Here Is When China Will Become The Largest Economy In The World

CA #China #USA #Economy Here Is When China Will Become The Largest Economy In The World 833 views •Jan 18, 2021 117 2 Share Save Difference Frames the World 4.54K subscribers #China #USA #Economy 2020 is a difficult year for all countries in the world, but China's GDP, for the first time in the history, hit the target of 100 trillion RMB, an equivalent of 15.4 trillion US dollars, 7.5% higher than its GDP in 2019, thanks to the weakening US currency, which dropped from 7.14 RMB per dollar in March 2020, to 6.5 now. As China is the only major economy, that recorded a positive growth in 2020, a lot of analysts, have updated their estimate, on when China will overtake the US, to become the World's largest economy again. it is generally accepted that the US overtook Great Britain, and became the world's wealthiest country in 1894. however, the UK had a lot of colonies at that time, including India, Australia, Canada, etc., if all the colonies were included, when calculating GDP, the United States became the world's number one after the world war one, out of which the US made a big fortune, by selling munitions to European countries, just like what it did in the second world war. Till today, the United States has been world's number one, for over a century. China, however, used to be the world's richest country, for thousands of years till 1820's, when China's GDP accounted for 32.9% of the world's GDP, followed by the British empire and its colonies. starting from that time, Great Britain shipped tons of opium to China, and launched the Opium War in the 1840's. As a result, China became a punching bag, and even the weakest nation in the west could bully it. 200 years passed, China is eventually on the way back to world's number one economy. based on the most optimistic estimate, from Nomura Holdings, 2028 might be the year when China surpasses the US, and on condition of a strong Chinese currency, 2026 is most likely to witness that exciting moment. in 2017, Nomura calculated China's GDP with Purchasing Power Parity method, also known as big mac index, and asserted that, China had beaten US and become the world's biggest economy. but considering the global financial flows, GDP comparisons based on exchange rates are more logical. if we introduce another measuring method, manufacturing GDP, to measure China and other countries, we can find a very interesting phenomena: China is not only the biggest economy in the world, but it is literally the sum of the US, Japan and Germany. The biggest portion of the US GDP is from its tertiary industry, simply put, its service industry. Because of the high labor cost in the states, its GDP is seriously inflated. Another important portion of its GDP is from its high tech industry. With the ongoing tech war between China and the US, it is highly probable that Chinese companies will make more high tech products for themselves and other countries, just like Haw Wei excluding US suppliers from its supply Chain, and anything that China produces can hardly sell at a high price. there is a very high likelihood, that China will grab a big share of the high tech market, from the United States, if the tech war between them continues. As we know, the prosperity of United States is based on its strong consumption using tomorrow's money, without which, the whole country is like a house built on ice. in 2020, the US injected tons of helicopter money, to its economy and the wall street, and Joe Biden just announced days ago, that another 1.7 trillion US dollars are on the way, after he takes office. This game of printing money can only continue, if the world is confident with the US dollar's stable value, which is more like a joke nowadays. 24 Comments augustin tio Add a public comment... YouMustBeFibbing YouMustBeFibbing 48 minutes ago Let's hope the US will accept reality like the UK did when it relinquished the crown to them. 4 keos AD keos AD 58 minutes ago Totally agree! China was the richest civilization until the Hundred years of Shame. I believe China is already the largest economy if you will solely base it on infrastructures. 12 Teong Beng Ang Teong Beng Ang 54 minutes ago China will eliminate poverty in the world. 4 sam hy sam hy 37 minutes ago China 🇨🇳 deserves to be economy rank first in the whole world in early 2028 is because China is 🇨🇳 a very responsible country in the whole world and care for the rest of the world like Covid -19 and Vaccines all of the people's around the whole world and the One Belt One Road Initiative for the long term plans. 3 T L T L 42 minutes ago (edited) No matter what US does, it will keep sliding downwards. The US and the West built their economy on taking advantage of the rest of the world through cheap commodities and labour in the rest of the world. As the rest of the world catch up, US and the west lose their advantage and cannot compete because of their higher lifestyle - high consumption -, cost of living and labour. US and the west created the current world condition. Now they are facing the effects. The US is worst off in the west because the elite or deep state is only concern for itself. The only peaceful way forward for the US and the west is to lower their cost of living, corresponding to lower salaries and wages. The alternative is to wage war, which is what the US has been doing along with its faithful allies. 4 Mars A115F Mars A115F 1 hour ago (edited) Well...Gd news to the World !! I'm proud of China,my late grandparents homeland.👍👍✌ 12 H. Teo H. Teo 37 minutes ago @Difference Frames the World. As a Chinese who lives 30 years in the West, I find it very disturbing, and sad that your thinking is so westernised (as evident in the nature of your discourse). The "aggressive" undertone of your Channel, is very characteristic of a Western mindset.