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Thread: China overtakes Japan as world's #2 economy

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    China overtakes Japan as world's #2 economy

    Quote Originally Posted by http://www.cbsnews.com/8301-503983_162-20012188-503983.html
    China has "in fact" overtaken Japan as the world's second-largest economy, according to Yi Gang, China's top currency regulator. Yi, the director of the State Administration of Foreign Exchange and the deputy governor of China's central bank, the People's Bank of China, made the claim near the end of an interview posted on SAFE's Web site (Chinese).

    Asked whether China's economy will falter, Yi said no, claiming "China, in fact, is now already the world's second-largest economy," although he didn't back it up with any data. What he wanted to make clear was that as China's status rises, a gradual slowdown is inevitable - its GDP can't keep ballooning 9 or 10 percent every decade.

    Projections by the World Bank have shown that China is on course to overtake the U.S. as the number one economy of the world sometime around 2025, and it was already widely known that it came close to surpassing Japan in 2009. What Yi put into perspective was that China's economy has grown 9.5 percent in the past 30 years, and even if it tires to 7 or 8 percent in the next decade, and 5 or 6 percent the decade after that, it would still have achieved 50 years of boom, which he calls "unprecedented in human history."
    Here is the direct source in Reuters that confirms this development:
    China overtakes Japan as No.2 economy: FX chief | Reuters

    Business people in Europe are now starting to learn Mandarin as part of their degrees as well as English; Chinese business is in every corner of the world, and their country continues to develop at an unprecedented rate. Although they have a capitalist economy, their government is fascist and totalitarian in nature.

    Are we prepared for the political and economic implications if China becomes our primary supplier to our economy? Will we have to swallow our pride and increase our business with a government that is in opposition to our values?

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    Re: China overtakes Japan as world's #2 economy

    Was bound to happen. But what I would say is Chinas economy is still based on the fact that we in the western world continue to buy the crap that they make. If supply for their goods goes down, their economy does too. I mean during the reseccion factories were closing down while there was till growth, if Chinas growth fell by more then 2% i bet there'd be a revolution

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    Re: China overtakes Japan as world's #2 economy

    A revolution in China is the fanciful wet dream of war hawks and misguided activists, but the reality is that China's government is not some centralized dictatorship that could conceivably be overthrown or removed. This fact also belies the claim that they have a totalitarian and fascist system. Do not assume the system is static and unmoving either. It has been subjected to constant reform and they have a lot of good policies with regards to governance that you will not find in most Western democracies. These were largely implemented as a response to the Cultural Revolution to diminish the influence of individual personalities and officials in government and insure the orderly transition of power.
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    Re: China overtakes Japan as world's #2 economy

    Quote Originally Posted by Demon of Light View Post
    A revolution in China is the fanciful wet dream of war hawks and misguided activists, but the reality is that China's government is not some centralized dictatorship that could conceivably be overthrown or removed.
    Actually, it could be easily overthrown and removed if there was another revolution like in the past. Millions of people would die, which is typical of China's uprisings, but I assure you the government would fall.

    Quote Originally Posted by Demon of Light View Post
    This fact also belies the claim that they have a totalitarian and fascist system. Do not assume the system is static and unmoving either. It has been subjected to constant reform and they have a lot of good policies with regards to governance that you will not find in most Western democracies.
    I agree it's not black and white but it is still illegal to openly question the government in any way, shape or form. Doing so leads to arrest of you and your family. That is totalitarianism and fascism no matter what way you slice it. Just because they are facists with a decent sense of policy making does not make them any less fascist. The public does not have input into what happens to their livelihood. If your neighbourhood is slated for demolition in one month, you best get out, because there is no appeals process.

    Quote Originally Posted by Demon of Light View Post
    These were largely implemented as a response to the Cultural Revolution to diminish the influence of individual personalities and officials in government and insure the orderly transition of power.
    The cultural revolution was a big failure on Mao's part and he only did it because he was falling out of favor with the party, but I disagree that individual celebrity has been phased out of the party. Hu Jintao is the still the main man and the establishment of fixed precedessors mimics the formal imperial system.

    You also have to look at what it is that defines fascism: staunch nationalism, right-wing conservative policy making, and total control over the population.

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    Re: China overtakes Japan as world's #2 economy

    China will implode soon. Seeing China rise is a scary thing.
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    Re: China overtakes Japan as world's #2 economy

    Quote Originally Posted by digsbe View Post
    China will implode soon.
    How do you see that happening?

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    Re: China overtakes Japan as world's #2 economy

    Quote Originally Posted by Jetboogieman View Post
    How do you see that happening?
    A communist economy is bound to implode. They are in a growth bubble, and when that bubble bursts they are going to be in serious trouble.
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    Re: China overtakes Japan as world's #2 economy

    Quote Originally Posted by digsbe View Post
    A communist economy is bound to implode. They are in a growth bubble, and when that bubble bursts they are going to be in serious trouble.
    If you think the Chinese economy is communist, you missed something Digsbe.

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    Re: China overtakes Japan as world's #2 economy

    Quote Originally Posted by Jetboogieman View Post
    If you think the Chinese economy is communist, you missed something Digsbe.
    No kidding

    It would appear he missed at least the last 15 years
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    Re: China overtakes Japan as world's #2 economy

    Quote Originally Posted by Jetboogieman View Post
    If you think the Chinese economy is communist, you missed something Digsbe.
    Quote Originally Posted by Lord Tammerlain View Post
    No kidding

    It would appear he missed at least the last 15 years
    They have recently made more restrictions, but it is largely communist just like the country.
    When the debate is lost, slander becomes the tool of the loser. -Socrates
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