PAG invested about $100 million in a digital music business in China a few years back which subsequently merged with a similar business and changed its name to Tencent Music Entertainment. -- China's system of political parties is a system of multiparty cooperation and political consultation under the leadership of the Communist Party of China (CPC), not a Western-style multiparty system. China now has better highways, rail systems, bridges, and airports than the United States does. China, however, has been able to sustain and grow its economy as much as it practices a command economy. Political credibility and economic development. Citizen engagement is a necessary facet of not just American politics but also a democratic state. That, perhaps, is why its current president and (more crucially) party general secretary, Xi Jinping, has let it be known that he considers Gorbachev a traitor to the cause for liberalizing as he did, thereby destroying the Communist Partys hold on the USSR. - Quora Answer (1 of 17): Americans hold the individual in the highest regard, whereas Chinese hold the community in the highest regard. The U.S. continues to vilify China, and China does itself no favors with its poor policy on human rights. A country that provides its citizen with education produces better minds that can bring in better business ideas to the economy. Mandarin. The legal system of a country establishes regulations and laws that maintain and indicate the basic values of an entire nation. As market research consistently tells us, the majority of individual Chinese investors behave more like traders. That focus on securing short-term gain is why the young asset manager in Shanghai left a good long-term job for a relatively small but immediate pay raisebehavior that still plagues many businesses trying to retain talent and manage succession pipelines in China. Doing business in emerging markets. This approach is counterproductive and has generated immense resentment against the U.S. across the world. If China were concerned only with economic outcomes, it would welcome foreign businesses and investors and, provided they helped deliver economic growth, would treat them as equal partners, agnostic as to who owned the IP or the majority stake in a joint venture. The main difference between Chinese and US politics is the political ideologies, and one is founded on a democratic yet capitalist system while the other has been led through decades on a Communist and one-party system. One reason China can spend so much on infrastructure is that its defense budget, after years of increases, is still only about a quarter that of the United States. But at every point since 1949 the Chinese Communist Partycentral to the institutions, society, and daily experiences that shape all Chinese peoplehas stressed the importance of Chinese history and of Marxist-Leninist doctrine. Political credibility and economic development. In 2019 that market reached $6 trillion, surpassing the U.S. level of $5.5 trillion. In the years since, China has become an economic titan, a global leader in technology innovation, and a military superpower, all while tightening its authoritarian system of governmentand reinforcing a belief that the liberal narrative does not apply to China. That has huge implications for people seeking to do business in China. Some of its technological successes have been driven by market forces: People wanted to buy goods or communicate more easily, and the likes of Alibaba and Tencent have helped them do just that. Today its traded on the New York Stock Exchange with a market cap of about $45 billion and has more than 800 million unique active users. Each branch of the government plays an important role in providing for the countrys citizens by creating laws and policies that are meant to make the living standards of the citizens better and provide them with safety and rights. The world will be lifeless and dull if there is only one single model and one single civilization." But even those concepts lead to considerable misunderstanding on the part of Westerners, who often reduce Confucianism to cloying ideas about peace and cooperation. Eligible voters are chosen through a register for rural and urban voters to make the process easier, and smaller elections have a number of 200 to 300 voters while the larger level can have up to 1000 voters. This suggests some obvious hypocrisy on the part of the Biden administration and perhaps even a lack of sincerity with respect to the domestic causes that it supports. A nation that practice individualism and democracy is more likely to have an economic system that is market-based and this is more desirable since it allows businesses to produce what their products maximally thereby making desirable profits. With its democratic society, the U.S. is unable to prevent financial capitalism from swelling, or to take dramatic action against vested interests to formulate a model under which finance and industry mutually optimize and complement one another. Sometimes, in fact, it must sacrifice economic benefits for political or military ones. Investors have always been enticed by Chinas vast market. With less than a quarter of Chinas population, America has a death toll about 100 times