Chinese Aid in Africa Essay Example | Topics and Well Written Essays - 4000 words

Chinese Aid in Africa - Essay Example If nothing else, it is noteworthy that the two Asian giants are not so badly affected by the global economic downturn, unlike America which is still struggling to recover the 8 million jobs lost during the recession and undergoing a weak economic recovery. Without China and India, the world might have fared worse when the usual export markets of the United States and Europe are weak and cannot sustain demand for the worlds manufactured exports. Their domestic markets saved the day. Because of this increased role in the global economic arena, China and India have been under increased scrutiny from economists and politicians alike. There is increased discussion on how to harness these two giant economies to further global economic expansion despite its various differences in culture, strategic objectives, language and political environment. In the case of China, its history and culture are so vastly different from the West it has developed its own way of dealing with the new role and responsibility of suddenly being an economic and also military superpower. Although China and India are somewhat different from each other, it can be said their economic growth paths are not entirely unique (Kaplinsky & Messner 1). The impact of the two countries on the global political economy is largely due to their sheer size, both in terms of the economic output and population size. China alone accounts for nearly 20% portion of the entire human race while India accounts for 17%, as of the year 2004. It is quite interesting to see which country achieves first an economic miracle in terms of actual reduction in poverty levels. India had largely been self-sufficient as it was self-contained and started later than China in introducing free market and capitalist reforms (1992) while China had shed its socialist economic policies earlier (1979).