By strengthening the Sino-American relationship China will potentially be able to secure an influential position within the G20 and other multilateral institutions.Finally, this essay suggests that China’s power in the international financial system is growing, however it shouldn’t be overestimated; rather China needs to look at our current moment in history as an opportunity to rebuild a national consensus on the future path of Chinese domestic and international foreign policies, while the US must see its China policy as a means to an end, not an end in itself (Economy, 152, 2010).
Instead the current Western order is so deeply and historically rooted that it has become easier to join the Western system rather than overturn it (Ikenberry, 2008).
“Theory is always for someone and for some purpose.
China was ‘determined to achieve its rightful place by nationalistic assertiveness’ (Wolfowitz 1997, p.7) through a harmonious and peaceful rise.
After Mao Zedong passed away in 1976, China’s political system was greatly transformed.
As time passes China’s rise becomes more and more about power (capabilities and the projection of those capabilities) while increasing pressure has forced China to seriously reconsider what it is they want in the long term.
In the past, understanding China as a major global actor was studied through theoretical lenses such as traditional-historical, Maoist-communist and realist-rational analysis.This paper focuses on understanding China as a “player at the table” (Hutton, 95, 2007) especially in terms of its relationship with the US, its overall position as an influential rising power, both economically and politically within multilateral institutions and its overall position as rising global actor in the fulcrum of power relations.Today it is argued that the nation state is too small to effectively deal with global issues while it remains too large and far removed to deal with every local issue, in fact certain international political economy scholars have suggested that the “the state exists in the ‘missing middle’ of the emerging global/local geometry of human society”(Wei, 2008).The effect of a rising state is often unpredictable and brings to light great uncertainties in the global environment.In order to understand China’s evolving international role, it is important to first delineate a rudimentary historical outline of China beginning after the 1970’s.Reform in China began in the countryside with farmers and peasants, and later on furthered by opening Special Economic Zones, which privileged favourable tax rates to attract foreign direct investment.Furthermore, as Shanghai opened up in the 1990’s, the first phase of growth through manufacturing and industry was initiated.Specifically, the present dominant hegemonic order (where the hegemonic class takes leadership to ensure the organization of conflicts and instability constitutes the political unity of the dominant classes of the state) is being challenged and perhaps, as suggested by several scholars, even threatened by China and its new emerging global position (Hoffman, 189, 1975).The global financial crisis is one of the most sever that modern history has seen; it has impacted the export oriented economies of Asia and in particular it has presented China with several unintended consequences.A rising power may be defined as “the emergence of a new, major power that potentially can play a prominent role in the international system.This status is achieved through increased military, economic, political, or other factors relating to the domestic environment in comparison to other states” (Leonard, 2002).