Bangalore: Chinese economy is one of the fastest growing in the world with an average growth rate of 10 percent in the past 30 years. Currently China is the second largest economy in the world by nominal GDP whereas the U.S. is the first. As per a recent report prepared by Chinese research institute it is predicted that by 2019, that is in next six years China will beat the U.S. in the economic race. China is on its way to become the world's most important country, it’s been working on since last three decades, informed the report. The findings are from the Nation's Health Report issued by the Chinese Academy of Sciences, as reported by Hindustan Times.
As per the report the country's overall conditions were defined as its ‘national health’ which uses wealth distribution and resource sufficiency as major criteria for growth. Among 100 countries, China ranked as the 11th ‘healthiest’ country just after Costa Rica. The list was topped by Sweden being the healthiest. Among the national health deficient countries, Japan, Britain and the U.S. were considered ‘health deficient’ and as per the official news agency Xinhua, it said that China was given a national health status of ‘up to standard’. However, Chinese Academy of Sciences couldn’t release the report immediately.
China with its striking economic growth rates, increased spending on defence and overlapping security interests in the Asia-Pacific region with the U.S. China has also created a situation for the country that needs to be encountered in the coming decades while it is in the race of global influence.
As informed by Global Times, which has close association with China's ruling Communist Party said that the document's findings were seen by some as excessively nationalistic.
Fang Zhouzi, described as a prominent whistleblower on academic fraud, informed the media, “The report is indicative of an anti-U.S. sentiment in Chinese society,” as reported by Hindustan Times.
He further said, “It casts the U.S. as a potential threat and links the goals of China's national revival to surpassing the U.S.” China is the largest exporter and second largest country to import goods in the world. In the per capita income basis, by nominal GDP China is ranked 90th as per the International Monetary Fund (IMF). China creates most economic growth for the special economic zones of the People's Republic of China.
Years of economic reform and welcoming foreign investment has boosted China from being an improvised, overwhelmingly agricultural country into becoming the second largest economy in the world, just behind the U.S.
China’s economy with its high growth rates is largely expected by international analysts to overtake the U.S. in terms of total size or gross domestic product in the coming years. However, they differ in terms of setting exact timings and criteria of the process.
Given China's huge 1.3 billion population, U.S. is more likely to remain wealthier on a per capita basis with its current population of 315 million, as speculated by the analysts.
China has transformed from been a completely agriculture country into a trade giant in the past decades and the advancement of the country is setting momentum to overtake the world giant by creating its economic supremacy. China has proved itself in the world market but if it wins against U.S.’s economy it will create an entirely new image for the country in the future.