Monday, August 16, 2010

China Now World's Second-Largest Economy

Some interesting news from the economic and geopolitical side of things. The People's Republic of China has surpassed Japan to become the world's second-largest economy.

Experts say unseating Japan — and in recent years passing Germany, France and Great Britain — underscores China’s growing clout and bolsters forecasts that China will pass the United States as the world’s biggest economy as early as 2030. America’s gross domestic product was about $14 trillion in 2009.

“This has enormous significance,” said Nicholas R. Lardy, an economist at the Peterson Institute for International Economics. “It reconfirms what’s been happening for the better part of a decade: China has been eclipsing Japan economically. For everyone in China’s region, they’re now the biggest trading partner rather than the U.S. or Japan.”

 Pretty interesting, especially considering China's growing between 5-15% per year while we may go back to negative growth...

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1 comment:

Gregory Sams said...

There's an interesting statistic that should go with this.

China averages some 87,000 "mass incidents" per annum. These are defined as large protests or riots requiring intervention by police or military.

That comes out at 240+ every day, a huge number even considering population size. It makes one wonder just how tight is the lid on the Chinese kettle?