. • Africa holds a fraction of the world’s proven oil reserves – 9% compared to the Middle East’s 62%, but industry analysts believe it could hold significant undiscovered reserves.

    15. China’s Oil Imports from Africa • China currently imports about half of its oil supplies from the Middle East and about one-third of its oil imports from Africa. • In 2006, China received 9% of the Africa’s total oil exports • By contrast, the U.S. purchased 33% of that year’s oil exports from Africa.