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Prior to 1978, China's economy was fairly weak. It was not until the 1980s that China really started to grow in economic prowess. Under the Deng XiaoPing, China opened up to foreign investment. Since then China has been growing at a remarkable rate, averaging about an increase of 8% per year in the last 30 years. Historically, China had lagged behind big nations such as the US and UK in terms of industrialization. However, once China stepped up its game, China was able to contend with the already established super powers. China began as an agricultural economy which hindered its economic growth and status. The shift from agriculture to industry in the 1960s became a starting point for making China a contender to become the leading economy of the world.
15%. Economists in addition believe that the figures given by China concerning their economy is inaccurate with lies and deceit. A final major dissenting view takes into account the living conditions of the population in China. News on theguardian.com states that "Per capita incomes in China, according to the OECD, are 75% of the global average, whilst those in the US are 370%." On the macro economic scale, China will lead the world, but with the numbers stated in the sentence before, it will "remain a poor country."
Whatever views the opposing team has, the U.S. should focus on its current economic stance. Recent news on theguardian.com states that for the first time in three years, the "U.S. economy shrinks... [and] GDP fell by an annualised rate of 1.0% in Q1 as companies cut back on investment and restocking their inventories." With this setback, China may even be number one by this year, 2014.
The United States' title as the world's biggest economy since 1872 is threatened by China, a country who may overtake the U.S. and claim the leading economic powerhouse by 2016. In the past three years, the United States' economy experienced a real GDP growth of less than 2.5% and an inflation rate greater than 1.5%. Additionally, China's real GDP growth was higher than the projected 7.75% and the yuan, China's currency, appreciated greater than the projected 3%. With this combination of higher prices and fast appreciation of the yuan rates, China's economy will surely be worth a great deal more than the United States' by the projected year.
Or will it? Many people who disagree say that the ICP changed its reporting method which showed developing third world countries growing faster than previously reported. With the ICP reports also come a very wide margin of error of
If China continues to grow at its current rate, it will be tied up with the US in terms of Real GDP within the next decade. In the long term, China will continue to grow exponentially and establish itself as the world's greatest economy by 2016.