On Monday it was reported that China has passed Japan as the second largest economy in the world, behind the United States. China’s economy is growing so quickly that some experts believe they will actually surpass the United States to become the number one economy globally by the year 2013.
China’s economy is reportedly valued at about $1.33 trillion, and on Monday Tokyo said that Japan’s economy was valued at approximately $1.28 trillion. The United States gross domestic product was valued at approximately $14 trillion in 2009.
So how has China risen to such an economic powerhouse? Aren’t they a Communist country and isn’t capitalism suppose to be supreme? I don’t really understand this to be completely honest with you.
Just five years ago, China’s gross domestic product was about $2.3 trillion, about half of Japan’s. So in the last 5 years alone, they have caught up with, and surpassed Japan’s gross domestic product.
Again, I don’t get it…
And yet while the United States and European Union are struggling in the worst economic downturn since the Great Depression, China’s economy rages ahead.
Can someone help me out here with this…
source: New York Times