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Crazy economic growth of China

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nates1984:
I think it's relevant to ask in what ways the economy is going to grow. So what if they surpass American GDP if they're just pumping out cheap plastic trinkets. More importantly, it makes them inherently dependent on the West, which ultimately will restrict growth to what the rest of the world can offer them.

Fuck growth, I want to know when China will switch gears and begin to be more of a modern economy rather than a third world sweat shop. Who cares about piece of shit products from backwards factories.

darkjedi:
In my limited mind more GDP already means more money to spend for importing Western goods, and that's a start. If they spend 1.3 trillion USD for imports when their GDP is 8 trillion USD right now then when it's 16 trillion 6-7 years later they could be buying twice as much from the Western world, and 2.6 trillion USD is a huge share in the global market. Of course if their exports can't keep up they won't be buying that much, but you get the idea, right? I myself am betting that their exports can still keep up considering that there are other countries that buys a lot of stuff from China aside from the G20, and even among the G20. (Turkey, Russia, India, Indonesia, South Korea, Japan, etc) The Western world will not be that keen either to impoverish their largest trading partner by refusing to buy their 'cheap products' when they precisely need a large buyer from the East in the midst of waning Western economy, and Canada and the Gulf states will still have to export a lot of oil and natural gas to China. (It's the biggest oil and gas importer next to U.S. and E.U.) China's influence on the global market is everywhere. And I'm sure China can use their purchasing power in many more ways that can affect world economy significantly.

AceHigh:

--- Quote from: darkjedi on July 13, 2009, 03:04:41 AM ---It's earning more than the rest of the Asian superpowers combined.
--- End quote ---

China is the only Asian superpower (not counting Russia, because it is in politically European). Other countries in Asia either lack the nukes or international influence = not superpowers.

darkjedi:
I'll rephrase, then.

'economic superpowers'

Happy?  8)

They have large influence in world economy so they are economic superpowers. They all belong to G20. If any one of those countries are lost the world economy will be jeopardized and that's how important those countries are.

bobjoe:
China actually IS moving away from the plastic trinket/3rd world sweatshop industry, although slowly. They have begun buying western brands and have demonstrated that they can provide the same quality product on just as large a scale, if not on an even larger one.
For example, Chinese are very proud of Lenovo, who acquired the thinkpad line as well as all of IBM's other PC lines a few years ago, and who have been able to keep up its massive popularity even in the US.

Now, with the economic downturn in the US, they are buying even more brands, such as Hummer (and possible more GM brands too). 15 years ago, there was no such thing as a Chinese Car or a Chinese computer in the US, but both of those things are changing now, and fast. They could probably move into any industry they wanted with the same success, and our present economic status in the US is only making it easier.

The economies of China and the west are still to interdependent for even a shift in the top dog position to really effect the status quo (if china's economy became larger than the US, the world wouldn't necessarily end right there), so something else is going to have to change before anything really interesting happens.

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