Purchasing Power
This year China’s economy has become 64% the size of that of the United States economy if you use Purchasing Power Parity. These numbers are according to The Economic Times, which got them from Defense and Trade Division of the Congressional Research Service, a group that advises Congress. Currently that makes China number two, way ahead of number three Japan. China's GDP is $7.512 trillion, which is behind the US at $11.728 trillion and ahead of Japan at $3.719 trillion. What is miraculous about these numbers is that it was achieved just in the last two decades.
The rapid growth is attributed to large amount of foreign investment and personal Chinese savings. The Chinese savings rate was 42% in 2002, which makes it one of the highest in the world. This is something that the US can learn from, because we have one of the lowest savings rates in the world, and this is and will be a big cause in our economic downturn.
Just thought I would give some more news about the rapid growth of the next world superpower.
The rapid growth is attributed to large amount of foreign investment and personal Chinese savings. The Chinese savings rate was 42% in 2002, which makes it one of the highest in the world. This is something that the US can learn from, because we have one of the lowest savings rates in the world, and this is and will be a big cause in our economic downturn.
Just thought I would give some more news about the rapid growth of the next world superpower.
posted by Aleksandr at 10:22 PM
1 Comments:
I doubt very highly that China has what it takes to be a superpower. It takes more than just money.
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