International Economic Convergence Applied to China

Open Access

Abstract

Objective: The objective of the article is to studied phenomenon of international economic convergence applied to China.Research Design & Methods: The analysis methods, synthesis, economic and managerial comparativists, economic statistics, Hofstede method are used in this work.Findings: Authors have conducted comparative analysis of production and consumption within economic totalitarianism. This symbiosis of socialism and capitalism lies based on a convergent socio-economic system, the theoretical foundations of which reside at the beginning of creation.Implications & Recommendations: The changes in economic activity were tremendous at the end of the 20th and the beginning of the 21st century. It has been identified that the current world experience includes de-globalization, re-industrialization, new economics and management. The conducted research will be useful for trade policy development, international economic relations with investigated countries. Contribution & Value Added: The authors carried out an analysis of the cultures of the studied countries using the Greet Hofstede method. The role of Confucianism as a religion and philosophy in the economic development of China is revealed. The Chinese governance model is investigated that consists of three elements: democracy, experimentation between local and central government, meritocracy.