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China became the second-largest economy last year,
overtaking Japan, which had held that position since
1968. China’s 2010 GDP came in at $5.88 trillion
compared to Japan’s $5.47 trillion.
By some economic measures, the gaps between the
world’s leaders are even wider: China’s per-capita GDP
is about $4,000, compared with Japan’s $42,000 and
the USA’s $47,000. 1. China will quickly overtake the
United States as the world’s most powerful economy.
China’s stunning
economic rise is
one of the biggest
stories of this
generation. In just
three decades
since beginning to
embrace market
economics,
China has left its
desperate poverty
behind to become
the world’s top
exporting nation.
The transformation
has occurred so
quickly that myths
and misperceptions
abound about the
challenges and
opportunities that
China poses to
America and the
rest of the world.
This year, China’s economy is expected to
produce about $5 trillion in goods and services.
That would put it ahead of Japan as the world’s
second-biggest national economy, but it would
still be barely one-third the size of the $14 trillion
U.S. economy and well behind the European
Union, if taken as a whole.
One reason China’s economy is so
big is simply that it has 1.3 billion
people. But China’s per capita gross
domestic product is only one-seventh
the U.S. level. And in household living
standards, China lags even further.
In 2040, the Chinese economy will reach $123
trillion, or nearly three times the economic output of
the entire globe in 2000. China’s per capita income
will hit $85,000, more than double the forecast for the
European Union, and also much higher than that of
India and Japan. In other words, the average Chinese
megacity dweller will be living twice..
India has a tough time seeking any recognition for its
achievements. That is India’s Prime Minister view also. He
expressed his misgivings about it recently. China gets all
the cheers, even though their achievements are a bit phony.
With $1.5 Trillion economy in Year 2012, the third largest in
the world, India will be in the lead over and above most of
Europe and Japan. With high valued merchandise and services
exports of $300 Billion, India will be in a better shape than
China, financially. China may have $800 Billion in merchandise
exports, but these are low margin low value merchandise with
poor quality and poor durability rating. Their export numbers
may look attractive, but return is poor. Low return is the price
they have to pay for a huge capital input. In the end it leaves
them nothing to crow about. All arguments about poverty and
under privileged people in India, although true, are a broad
sword, which the West uses to discredit India. They miss out
on achievements and successes. They have to look at their own
poverty and under-privileged class before they criticize India
India’s economy expanded 7.9 percent
in the second quarter of 2009-10 and
is expected to grow over 7 percent
in the whole fiscal. According to the
key policy makers of Prime Minister
Manmohan Singh’s government, India
would return to 9 percent growth
trajectory in two-three years.
India’s economy expanded 7.9
in the second quarter of 200
is expected to grow over 7
he whole fiscal. Accordin
of Prime
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