China has experienced tremendous economic growth over the past few decades, becoming the world’s second-largest economy. This growth has brought great benefits to both the Chinese people and the world; however, it has also brought about some challenges. In this essay, I will discuss how China’s economic growth has impacted the world and how its interaction with global markets and international organizations has affected global economic development.
This period is known as the Golden Age in the history of China government which ruled from 618 to 907 CE.[1] China’s economy was very dynamic in this era, interchanging between new economic growth devastations and moments of new technologies. It has been the stepping stone in bolstering individual development standards across the globe and improving people’s lives. The Chinese Tang Dynasty was a period of great economic prosperity due mainly to the favorable macro environment of the time. The Tang government adopted a policy of openness and trade, which allowed the Chinese economy to flourish. This openness and work helped spur economic growth and development by allowing for the free flow of goods, services, and ideas between China and other countries. This increased trade and investment, technological advances, and employment opportunities.
The Tang government also implemented tax reforms that further improved the economy by encouraging merchants, artisans, and farmers to engage in business activities. Finally, the Tang government also fostered a culture of innovation and entrepreneurship, which enabled the Chinese economy to thrive. Therefore, the macro environment played an essential role in the success of the Tang Dynasty’s economy. For instance, the dynasty period of China was indelibly a rural culture despite the trade development industry, which was the main characteristic of this agrarian period. Thus, the land served as a powerful instrument for providing a habitat for humans and a platform for labor exploitation.
The Tang dynasty in China had a feudal land system, with the emperor or his representatives granting land to his subjects in exchange for their service and loyalty. This system of land grants and titles was known as the feoffment system, and it allowed the emperor to control society’s economic and political aspects. As the emperor’s power increased, so did the size of the land grants and the number of families that received them. During the Tang dynasty, most of the land belonged to the imperial family and their courtiers.2 The rift between land tenure and state management became a core factor of contention in this period. Consequently, the Tang dynasty reinstituted a modeled system with the focal objective of land allocation on a social basis, whereby they laid a principle for land allocation on state ownership of land ownership, to every couple and for a specified period.
Over China’s course 4,000-year history, a sequence of emperor-led dynasties governed the era. The expansion of trade allowed for ideas and foreign goods to affect the culture of the Chinese along the silk road.[2] With the growth in the economy, there was a conventional increase in population records from 50 to 100 million. Besides, under the Tang, China established very rigid trade channels along the seas. Trade is the primary factor in determining the economic state of a country. Inventions and advances in printing added to the appeal of Chinese commodities in their trading grounds and the neighboring countries.
China’s economic rise has been one of the most significant economic developments of the last century. Since the reform and opening up of the Chinese economy in 1978, the country has experienced unprecedented economic growth and has become a significant force in the global economy. China’s economic transformation has profoundly impacted its financial relationship with the world, resulting in increased trade and investment ties between China and other countries. The Chinese economy has become increasingly integrated with the global economy. In recent years, China has become one of the world’s largest exporters and a significant source of foreign direct investment in other countries.3 In addition, Chinese firms have become increasingly active in global markets, investing in various industries and acquiring foreign firms.
As a result, China’s economic ties with the world have become increasingly important. The Chinese economy has also become increasingly open to foreign investment. The government has relaxed restrictions on foreign investment, allowing foreign firms to enter the Chinese market. In addition, China has joined several international economic organizations, such as the World Trade Organization, allowing it to participate in global economic governance and benefit from global economic integration. Overall, China’s economic rise has been a primary driver of global economic growth and has significantly impacted its economic relationship with the world. China’s economic transformation has resulted in increased global economic integration, foreign direct investment, and participation in international financial organizations. As a result, China’s economic ties with the world will likely remain important for the foreseeable future.4
Initially, the Chinese government was not interested in the products of the Europeans.
However, they reestablished and explored new routes and used various transport mediums, such as water and land, to explore new areas and find new market opportunities. They sailed to many prominent cities and civilizations to expand their trade connections.[3] The routes started from Guangzhou, a more critical part of trading during that period of the Tang dynasty, through Indonesia and India, both of which had a variety of essential and expensive spices in that era.3 This route extended into the red sea and the Persian Gulf and ended in the Roman city of Alexandria. These routes were vital in the trading civilizations of the Romans, arabas, and Tang dynasties. Through this exploration, the Tang dynasty reaped the fruits of this trade route to their satisfaction.
