This volume examines the unfolding relationships among the five great powers in Asia—the United States, China, India, Japan and Russia. It explores recent bilateral relations between these states. While the central theme is how China, the rising power, and the US, the sole superpower, will deal with each other, their policies and interactions will need to factor in the other three powers who will play significant roles in defining peace and stability in Asia.
Chapter 6: Economic Relations between the US and Two Asian Giants
Economic Relations between the US and Two Asian Giants
US–China Economic Relations
In the new millennium, India and China have become the two most important emerging economies in the world. China is undoubtedly far ahead of India and has achieved rapid economic growth evident in its gleaming cities with its super smooth infrastructure and higher per capita income. But between 1952–78, India's average rate of growth was only marginally different from that of China. India grew at 3.8% while China grew at 4% during that period.1 It was the initiation of economic reforms in 1979 by Deng Xiaopeng that set the stage for rapid economic growth in China as well as a new era in Sino–US relations. American ...