Will China emerge as a global economic and political power in the 21st century?

Research Paper (undergraduate) from the year 2006 in the subject Politics - International Politics - Topic: Globalization, Political Economics, grade: 1,6, The University of Sydney, course: International Politics of Asia, language: English, abstract: China has become more interesting for investors and other global powers as it is developing very fast economically and politically. China has also become internationally very active in recent years, which certainly has attracted attention around the world. But we have to consider that China is still a developing country which is not willing to adapt in all areas of international reforms. Rising global powers, in this case China, have always trigged dramatic side effects or serious changes in the power structure of the world. Certainly imperial ambitions, aggressive expansion and striving for power are known to be the reasons for many wars, hence destruction and chaos. The world will have to cope with big challenges because of Chinas need for new recourses, power and recognition. China already goes international unacceptable ways according to Western powers as it cooperates with countries like Iran. In some ways a confrontation seems to be inevitable, as states like the USA want to keep their hegemonial position in the world as long they got the power on their side. On the other side China's military chairman Hu Jintao guarantees a peaceful rise from which not only the own countries will profit, also the international world around. To answer the question I will focus on Chinas current status, and how political and economical actions will favour or hinder the rise to a global power. Also I will focus on how US interaction may hinder the rise as they see a threat in China. What will happen if the sleeping dragon awakes economically and politically?