Abstract
The rebirth of Chinese power after five hundred years of decline is one of the major events of this decade: “The rise of China, if it continues, may be the most important trend in the world for the next century.” And indeed, on the economic side of the ledger China has turned in a stunningly impressive performance over the last fifteen years. Economic growth has averaged 9 percent since 1978. China’s 1993 growth rate was 13 percent. In 1994, industrial output is expected to top 15 percent. Fast-paced economic growth has made mainland China a favorite of foreign investors. In the first nine months of 1993, $15 billion (U.S.) was spent by overseas investors in the China market.
China’s leadership has apparently decided to invest a portion of that new wealth in a major upgrading of the combat power of the People’s Liberation Army (PLA). Special attention is being paid to the buildup of air and seapower. This combination of rapid economic growth and increasing military strength has many, in Asia and elsewhere, wondering exactly what the Chinese intend to do with their newly acquired power: “China has increasing weight to throw about. But its neighbors still question whether this weight will be thrown behind efforts to build a more secure and stable Asia.”
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