‘15 days of Economics’

Day 8: What is the big fuss about China

The rise of China in recent years has been staggering and alarming. Their economical growth has been extraordinary, transforming the continent. The country is expected to grow even more…

In 35 years China’s Gross Domestic Product (GDP) has grown by 3600% from $300 billion to $11 trillion. They now boast the 2nd largest economy in the world. China has become more connected to the world through exports with profits exceeding 1000% of the figures in 1980. The East Asian country now accounts for 18% of the worlds GDP and have surpassed USA, having the largest Purchasing Power Parity. For the last 15 years, they have built the equivalent square footage of Rome every 2 weeks. China have also build the equivalent of Europe’s entire housing stock in only 15 years.

China is becoming more connected with 2.6million miles of roads being built which connects 95% of the country’s villages and have contructed the largest high speed rail network with 12,000 miles of raillines. They have more high speed rail lines that the rest of the world combined. Their literacy rates and life expectancy have dramatically increased in the last century as the country aims to develop.

China’s economic growth is alarming for many countries. They essentially now have to power to take over the world. Their military spending is huge and technology is unmatched. They are also taking over territory in oceans most notably in the South China Sea. They are exploiting goods in Africa for their own economic benefit. This is dangerous for other countries as China could create a monopoly in which they are the only nation that is depended upon by every other country.