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But how can China and its ways benefit the West? I will be discussing this by looking at how the economy of China has grown and how this growth of their economy has brought a huge impact on the global economy.
China has now turned into a sort of economic calibrator as it buys up ever-increasing amounts of goods and natural resources and produces inexpensive goods that drag down consumer prices across the world boosting consumers’ purchasing power. Many Western industries may have and still fear the Chinese industry as tough competition. However, this means that consumers gain by being offered less expensive goods and services, which is likely to increase the quality and variety of goods and services available to consumers, with increased competition between domestic and foreign industries...
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