Chinas and counting. And only the U.S. can threaten Americas economic supremacyby underinvesting in its own infrastructure and by limiting trade. Nobody can take America's newfound domestic support for diversity seriously until it finally starts applying the same principles abroad like China does. The closing meeting of the fifth session of the 12th National People's Congress is held at the Great Hall of the People in Beijing . China is a great example of a country undergoing a transition as not many years ago it used to practice socialism but now it has transitioned to a dynamic market making it have a second largest economy in the entire world overtaking many great nations. Where can it move its production if the target market is China? First, the similarities among both countries institutions would be the hierarchical construction of their judicial system; the separation of three branches of . They still blame foreign interference for many of their misfortunes, even if it occurred more than a century ago. Ideological competition between China and the U.S. in recent years comes in three basic models: The nationalist hegemony model that ultimately serves U.S. hegemonistic purposes in the international community. This is a natural outcome of the decline in U.S. strength. China has also defied predictions that its authoritarianism would inhibit its capacity to innovate. Any shift in supply chains will be gradual and partial, because its very costly to move from the most efficient supplier to the second or third best. Yet they found common ground to work in mutually beneficial ways. /Getty. It seems that the only country that can stifle Chinas growth is China itselfif it makes major policy mistakes. Both countries have human rights issues, although in different forms. Unfortunately, you cant copy samples. If the U.S. abandons the one-China policy and supports Taiwans independence, conflict will be inevitable, with unimaginable consequences for the world market. Believing, for example, that political freedom would follow the new economic freedoms, they wrongly assumed that Chinas internet would be similar to the freewheeling and often politically disruptive version developed in the West. What are the dangers in Americas continued demonization of China? All these testify to the strength of the Chinese economy. Bidens proposals have been criticized as new wine in old bottles, and a kind of tinkering; Trump is regarded by Henry Kissinger as marking the end of an old era. The Communist Party of China does not give the citizens any chance to question the existing and it has total control of everything going on in the state (Solinger, 2016). There are, however, other forms of citizen engagement at a more local level when electing a township government, which can be done through public recommendation or public nomination ( (Cheng), 2011). ), Copyright 2020 CGTN. China is among the most open markets in the world: It is the largest trading nation and also the largest recipient of foreign direct investment, surpassing the United States in 2020. Regardless of who wins, it is unlikely that one of the . Chinas recent history means that Chinese people and the state approach decisions very differently from Westernersin both the time frames they use and the risks they worry about most. As a result, economic growth came in tandem with social progress (through, for example, legislation protecting individual choice and minority rights), which made it easy to imagine that they were two sides of a coin. Eventually he came to the United States, where he earned a masters and a PhD at UC Berkeley, worked for the World Bank and J.P. Morgan, and taught at the Wharton School. The past decade has, if anything, strengthened Chinese leaders view that economic reform is possible without liberalizing politics. The U.S. also repeatedly provoked China using freedom and democracy as a pretext. Thus many Chinese consumers prefer the short-term gains of the stock market to locking their money away in long-term savings vehicles. 10. Business in the United States moves at a different pace from China. Eighty percent of the Senate and House of Representatives are male, while only 20 percent are either women or people of color. Its currency appreciated 6% against the dollar last year. At every point since 1949 the Chinese Communist Party has been central to the institutions, society, and daily experiences that shape the Chinese people. -- The CPC is at the core of the country's leadership and the ruling party, while the non-communist parties are participating parties. Many Chinese not only dont believe that democracy is necessary for economic success but do believe that their form of government is legitimate and effective. What are the biggest risks for Chinas economy in the coming years? China has stolen American jobs, the thinking goes, so we oppose China. Its just not liberal reform. Looking into the future, the path for China-U.S. cooperation will become more tortuous owing to the nationalist ideological struggle triggered by the coronavirus. That figure is higher than in all Western countries (for example, only 53% of U.S. individual investors trade this frequently); its also even higher than in neighboring Hong Konganother Han Chinese