How Is It That Communist China Is Set To Surpass The Bastion Of Captialism, The Usa, As The Largest Economy…
Posted by China Sourcing CommentatorDec 6
in the world by 2010?
http://www.financedaily.co.uk/News/ChinatobeWorldsLargestEconomyby2010_448.html
China has experienced average economic growth of more than 10 per cent per annum since 2003 and economists predict that the country is on course to maintain similar growth rates for the next two years at least.
The second largest economy in the world behind the USA, China has benefited considerably from globalisation and outsourcing over the last decade, effectively turning the country into the workshop of the world. It is this impressive transformation from rural economy into industrial revolution that economists at the National Institute Economic Review (NIER) predict will make the country the world’s leading economy by 2010.
“It should happen quite soon,” commented Dawn Holland, Research Fellow at the NIER in London, on China’s rise. “The Chinese economy is already larger than the Euro Area and currently there is less than five percentage points between China and the USA
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Its the fact they purely out number us. They will become fairly powerful. That is not to say the United States will do everything in its power to maintain its current position. And we still have a huge advantage over them in a number of areas.
They no longer function as a communist nation. Although China is communist on paper, Mao would be horrified at the economic activity taking place on Chinese soil.
because big companies like black and decker closed up manufacturing in the good ole usa (hampstead Md. ) to let china pay ten cents an hour for labor and sell a 4 inch grinder that lasts 50 hours and breaks so that you buy 10 a year instead of buying a us made one that lasts 20 years
Well, when you have 1/6 of the world’s population under your boot, you can do what you want.
Imagine what the corporations could do if they didn’t have to worry about consumer backlash, or environmental policy, or fair wages?
If China continues on its current course, it could outpace the US… if the people don’t revolt (either due to social or environmental reasons), their workforce remains (1 child policy ends up leaving lots of elderly with few children to pay for them), or if the world pulls out manufacturing ties due to bad products (the contaminated heparin, lead based paint on toys, etc.).
We could enslave our population…make the worlds crap …and catch up fast!
the USA will be a third world country in 2 generations behind both China and India.. does it make you warm and fuzzy.. but i don’t care i will be dead
Because China has more people and resources than the United States. Don’t worry though when they are finally forced to float their currency instead of keeping it artificially low they will lose many manufacturing jobs.
As for the reasoning behind companies leaving the US for cheaper labor. Well when consumers refuse to pay more than $1.50 for an item that costs $2.00 to make in the US companies can either go out of business and outsource.
Take heart the reason why we can afford all these things in excess is because of cheap labor.
The United States handed over our entire manufacturing base to China, why shouldn’t they be doing well?
What is meant by ‘leading economy’??
I have no doubt China will be the largest and the leading economy sooner or later. But 2010 is only 2 years away! Did your source define what is meant by ‘leading economy’?
I wouldn’t be too sure. Much of China’s prosperity is due to the incredible rate at which its citizens save money and thus offer it to the USA to go into further debt binges.
Should the global economy bounce, China will bounce with it.
I hope they do. Given all the complaints about the US and the relative sweeping under the rug of Europe’s entire colonial imperialistic past at the same time…it will be refreshing to hear people complain about something new.
Not saying the US is an innocent at all (hardly) but Europe does complain a lot, even before the current mess in Iraq. Anything good is absorbed and forgotten in a blink.
I’m sure China will be wonderful new world masters and that they will come to your aid quickly when the new cold war springs up. The culture clash should be fun, they handle discord within their own borders so well after all.
Of course we will have to be a bit wary of all those defective and poisoned products that they produce (toys, heprin, dogfood, contact lens solution…)
The US economy is near dead . No thanks to the Bankers and politicians .
While the democrats have been taxing our country too death,China has been becoming an increasingly industrial nation. Just look at the number of products that have a made in china label on them and you will answer your own question.. That and the nafta agreement have led too us being a send class nation. The nafta agreement which was signed into law by Bill Clinton gives us companies the OK too send items too nations where labor is cheep and China is surpassing us as the worlds largest industrial nation as a result
Maybe its because we are losing all our manufacturing jobs? A VAST majority of our jobs are in the service industry, and also much of our economy is in just in moving the money we have around. If we dont make some major changes to our society and economy then it may be more serious than people think.
Our imports to exports ratio is terrible, NAFTA is destroying us and honestly our future doesnt look good because our education system is failing and turning out 3rd rate students. We have too many lawyers and not enough leading scientists. Many of the top scientists in their fields are no longer American. We have become lazy and comfortable as a nation. We are also the greatest debtor nation in the world. That being said it will still be a while until China passes us we are massive. Too bad we depend on foreign coutries for everything.