| I.The significance of this study to assess Economic StrengthChina's reform and opening up is leading China to become a great Economic Power in the world. With more than three decades of sustained and rapid development, we can look forward to this goal in future. For a country, Economic Power means a large scale of economy, an important position in operation and development of world economy, a relatively strong position in international competition, a stable situation even in a fluctuating world economy, and so that it can play a positive role in the international economic and other international affairs. We need a comprehensive index to make proper description of the degree of becoming World Economic Power. In this paper, we build a system of Economic Strength Assessing (ESA), with the composition of a set indicators related to the goal of Economic Power. This index is also used to measure the international economic status of one country.There is several theoretical value of this study. Firstly, it will analyze the scientific principle of ESA in a globalizing world, with reference of good ideas and methods in other relative studies. Secondly, it will compose a set of indicators for ESA, with selection of the property and nature of the indicator, such as stock and static, flowing and dynamic or potential and trend. Thirdly, it will compute a comprehensive index of Economic Power and rank in a sample of countries. This study is also significant for us to understand the stratigies of scientific development, harmonious development and peaceful development in China, by the way of scientific assessing, comparison and judgement of economic strength and international economic status of China. With the analysis of the structure and trend of economic strength of China, it will also be helpful to realize the advantage and disadvantage of China in the road to World Economic Power, and to a well-off society and modern socialist country.II.The framework of this studyThis paper begins with a summary of the measurement of development and analysis of the goal of Economic Power for China. With the reference of the ideas to assess the development level of China and the World, and the studies of indicators in the fields such as comprehensive national power, modernization and international competitiveness, we try to compose a comprehensive indicators of economic strength and explore methods of composing index, and take a measure of international economic status of China with the use of authoritative database.This paper is arranged as the following framework: Chapter one analyzes the historic standards and the theoretical base of economic power, and the roadmap, ideology and development of present China. Then a comprehensive system of indicators will be created, with adaption to the related goals discussed above. Chapter two analyzes the ideas and assessment methods in all kinds of indicators, and learns valuable ways to assess economic strength of China. Chapter three discusses the methods of indicators composing, including the principle of designing comprehensive index, the framework of the system of indicators, and so on. Chapter four discusses the methods of data processing, with concerned to choose of database, complement of dataset, standardization of data, opatimazation of standardizing data, and so on. Chapter five tells the methods of index composing, mainly includes the determination of power and the equation to calculate comprehensive index. Chapter Six will analyze the economic strength and international economic status of China, with the result of computation in use of the above indicators system. The last part is a conclusion, with a summary of important meanings of the study of economic strength assessment and main results for China, and self-evaluation of the effectiveness of this system, and expansion of this assessment system and methodology of economic power.III.The features and innovative perspectives of this studyFirstly is the design of the indicators and index. It systematicly reflects the connation of Economic Power, and is a good system to make description of the way to a strong economy for China. At the system, it's a popular and understandable system, with clear meaning of category index and specific indicators, so that we can make analysis of economic power from the aspects of part and focus, structure and trend, and so on, to point out the important and difficult parts.Secondly is the computer of comprehensive index. With the model of Plus and Multiplier, three comprehensive index are designed in this study, i.e. Economic Strength Index (EP-I), Economic Scale Index (EP-II) and Economic Power Index (EP-III). With decomposition of Scale, Strength and Potential, we can use these indice to make comparative studies of competitiveness, and make more comprehensive studies of prospects.Thirdly is the scientific choose and process of the dataset. With the principles of quantitative and authorative, we choose widely used database issued by authority. As for quality of the raw data and the problem of missing data, we make proper anaylysis and take use of suitable methods to realize the complement of data.Fouthly is making standardization of data properly. We choose linear non-dimensional methods, which are widely used and easily operated in studies. Before standardization, pretreatment is performed, such as log processing or moving average. Afterthat, we use quantitative means to improve standardizing value, with the processing of outlier.Fifthly is the reasonable calculation of weight. To computer the category index and comprehensive index, we get the weights with the combination of AHP and Delphi method.Lastly is the systematic, comprehensive, and clear analysis of the results of ESA. With use of all kinds of figures and tables, we make a lot of international comparison and structure analysis of economic power.IV.China's road to World Economic PowerThe results of ESA tell us, China has made great achievements in the road of becoming World Economic Power, within this golden period of improvement of Economic Strengh and Internationa Economic Status since 1990. From 1990 to 2008, the rank of X6 (index of the scale of economy and production) of China has improved from the tenth to the second. With this advantage in scale, China has gained a good basis for the realization of grand goal. The rank of EP-I has improved from the 26th in 1990 to the sixth in 2008. At the same time, we also witness the clear trend and great potential of China's Economic Power. From 1990 to 2008, the rank of X7 (index of the development prospects) of China has improved from the 40th to the sixth, and the rank of X8 (index of sustainable development) has improved from the 54th to 43rd. At the same period, the rank of EP-III of China has improved from 33rd to the sixth. In addition, a lot category indice and single indice, though with low rank at present for China, have gained great improvement in value and rank since 1990.However, compared with advanced economies, such as the U.S., China has much big gap in the value and rank of Economic Strength yet, and has a lot of weak indicators, mainly in the aspects of competitiveness, quality of development, institution and mechanism, sustainable development and so on. Firstly, China's economy is still big but not strong.China has disadvantage in the fields of science and technology and informationalization, so still lacks of competitiveness. Secondly, the low level of development of education, urbanization and service industry has big impact on the quality of development in China. Thirdly, though made big progress in the process of marketization and internationalization, China still has poor performance in such indicators as Freedom to compete, Access of foreigners to local market, Tariff and non-tariff barriers, EIU foreign trade and exchange regime rating, Degree of property rights protection and so on. So the institution and mechanism of the economy should be improved time by time. Fourthly, China didn't perform very well in some indicators of sustainable development, such as Net forest and mineral depletion, GDP per unit of energy use, Organic water pollutant emissions, CO2 emissions, and so on.As a conclusion, China has a log way to go to reach the goal of World Economy Power. To make this target as a truth, China should play the role of inherent advantages itself, and pay more attention on the input of science, technology and education, and create advanced factors of production, and improve the institution and mechanism, to turn comparative advantage to competitive advantage. Then China will go on with the trend of being strong, and make more brilliant achievements on the road of modernization of the socialism with Chinese characteristic.
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