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With innovations and strategic investments, China is poised to take global leadership in the 21st century and surpass the US
China, a nation with a millennial history of innovations, is on an impressive trajectory that could take her to surpass the United States as largest economy in the world. Although it faced centuries of isolation and setbacks, the country resurfaced with strength, capitalizing on its competitive advantages and adapting to global demands, according to the video on the Jovens de Negócios channel.
The brilliant past and the challenges to surpass the US in the economy
During the Middle Ages, China was a global power, innovating in areas such as navigation, printing and even in inventions like gunpowder and paper. However, in the 15th century, a series of political decisions, especially under the Ming dynasty, isolated China from the rest of the world, allowing European economic powers such as Portugal and Spain, explore new territories and riches.
This period of stagnation led to the so-called “Age of Humiliation”, where China suffered defeats in wars and saw its territory being divided between foreign powers. The need for reforms and the search for a new economic path were inevitable, resulting in the fall of the Qing dynasty and the rise of the Republic of China in 1911.
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Reforms and economic revival
With the rise of Deng Xiaoping in the 1970s, China has started a process of reforms that transformed its economy. The country adopted market policies, creating special economic zones that attracted foreign investment and boosted industrialization. This opening up was a key milestone that led China's GDP to jump from $191 billion in 1980 to more than $13 trillion in 2018.
Cheap and abundant labor, combined with tax incentives, made China one of the main destinations for industrial investment, allowing the country to become the “factory of the world”. The modernization of infrastructure and the adoption of innovative technologies have been crucial to this growth trajectory of the Chinese economy in relation to the United States.
The new era of innovation
In recent years, China has invested heavily in technology and innovation. With a focus on strategic sectors such as artificial intelligence, biotechnology and renewable energy, the country seeks to position as a global technology leader. China's Silicon Valley, located in Shenzhen, has attracted startups and talent from all over the world, consolidating its image as a center of innovation.
Furthermore, the Belt and Road Initiative, which aims to connecting 70 countries through infrastructure and trade, promises to further expand China's economic influence. With investments exceeding trillions of dollars, this project aims to increase trade flow and integration between participating nations, solidifying China's position on the global stage.
