I'd love to get some informed feedback on the following ideas:
In 2006, the last year for which statistics are available, China’s Gross Domestic Product was $10.21 trillion, the second largest GDP in the world, after the United States. For the past twenty five years, China’s annual GDP has grown faster than any other major nation, at the fast rate of 10%. China’s per capita income has also grown quickly, at 8% over the last three decades. In contrast to China, the GDP of the United States only grew at approximately 2.2% for the same time period. Per capita income in the United States grew at approximately 1.3%.
| | GDP | GDP Growth | GDP Per Capita | Per Capita Income Growth |
| USA | $13.86 Trillion | 2.2% | $46,000 | 1.3% |
| China | $10.21 Trillion | 10% | $7,800 | 8% |
Imagine that the first and third columns in this table did not exist. We could conclude with question that China’s economy was far superior to that of the United States. Even if we add in the first column, GDP, we can see that China is catching up to the United States fast. Within six years, China’s GDP will be greater than the U.S.’s. When today’s kindergarteners are in middle school, the U.S.A. will no longer have the largest GDP in the world. China’s economy will be larger than our own. Granted, the per-capita income in the United States will remain higher than the per capita income in China for the next twenty eight years, if everything remains consistent. But, twenty eight years is not a very long time. Just think about the fact that today’s infants will be starting to raise their own families when China’s per capita income passes our own, if everything remains consistent.
4 Comments:
The problem is everything won't be consistent over the next n_ years.
If you count the population of both countries (China and the US) then plot the relative IQ of each countries citizens on a bell curve, China will soon have more highly educated (e.g. MS, PhD) geniuses by several orders of magnitude in every field of human endeavor, including math, science, medicine and more. Unless this country starts taking education seriously -- politically, culturally and financially -- it's looking more and more likely that we'll become China's factory floor in another few generations.
And we now return you to your regularly scheduled program...
Carey, whether or not China is a greater economic power or not is irrelevant. As long as the US economy stays strong and the country is in good health we are fine. They have 3x the population we do.
The fact that it has taken them THIS long to move to capitalism is pretty sad. We are years and years ahead of them in terms of military technology and strength and if it really gets to the point that they are sending their some of their businesses here due to our labor being cheaper than theirs, so be it...we will profit by their businesses being here as well.
Andy, I Agree strongly
i agree
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