Many financial observers have noted that China’s economy is likely to overtake that of the United States in less than ten years. The IMF projections state that by 2016, China should be the world’s largest economy…
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The assumption and expectation that China would one day become the world’s richest country is not a new one. The country has enjoyed massive economic growth and expansion of its global presence which have made it to economically surpass tens of countries within the last 20 years to sit at the second place. The current and future economic growth of China is as fast as it is diverse, while the US is facing a lot of financial challenges2. The fact that China’s economic and socio-political performance is only expected to be better while that of the US remains shaky makes China more likely than not to overtake the US in the next few years. Important Indicators for China’s Growing Superiority For the last thirty years, China has reported impressive economic growth3. The country has in fact been the fastest growing economy in that period of time. Economists have put the economic growth of China to be 17 times what it was in 1980. An interesting fact is that China was rapidly growing while most of the rest of the world was not doing that well financially. About ten years ago, the United States’ economy was 10 times bigger than that of China. Today, China’s economic superiority cannot be refuted and its place as a world economic power was sealed after overtaking world’s number two spot from Japan. After a long time of what seemed to have been economic slumber, China finally woke up to its potential in the eighties. Other countries including the United States started to adopt and implement neo-modern policy changes. This included opening up to unrestricted capital flows and external trade. The countries also developed policies that enabled their central banks to be increasingly independent. They also adopted tighter cyclical monetary and fiscal policies and abandoned many of the development strategies that had previously been highly successful. China on the other hand, did not adopt these policies, many of which were promoted by world financial bodies such as the IMF, World Trade Organization and the World Bank whose decisions were heavily influenced by decision makers and economic planners based in Washington. China was not a member of the WTO up until 2002. Although China’s economic acceleration involved the expansion of foreign investment and trade, its financial decisions and management were carried differently from the rest of the world4. The most outstanding difference was that China’s economy was largely controlled by the state, unlike in the US where it was liberalized. State control was meant to ensure that trade and investment decisions were in line with the development goals of the government. One of these goals was to develop and make products intended for the external or international market. China’s policies also promoted the use of enhanced technology. The aim was to transfer high level technological competence from foreign investors to the local economy. The government was also keen on hiring Chinese for jobs at the managerial and technical levels. This meant that foreign enterprises could not compete at the same level with many domestic businesses. The economy of China is still largely controlled by the government. The state controls a huge percentage of the exchange rate and other financial systems. A substantial amount of industrial assets are also under the control of the government. When other countries were struggling under the pressure of the recent worldwide recession, China’s economy was not affected. The state-led economic system can be and should be credited for this. The country enjoyed an enviable 9.8% GDP growth though this was a fall of 3.7% mainly due to the poor performance of the international mar
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China Economic Growth Since 1949 Impressive economic achievements of the PRC are second largest in the world. Republic of china is the fastest growing economy having consistent growth rates of around 10% over the past 30 years. China is largest exporter and 2nd largest importer worldwide.
Its economic growth has averaged at 9% over the last ten years, and despite the credit crunch was able to register a 10.3% GDP growth in 2011i . The extrapolation of the strength of China and the emerging economies leads to the analysts’ projection that they will most likely overtake the G7- the world’s largest industrialized markets by 2032ii.
In 2010, China became the second largest economy in the world. It overtook Japan, Germany, UK, France and all other industrialized countries in Western Europei. As of today, it registered a phenomenal growth rate of 9.7% (second quarter of 2011) despite the volatile international situation which is way ahead of the dismal 2% growth rate of United States.
2. China has emerged as a super power of the modern era. It will not allow anyone to delude its interest in the region. 3. US has spilled a lot of blood in the name of chasing down terrorist cross the world, which has brought hatred and economic disaster not only to its lands but other nations directly or indirectly involved.
In some cultures, the gay society or the homosexual feelings are celebrated while in other societies gay people are stigmatized. Gay people are in every society although some societies may try to cover the truth about their existence. The US is among the first countries in the world that have acknowledged the existence of the gay society.
The Impacts and Roles of Canada in China-Japan Row. The current tension currently being witnessed between China and Japan is arguably the geopolitical tension ever witnessed in the world. Park (2012) argues that the tension is boiling up over a tiny Senkaku Islands, which had been bought by Japan several years back.
We live in such a diverse world, filled with different cultures, varying religions, and a plethora of philosophies, all of which aim to promote successful, productive, and well-rounded societies of healthy people. It is no wonder that very often certain peoples just cannot seem to find the “common grounds.”
Beginning in 1972, the US has viewed the region through its One-China policy (Sutter 11). This policy, according to the United States State Department, that both the People’s Republic of China and Taiwan maintain the existence of only one China, in addition to, the people of Taiwan being part of China.