Photo of China USA: GT
If China can achieve an annual economic growth rate of 5-6 percent in the next 10 years by 2030, it will become the largest economy in the world, said renowned economist Justin Lin Yifu at the China Development Forum 2021 over the weekend.
The projection implies optimism about China’s economic development, but it is also possible that there will be many uncertainties and even challenges faced by the world’s second largest economy during the growth process.
By 2020, China’s GDP rate reached more than 70 percent of the US and the country is the only major economy to report positive growth, thanks to the government’s crucial measures to control the coronavirus pandemic .
As the economic gap between the United States and China narrows, there have been growing predictions about when the shift in the title of the world’s largest economy will take place, which is supposed to have a major impact on the world economic structure and power .
If viewed from another angle, it does not matter when the point of change comes, because the Chinese economy has grown to a large enough scale to resist U.S. harassment by becoming an indispensable part of the world industrial chain.
Some are concerned about the prospect of U.S.-China relations following the high-level Anchorage strategic dialogue, worrying that competition or rivalry between the two countries will only grow fiercer.
In recent weeks, Biden administration officials have been holding intensive consultations with its so-called allies in order to overshadow China – indicating that Washington is unwilling to give up on the Trump administration’s anti-China policies.
However, as long as China’s giant economy continues to grow at an annual rate of 5-6 percent, fueled by massive infrastructure and technology investment, rising domestic energy consumption and exports, Washington is tricked into calling some allies for Isolate this country can hardly affect China’s GDP growth. At the same time, the profit margins of many US companies that rely on the Chinese market will become weaker as Chinese consumers return to buy non-US products.
China’s extraordinary governance, social peace, 500 million middle class base, improving business environment, skilled workforce and strong industrial base are all important factors for China’s friendly trade partners and multinational corporations that continue to focus on this market.
According to an Economist report, China is now the largest trading partner of 64 countries, compared to just 38 for the US, which speaks to China’s market magnet.
The US government may aspire to build an anti-China coalition to curb China’s economic growth, but the fact is China’s economic scale and potential determine that none of its allies will take an initiative to break away from the market. largest in the world. Even Australia, a strong American ally who has taken a blushing eye on an idiotic feud that Canberra started with Beijing, is now looking for a room to fluctuate to repair its cold trade relations with China.
And, if Washington continues to demand that its allies keep China, businesses in allied countries will stand up and say no. As the world economic center gradually moves into the Far East, no one is willing to shy away from the door of a large and dynamic market of 1.4 billion consumers. It would be wise to remain neutral and not take sides in the China-US strategic race
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