Will China take over the world? Free essay! Download now
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Will China take over the world?
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| Words: 2300 | Submitted: 14-Jun-2008
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DescriptionChina's economy expanded by 10.7% in 2006, marking the fastest growth since 1995, the economy of China is the fourth largest in the world after the US, Japan and Germany, with a nominal GDP (Gross Domestic Product). The goal of Chinese economic reform was to generate sufficient surplus value to finance the modernization of the mainland Chinese economy.These reforms started since 1978 has helped lift million of people out of poverty, bringing poverty rate down from 53% of population in 1981 to 11% by 2007.
Some people are been predicted that China will take over the world within 2015 because of its economy growth but some of them predicted till 2050.
At start of 2006, the PRC officially announced itself as the 4th largest economy, measured by USD exchange rate overtaking France and the United Kingdom. By 2009, China is predicted to overtake Germany as the third largest economy.
At the beginning of 2007 China as stands the 2nd largest economy in the measured by the more comprehensive Purchasing Power Parity measured at about $10 trillion US$ . By the end of 2008, China is predicted (measured exchange rate) to overtake Germany as the 3rd largest and to overtake Japan by 2015.
^ China’s Economy compare to Different ten Countries in the World
1. GDP Growth Rate of 2007
This GDP growth is about an annual basis adjusted for inflation and expressed as a percent.
The above graph shows the different GDP Growth Rate of different countries. In general, it is clear from the above graph is that; China is the number one country about GDP Growth Rate. The CIA Fact book shows that, China got 11.4% GDP Growth Rate in 2007 and is the highest rate among the above ten countries. On the other hand, India took 2nd position getting GDP Growth Rate by 8.5%. In the case of United States, the GDP Growth Rate is only 2.2%. Russia did well in GDP Growth Rate and earned 8.1% in 2007. Australia, GDP Growth Rate is 4% in 2007. The rest of the country’s GDP Growth Rate is almost same.
2. Unemployment Rate of 2007
The unemployment rate is the percentage of the labour force that actively seeks work but is unable to find work at a given time.
Unemployment Rate of 2007
The above line chart describes the different percentage of unemployment rate for different countries. In accordance with the CIA Fact book, China’s unemployment rate is 4% followed by United States is approximately 4.6%. In common, China and Japan led the 1st position of unemployment rate. On the other hand, France and Germany are in the alarming position getting 8% and 9.1% correspondingly. Besides, India’s unemployment rate is just about 7.2%. Moreover, United Kingdom, Russia and Italy got about equivalent percentage.
3. Investment (Gross Fixed) of 2007
The below pie chart shows the difference of investment within the ten countries:
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