China’s 1949 revolution
China’s Communist Party has marked the 70th anniversary of its 1949 revolution, and the fireworks and military parades will celebrate the country’s rise to become the world’s second largest economy. Yet there is no denying that this anniversary comes with a paradoxical unease about China’s place in the world. China is more powerful but less free than it was a decade ago and the world views its external aggression with growing concern.
China’s rise since Deng Xiaoping set the party on the path of market reform 40 years ago has few historical parallels.
China has taken advantage of open markets in the West, and the lure of its domestic market of 1.4 billion people to foreign investors, to lift hundreds of millions out of poverty and become an export and increasingly a technology behemoth.
The U.S. and the world have for the most part benefited from this development. Imagine the alternative if China had remained stagnant and its people sought to emigrate in the millions. Since the years of Hu Jintao and especially in the ascendancy of President Xi Jinping, economic reforms have stalled at home as the party maintains political control over finance and refuses to reform state-owned industries.
Then there is an attempt to dominate the Asia-Pacific. (AP)