China, since its Economic revolution led by Deng Xiaoping, became one of the strongest, and most influential economic power in this world. This is clearly evident through everyday items from Chinese factories, and the treatment that other nations give to Chinese government. Because China, with its huge population, has little labor costs, and the fact that the China is communist country, makes the job easier for China to literally exploit the workers. This is the reason that "made in China" is cheap, so cheap that people are willing to buy more of Chinese products, and even domestic jobs are being shipped to China for more profit and less cost.
Also, Economic Boom in China made it more vulnerable to natural resources, especially oil. China does not produce its own oil, so it buys the massive amounts of oil from the world market. To meet its huge demand, China has to buy a lot of fuel, and consequently raises the price of oil up for the other countries; yet they even have a huge reserve that can be more than or equal to the reserve in U.S. This high demand makes the oil very scarce.
Positive sides are also present. Cheap products of "same" quality as more expensive domestic products are making customers very happy, since they have to spend less. Also, the business firms are happy because countries like China have low wages, and they can exploit the workers very easily and profitably.
China's economic boom is a two edge sword. It hurts U.S economy significantly, yet U.S cannot live without its close relationship with Chinese economy. So, what does the world do to prevent China's unstoppable growth that will most likey going to be more harm than good to the world?
Sources:
http://articles.sfgate.com/2006-04-09/opinion/17290539_1_china-s-gross-domestic-product-chinese-internet-chinese-communist-party
http://www.time.com/time/magazine/article/0,9171,1934872,00.html
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