China’s economy is a very vital aspect of the government. It monitors how China provides water, protection, power, and protection. During the Tang dynasty, the economy thrived with many policy changes and reforms. According to the previous records, there was a decrease in production with a negative environmental impact. However, many models were structured through solid leadership to advance the economic sector and improve trade, taxation, and land distribution.
China’s economy was the world’s leading highest economy at that time. It relocated from the top-down command and extensively deployed market mechanisms with the growth of national income generations that grew more than double that of the twelfth century of Europe. Merchants made significant investments in trading vessels and business along the ports of China and other countries. The earliest known Chinese banknote was the Jiaozi, used in China during the Tang Dynasty (618 – 907). 1 The Jiaozi was a rectangular piece of paper with a printed inscription indicating the amount due and the repayment date.
Regional specialization developed economic efficiency along with production increment. Conservatives and informers argued on the role of the government in the economic sector and deduced that the government is vital in regulating a state’s financial status.[4] In this period, China’s government facilitated the economy by providing innovation forums that made it easier for China to increase its production. They developed new tools to cultivate lands and reclaim wasted lands in the country. Further progress used steel-made farm tools capable of acquiring virgin lands. Furthermore, while there existed a tremendous agricultural implements diversity because of oxen’s absence, the use of water power in moving millstones and rivers to irrigate ditches became more usual and crucial to landowners. They mechanized ways of simple farming methods using the scarce resources available to maximize their productivity.
Conclusively, the Tang dynasty is well known for its economic rigidity in prehistoric China. As discussed above, it is extraordinary. The Tang dynasty, the ancient state of China, is a result of this dynasty, and it is one of the reasons why China is one of the growing countries in the world. Moreover, China has the most growing economic state. Today, they have the highest trading statistics, a precise figure from their experience in the Tang dynasty period. Long-distance trade was a lifeline transition of interactions with new people and more ideas, forming a basis for China’s current development. The era also facilitated China’s development and mechanization technologies in the current view.
Bibliography
Benn, Charles D., and Charles Benn. China’s Golden Age: Everyday Life in the Tang Dynasty. Google Books. Oxford University Press, 2004.
Lewis, Mark Edward. “China’s Cosmopolitan Empire: The Tang Dynasty. Harvard University Press, 2012.
Li, Bin. Communication, Civilization, and China. Sociology, Media and Journalism in China. Singapore: Springer Singapore, 2020. https://doi.org/10.1007/978-981-15-7808-3.
Patricia Buckley Ebrey and Internet Archive, Pre-Modern East Asia, to 1800: A Cultural, Social, and Political History, Internet Archive, Cengage Learning, 2014. https://archive.org/details/premoderneastasi0000ebre_u6r2/page/98/mode/2up.
Scarpari, Maurizio, and Internet Archive. Ancient China: Chinese Civilization from the Origins to the Tang Dynasty. Internet Archive. Vercelli: VMB Publishers, 2006. https://archive.org/details/ancientchinachin0000scar/page/6/mode/2up.
[1] Benn, Charles D., and Charles Benn. China’s Golden Age: Everyday Life in the Tang Dynasty. Google Books. Oxford University Press, 2004.
[2] Scarpari, Maurizio, and Internet Archive. Ancient China: Chinese Civilization from the Origins to the Tang Dynasty. Internet Archive. Vercelli: VMB Publishers, 2006.
[3] Patricia Buckley Ebrey and Internet Archive, Pre-Modern East Asia, to 1800: A Cultural, Social, and Political History, Internet Archive, Cengage Learning, 2014.
[4] Li, Bin. Communication, Civilization, and China. Sociology, Media and Journalism in China. Singapore: Springer Singapore, 2020.
1 Benn, Charles D., and Charles Benn. China’s Golden Age: Everyday Life in the Tang Dynasty. Google Books. Oxford University Press, 2004.
write