society with a predilection for gambling and a similar, capital-gains-tax-free regime. Leninism, however, is essentially a political doctrine; its primary aim is control. Not completely and not without very high costs. Chinas GDP is forecast to grow 7% to 8% this year. Routledge. It is unbelievable that the western countries face a serious competition from these nations due to the political stability found in the two countries. A command economy is the opposite of a free economy and it is usually dominated by the government which is always controlling major aspects of businesses. Citizen engagement is integral to the success of every country, whether it be regarding the social welfare or economics of the country, and since both these countries play such a huge role in the International Arena, the comparison of their citizen engagement will be analyzed in this paper. These are valid points and deserve to be expanded upon in order to enlighten others further. Its GDP dropped 6.8% in the first quarter of 2020, but resumed growth from the second quarter onward. The Biden administration is expected to restore that policy and to work within the rules of international institutions, which I expect will defuse tensions. The Trump administration was determined to damage Chinas economy and businesses. However, in recent times China has overtaken the US by at least one measure of total economic strength, which is GDP based on purchasing power parity (PPP). Responding, however, will only escalate a lose-lose war, and the entire international community will suffer as a result. The United States government structure is one of the largest democracies in the world and has been considered by many as one of the perfect democracies which the country and its citizens have prided themselves over. ChatGPT has become a sensation since its public release in November, with its ability to produce plausible responses to text prompts, including requests to write essays. Reforming Sino-American Cultural Exchange for the Better. Pundits tend to be alarmed by a default here and there. American companies will do so only if U.S. tariffs become more penalizing than moving would be. And what is it that the Chinese dont understand about the United States? For international business management of doing business in a democratic country such as the US, it can be very comfortable for them since most barriers of trade have been removed and the political system is conducive. In that period there has been ruins of buildings as well as joy of victories, rapid advance in success as well as pride, tortuous ordeals and lesions from mistakes done . In the countryside life retained many of its traditional elements. The President and the National Peoples Congress, which is the main body of the country, are all elected by the Peoples Congress. I see no systemic risk either in Chinas banking system or in its economy. Order original essay online with 25% off. Solinger, D. J. The pandemic has profoundly shaken the U.S. sense of superiority in values, culture and systems since the Enlightenment, and by extension the entire West. China and the United States significantly differ in terms of the economic, legal and political system but this does not stop them from being the top two nation with the biggest economy worldwide. China on the other hand practice totalitarianism and collectivism which is the opposite of democracy. The differences in political beliefs led to the formation of a two-party system in the United States, contrary to George Washington's wishes. It often compares itself to brands with which Westerners are familiar. Half of the representatives in Congress are millionaires with their median net worth reported to be more than a million. Which serves U.S. interests better, a free and democratic China, or an authoritarian China that identifies with U.S. leadership? This package reveals much that may surprise them. He was born in China, and his life was upended during the Cultural Revolution, when he was sent off to do farm labor in the Gobi Desert. ProEssays website, please click below to request its removal: Liked this essay sample but need an original one? When the United States formed its constitution, it specifically dictated the unalienable rights of every person. Does that create new investment opportunities? Even now Chinas private consumption represents only about 39% of its GDPway below the U.S. level of 68% and the world average of 63%. The United States has had the world's largest economy for about 140 years, and it roughly accounts for 22% of global GDP. Earn badges to share on LinkedIn and your resume. This paper will compare two great countries the United States and China by looking in details how and why their legal and political systems differ, explain what determines the level of economic development in each country. Access more than 40 courses trusted by Fortune 500 companies. Those with low social-credit scores may find themselves prevented from buying an airline ticket or getting a date on an app. But looking back over her life story, one can see why even many young Chinese today may feel a reduced sense of predictability or trust in what the future holdsor in what their government might do next. Wherever PAG operates, we