China: a major economic power?

For almost quarter of a century since the U.S. normalization of diplomatic relations with China and the beginning of economic reforms under the leader ship of Deng Xioaping, two incidents virtually coinciding together, the PRC has achieved impressive, although not unprecedented, rates of economic gro wth. The future rate of growth of the Chinese economy, will depend not only on continuing economic reforms, but also having a tolerable level of socia l unrest, and achieving a reasonable level of entrepreneurial and bureaucra tic efficiency. On the international side, growth will require access to wo rld markets for Chinese exports, continued access to foreign capital and te chnology, and regional peace. On current reckoning it seems that economic g rowth of anything between five and seven percent may, continue for the fors eeable future. This paper tries to analyze the problems and the prospects o f China emerging as a major economic power and it's economic and political implications.