Globalization With Chinese Characteristics – What Are the Prospects?

The international community has long recognized that the choices made by China weigh large on any global issue or industry. “In the incredibly fast-paced transformations in the dozen years since the publication China has become a global power in virtually every domain,” writes Jean-Pierre Lehmann for Forbes. China’s outbound foreign direct investment now exceeds inbound FDI. Likewise, China sends four times as many tourists than it receives. Patent applications from China have climbed from 40,000 in 2002 to 800,000 in 2014. Despite such great economic bounds, China is a regional power in terms of security, lagging behind the United States. Lehmann warns: “while globalization in the 21st century is clearly taking on Chinese characteristics, at the same time some of the underlying forces – especially the combination of economic synergies and interdependence with geopolitical tensions and rivalries – remain reminiscent of patterns that prevailed in the disastrous 20th century.” China will continue to influence globalization with initiatives like the Silk Road and the Asian Infrastructure Investment Bank. – YaleGlobal