adhere to the same environmental, social, and governance policies. Our firm, PAG, invests throughout Asia and occasionally beyond. But its also conspicuously different: The concept of U.S. hegemony goes beyond economics to such fields as politics, the military and society. The country will need to continue to reform and privatize its state-owned firmsand shift from investment to private consumptionor it will not be able to sustain its growth. First, China and the United States are at different stages of development. Additionally, before starting a business internationally, it is important to consider additional factors that the law systems of that country do not consider since failure to do so can result in loss of profit. The Chinese political system is dominated by multiparty cooperation as well as political constitution under the direction of the Communist party of China (CPC), but the USA is governed by the western style of multiparty system. The Communist Party of China (CPC) harbors no supremacist beliefs and doesn't plan to export its governing model abroad. Federal and state governments wrangled and blamed each other over the pandemic response, exposing public discontent with the efficacy and legitimacy of the government, as well as the internal strife in society. Get a 100% original essay FROM A CERTIFIED WRITER! By 2008 she was making the most of the rise in disposable incomes by buying new consumer goods that her parents could only have dreamt about. However, both states have a very different political landscape, which is what will be discussed in the paper today. According to Hill (2017) "from time to time a nation will adopt a system that will merge collectivism and individualism alongside democracy". Time is money, in other words. Demonstrators shout "Don't shoot" at the police after curfew as they protest the death of Daunte Wright who was shot and killed by a police officer in Brooklyn Center, Minnesota, April 12, 2021. The U.S., on the other hand, is infamous for its self-deluded belief in so-called "American Exceptionalism," to which end it obsessively seeks to force all others to change their ways in order to replicate its own radically. Economic and Political Differences: China VS. United States. And the party has always believed in and emphasized the importance of Chinese history and of Marxist-Leninist thought, with all they imply. Comparision between US, UK, and China's Political Systems The United States Of America is a liberal democratic country, and the basic elements of democracy (majority rule, government by popular consent, one person one vote, and competitive elections, to name a few) are revered. When U.S. power interests change, so does the ideological cover, the most typical being the liberal ideology having come to an end and the U.S. coming up with the notion of fair trade. for only $16.05 $11/page. The critical distinction is that the Chinese system is not only Marxist, its Marxist-Leninist. The differences in the political orders of China and the United States are "irreconcilable", making it difficult to keep relations between the two countries on a stable track, a leading. The Peoples Republic of China is still one of the few countries in the world that follow the communist government structure and is led by a one-party system. A democratic state is supposed to be free and fair, and the President of the country is also chosen by the citizens to lead them through the crisis and to provide them with basic necessities and human rights. References Borner, S., Brunetti, A., & Weder, B. Part of the systems legitimacy in the eyes of the Chinese is, again, rooted in history: China has often had to fight off invaders and, as is rarely acknowledged in the West, fought essentially alone against Japan from 1937 until 1941, when the U.S. entered World War II. Decisionsby both individuals and the stateabout how to invest all serve one purpose: to provide security and stability in an unpredictable world. Land use is the most direct manifestation of human activities, accompanied by changes in land cover. In the legislative branch of the government, the members of the Congress are elected through municipal and regional congresses, which can only have members of the Chinese Communist party which are responsible for the creation of policies and laws that affect the livelihood of the citizens of China which the judicial branch oversees and upholds. The economic nationalism of the U.S. since Donald Trump assumed office is related to the hegemony promoted by the Obama administration and the current leading presidential candidate of the Democratic Party, Joe Biden. Along with China's economic and military rise, its leading political values will increasingly shape both China and the world at large. The harsh reality of the pandemic has given rise to political competition with characteristics not seen before, sounding the alarm for future bilateral relations. Americans Dont Know How Capitalist China Is, A version of this article appeared in the. By 2020 she was intent on seeing her seven-year-old grandson and infant granddaughter (a second child had only recently become legal) do well. Considering that China adopted the system of the dynamic market much later than other nations, it