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Beijing Olympics Showcases Chinese Supremacy

Bhuwan Thapaliya - 8/26/2008

It was Deng Xiaoping who opened the Chinese economy to the outside world. And now it is the Beijing Olympics that is showcasing to the whole world the supremacy of China, or in one way or the other, the rise of China.

China's development has been a phenomenon in the last couple of decades and the grand opening of the Beijing Olympics -- its fabulous hospitality and the domination of its athletes in the world's biggest sporting events -- has given a strong message to the world: China stands second to none today in terms of technology, superiority and prosperity.
Things are changing in China and today China is a big player in the world alongside the United States because of its trade relationships with almost all the major economies of the world. Furthermore, China has turned into an investor's paradise. The whole world wants to invest in China and exploit the opportunities in China -- its potentially huge domestic market and its abundant supplies of cheap labor.

Because of this, foreign direct investment in China has soared in recent years as more and more multinational firms are targeting China. Although many foreign investors are annoyed by the human rights condition in China and the Chinese government's backing up of the Sudanese government, they have no option but to do business in China because they are encouraged by the fact that China is where the big money is. And it's true. The velocity of the money circulation is very high in China.

There were many who thought US President Bush wouldn't be joining the opening ceremony of the Beijing Olympics. But he did join and Chinese official presses are crowing about an improvement in Chinese-American relations. Whether anything tangible will come of it is hard to say.

Meanwhile, some diplomats hope that relations can be put back on track with an agreement whereby America jettisons its in-the-face confrontation with China over its trading status and China starts to get serious about its human rights.

Chances of both happening are very low because both nations are trying their best to be the best in the world and dictate the course of the world riding on the back of their political and economic superiority.

For the moment, China has the ball and it appears to be running with it. Some diplomatic experts are watching the rise of China and are in favor of giving China more time to improve its major humanitarian shortcomings.

Why not give them more time to prepare, and use that period also to persuade China to behave better? they are saying.

Nonetheless, China has defined its greatness through the Beijing Olympics and the world will be a safe place, if the Chinese can have confidence that the West seeks to lift it up and not to contain them.

At this critical moment, the US and its friends can help. China though should not feel that it has to prove itself by dominating its neighbors or selling weapons in places such as Sudan.

China's personal greatness seems to be already established, at least in the world's mind. And the national mood of China has galloped up. But history suggests to us that in the contemporary world, it's not easy to reside in the economic summit for evermore.

Despite the current growth, problems in China are far from over. China needs structural reforms if growth is to continue and benefit all Chinese. And moreover, there is still plenty of worried talk about the strength of China, but the worries may already be out of date.

Today China is where every investor wants to invest and reap huge economic benefit. It's exemplary given the fact that it was only a matter of time before China's renewed economic confidence began to manifest itself in a new assurance toward the wider world.