- Jun 25, 2008
- Reaction score
- Political Leaning
http://www.cbsnews.com/8301-503983_162-20012188-503983.html said:China has "in fact" overtaken Japan as the world's second-largest economy, according to Yi Gang, China's top currency regulator. Yi, the director of the State Administration of Foreign Exchange and the deputy governor of China's central bank, the People's Bank of China, made the claim near the end of an interview posted on SAFE's Web site (Chinese).
Asked whether China's economy will falter, Yi said no, claiming "China, in fact, is now already the world's second-largest economy," although he didn't back it up with any data. What he wanted to make clear was that as China's status rises, a gradual slowdown is inevitable - its GDP can't keep ballooning 9 or 10 percent every decade.
Projections by the World Bank have shown that China is on course to overtake the U.S. as the number one economy of the world sometime around 2025, and it was already widely known that it came close to surpassing Japan in 2009. What Yi put into perspective was that China's economy has grown 9.5 percent in the past 30 years, and even if it tires to 7 or 8 percent in the next decade, and 5 or 6 percent the decade after that, it would still have achieved 50 years of boom, which he calls "unprecedented in human history."
Here is the direct source in Reuters that confirms this development:
China overtakes Japan as No.2 economy: FX chief | Reuters
Business people in Europe are now starting to learn Mandarin as part of their degrees as well as English; Chinese business is in every corner of the world, and their country continues to develop at an unprecedented rate. Although they have a capitalist economy, their government is fascist and totalitarian in nature.
Are we prepared for the political and economic implications if China becomes our primary supplier to our economy? Will we have to swallow our pride and increase our business with a government that is in opposition to our values?