has done remarkably well to have such a positive impact on its economy. China has been shifting away from an investment-driven growth model to one led by private consumption. Accept that economic development in China will not inevitably lead to democracy; acknowledge that the Chinese regard their government as both legitimate and effective; and recognize that while Chinese consumers have short-term horizons, their rulers are focused on the countrys long-term security. The main difference between Chinese and US politics is the political ideologies, and one is founded on a democratic yet capitalist system while the other has been led through decades on a Communist and one-party system. Dictatorship, Gun Control: Legal, Psychology and Political Viewpoint, Difference Between Criminal and Civil Court System. Are you seeing a significant shift in supply chains out of China? The White Houses China-bashing is more about a fight for self-identification than about exonerating the Trump administration. Worse, the U.S. has displayed an institutional helplessness in the face of such fundamental problems. Trade wars, nationalism, and the pandemic have led many companies to question their supply chain strategyin particular basing manufacturing in China, thousands of miles from their markets. And the narrative has had some powerful supporters. A median of 41% across the 14 EU member nations surveyed name China, compared with a median of 39% who say the same about the United States. China has been shifting away from an investment-driven growth model to one led by private consumption. As Western attention focused on the deepening ties between China and Russia and the potential transfer of Chinese military aid to Moscow, Belarusian ruler Alyaksandr Lukashenka embarked on a three . Political discourse in China remains anchored in Marxist-Leninist ideas of struggle (douzheng) and contradiction (maodun)both seen as attributes that force a necessary and even healthy confrontation that can help achieve a victorious outcome. But the third assumption can also mislead those seeking to engage with China. Some manufacturing has been relocated away from China since the trade war with the U.S. began in 2018, but that hasnt made a dent in either Chinas exports or Americas trade deficit. The top diplomat also condemned the U.S.'s description of his country as "authoritarian" simply because its democracy is different than America's. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies. For individuals, whove lived through harsh times they could not control, the reaction is to make some key choices in a much more short-term way than Westerners do. The primary contrast between China and the U.S. is that the former supports political diversity while the latter aggressively imposes its envisioned political conformity upon all others. In fact, China is the only G20 country to have posted positive growth. In fact, the pandemic has made the world, Out of the Gobi: My Story of China and America, Money Games: The Inside Story of How American Dealmakers Saved Koreas Most Iconic Bank. In this view, Trump wont necessarily lose if he fails to bring the pandemic under control; but if he fails to save the U.S. economy, his fate is sealed. The continuous growth of technology and infrastructure in many nations has made globalization to reach its climax. Its stated purpose was to reduce Americas trade deficit. Globalization. Majority of China's production companies are owned and managed by the government. Hence, we need to understand, compare, and learn from leading values in China's political culture. But it wont back off from its territorial claims, all of which predate the Peoples Republic of China. The economy has grown 36-fold over the past three decades, chiefly because of market-oriented reforms that have created a vibrant private sector, which now accounts for about two-thirds of Chinas GDP. The president controls the army. Exploding unemployment exposed the wide wealth gap in U.S. society. The one long-term asset class in which increasing numbers of Chinese are investedthat is, residential property, ownership of which grew from 14% of 25-to-69-year-olds in 1988 to 93% by 2008is driven also by the need for security: Unlike all other assets, property ensures a roof over ones head if things go wrong, in a system with limited social welfare and a history of sudden policy changes. A young student in Nanjing can study propulsion physics at Beijings Tsinghua University thanks to social mobility and the partys significant investment in scientific research. Even though the laws of the United States provide every individual regardless of creed and color to vote, there have been instances of voter suppression reported, especially in relation to minorities, and this oppression has been systemic and has existed throughout the history of the US. Depending on the conditions surrounding a case, the law system allows special consideration to such as a case. In contrast, the U.S. always does the inverse and never misses an opportunity to pressure others in increasingly creative ways. Today the differences are arguably a lot smaller, and there are many areas in which the two can benefit from cooperation. 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