1164 Vision 2020: Sustainable Growth, Economic Development, and Global Competitiveness   Rising China: Trajectory of an Emerging Global Power Keshab Chandra Ratha Saraswat Degree Mahavidyalaya, Sambalpur University Sambalpur, Odisha, India Email: keshab_ratha@rediffmail.com Sushanta Kumar Mahapatra Department of Economics Science, University of Bologna, Bologna, Italy E-mail: sushanta.mahapatra@unibo.it and Amrita School of Business, Amrita University, Amrita Institute of Medical Science (AIMS) Campus, Kochi, India E-mail: sushanta_mahapatra@asb.kochi.amrita.edu; sushanta.mahapatra@gmail.com Abstract China is the second largest economy in the world. It has become the world’s largest exporter and manufacturer. As a system of self determination, it is a part of an integrated perspective, involving the values of nationalism, social justice and people’s welfare. A significant aspect of China is its long cultural and national history. The Chinese people have shared a common culture longer than any other group on earth. Urban development and urban renewal are linked to the growth of China’s large and fast growing economy. It plays an important role in nuclear energy technological development .China is the world’s third largest Ethanol producer. The population of China enjoys a fairly low mortality rate and long life expectancy. China has stepped up its development aid and business activities with Asia, Africa and Latin America. It always needs a peaceful and stable international environment. The Chinese are now at the cutting edge of science and technology in many areas. Chinese annual spending on research and development in universities and other institutions exceeds that of Japan. To the world, China development is an opportunity rather than a threat. Keywords: China, bilateral relations, international economics, trade commerce, political economy, development aid JEL Classification Codes: B15, F5, F20, P16, F13, F35, F50 Introduction The country underwent a state led socialist industrialization project based on “politics in command”, planned economy and collective egalitarianism and then moved to an all round economic reform based on “ economics in command” and market mechanisms. Ideologically, the Chinese value systems went through many great leaps forward from confunicianism to Marxism, from imperialism to republicanism, from feudalism to socialism, from collectivism to individualism. The Chinese political and economic scenery has experienced frequent shifts from crisis and failure to very rapid growth and achievement as well as from an order and hierarchy –based society to mass mobilization movements and to mass quest of wealth. The market reform programme initiated by the post-Mao elites since the end of 1970s has been hailed as one of the vital events in modern world history. China’s market reform has turned it into the fastest growing economy in the world for three decades. China’s policies in finance, currency, trade, military, security, environment issues, resource management, food security, raw materials and product prices are increasingly seen as connecting with the economics of millions of people outside China’s boundary because its shifts in supply and demands cause changes in prices hence lending to adjustment in other countries. China has the largest foreign currency reserve in the world and its financial policies and economic performances are bearing world wide implications. The new style of diplomacy, coupled with its official slogan of