Final answer:
Beveridge views China as a significant market for American exports and describes "commercial powers" as countries with substantial economic influence. The historical context of the 'China Market' and the economic power of 'commercial powers' like the US have shaped trade relations, with China growing into a manufacturing giant and key US trading partner.
Step-by-step explanation:
Beveridge considers China a market for exports. China is a significant customer to the US. By the phrase "commercial powers," he means countries with economic influence. This terminology reflects the historical view of China as a vast but untapped market for Western manufactured goods, and denotes countries like the United States as influential economic players in international trade.
The concept of the "China Market" has been a driving force for Western economic ambitions since the era of Christopher Columbus. It became more pronounced following America's expansion into the Pacific, notably with the acquisition of the Philippines, which bolstered the US's strategic presence in Asia. As China began opening up its economy, notably since the reforms under Deng Xiaoping, it embraced aspects of capitalist economic strategies while retaining its Communist governance structure. This transformation bolstered China's position as a manufacturing powerhouse, captivating American and international businesses aiming to access Chinese consumer markets.
More recently, China has not just been an export market for US goods, which include agricultural products and high-tech machinery, but has also become a prominent investor and creditor on the global stage, including lending to the United States. With a vast, educated labor force and governmental control over business, China has established a significant comparative advantage in manufacturing. This has enriched the Sino-American trade relationship, making China one of the US's largest export markets with substantial impacts on the US economy.