BANGLADESH INSTITUTE OF INTERNATIONAL AND STRATEGIC STUDIES

CHINESE DEMOCRACY IN THE MAKING: IS IT A WAY FORWARD IN DEMOCRACY PROMOTION?

Author: Muhammad Muinul Islam, Mohammad Ehsan

DOI Link: https://www.doi.org/10.56888/BIISSj2009v30n1a6

ABSTRACT

As the most populous country of the world, China maintained the largest economy on earthfor most of the recorded history of the past two millennia but its stable performance in terms of economic growth in the last few decades has been the envy of others around the world. The Financial Times noted that China has been the world's largest economy for 18 of the past 20 centuries, while according to The Economist, “China was not only the largest economy for much of recorded history, but until the 15th century, it also had the highest income per capita -and was the world's technological leader.”As early as 1820, China accounted for 33% of the world's GDP. Barely a hundred years later, thescenario was completely different. By the early part of twentieth century, China accounted for only 9% of world's GDP. The primary explanation for the relative eclipse of China lies in the fact that the industrial revolution of the nineteenth century, which made Europe and then America rich, almost completely bypassed China. But they gained the momentum again and did not take long to be on track of stable economicgrowth again. What are the factors that made China so promising in the wide horizons of world economy? How does the economic system of China adapt with the changing dimensions of global economy? How does the communist political system shape the economic system of China that maintains its staggering economic performance? What are the distinct features that China has to adopt in this era of globalization? Is China diffusing itself with the virtues of democracy or is it acquiring a unique embodiment of political system? The article explores these questions and come up with conclusions based on China's political and economic experience.