China overtakes U.S. as the the world's largest economy'--WT predictions upside down?

by exWTslave 23 Replies latest watchtower beliefs

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  kaik

  USA is the only western democracy which has relativelly good demographics. Russian, European, and Japanese is againg and dying off rapidly. China is not far behidn iwth the one child policy. It will eventually slow the economic growth as the population will mirror Japan in next 40 years.

  fulltimestudent. what you descibe can be summarized as illusion of freedom. Additionally, majority of citizens in democracies absolutelly do not care about politics and especially the middle class which is passive and resigned. In 1960's there the same mass protests everywhere without making a dent into political structure of these countreis and in the 1970's these protestes were forgottoen. In 2010-13 there were huge protests everywhere in EU with millions of people in the streets from Madrid, to Athens, Prague, Riga, Ljubjana to Budapest, and nothing happend in the long run.
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  metatron

  My current wonderment about China and Russia is this: it is evident that are working to reduce or eliminate the dollar in trade or as a reserve currency.

  My question is - if this is successful, how will it change the US? Some predict disaster (unlikely because many contracts have dollars stipulated) - others seem to think it will change little. It may reduce transaction costs for the nations involved.

  I think the point to be examined is - will it greatly reduce US influence thruout the world? The Russians seem to think so.

  metatron
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  fulltimestudent

  A Chinese Response to Being Labelled, as the World's biggest Economy,

  from yesterday's People's Daily.

  Link: http://english.peopledaily.com.cn/business/n/2014/1010/c90778-8792783.html

  China, 'Number One in the world'?

  Estimating a country's true economic strength is a complicated business.

  China should bemature enough to focus on its economic weaknesses rather than gloating over its accession to the title of ‘Number One in the world’.

  According to Svenska Dagbladet (Swedish Daily), the World Bank has estimated that China’s GDP will shortly surpass its US counterpart to become

  the largest economy in the world based on purchasing power parity. The assertion that China should be ranked ‘Number One in the world’ based only

  the purchasing power index is not persuasive. China is rational and alert to such rankings.

  Since this particular ranking is based on the purchasing power parity calculation although in theory this assessment can offset such factors as the manipulation of exchange rates, the calculation remains open to widespread misinterpretation. According to the Economist, purchasing power of the Renminbi is over-estimated.

  The The claim that China’s GDP ranks first, based only on its purchasing power is unconvincing. In 2013 China’s per capita GDP was 6,629 US dollars – 30 times times more than in 1980.

  But the number is far below the US rating of 51,200 US dollars. Even if its economy continues to grow at the present rate, it will take China at least 35 years to achieve the per capita GDP of the US. It is therefore ridiculous to assert that China’s GDP surpasses that of the US.

  China also lags behind other countries in economic soft power. China is not as sophisticated as the US, Japan, Germany, the UK, Israel and South Korea in innovation.
  Although China has beefed up its R&D investment in science and technology, that investment remains only 60% of its US counterpart. There is a huge gap between China
  and the US in terms of soft power. China has no cause to rest on its laurels over its ranking of ‘Number One in the world’.

  This article was edited and translated, source: the Beijing News, Author: Feng Guangyuan

  (People's Daily Online) 13:27, October 10, 2014
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  Kalos

  fulltimestudent

  Good assessment and contrast. I agree that many so called democratic countries are more authoritarian than Chinese!