People'S Republic Of China: Relations, Policies And Military Implications eBook

Beginning in 1978, the People’s Republic of China (PRC) focused on market-oriented economic development and opening the country to foreign trade, while maintaining the rule of the CCP. Since the change, China has been among the world’s fastest growing economies, with real gross domestic product averaging over 9% growth annually through 2021, lifting an estimated 800 million people out of poverty and dramatically improving overall living standards. By 2011, the PRC’s economy was the second largest in the world. Over the past decade, China has increased its global outreach, including military deployments, participation in international organizations, and a global connectivity plan in 2013 called the "Belt and Road Initiative" (BRI). Many nations have signed on to BRI agreements to attract PRC investment, but others have expressed concerns about such issues as the opaque nature of the projects, financing, and potentially unsustainable debt obligations.