Economy – Recent studies based on the report of Centre for Economics and Business Research (CEBR) in London and considering the GDP growth comparing China to the USA of the nations found that the way development is taking place China will tend to overtake the USA by the year 2029.
Comparing with the population of the country, China exceeds about four times more than USA productivity.
Hence China has to increase to only one times higher to compete with the economy of the USA.
China intends to overtake the US by 2029.
The higher population of China with the required labor strength and capital are into the forward years to uplift the economy ranking to number one till 2029. Despite US population ranking three, has been the leading nation in the world to beat No. 1 economy. The strong labor and greater quantity or capitals added to increase the productivity and slowly match up with the US economic conditions.
Oliver Kolodseike the senior economist of CEBR’s said that the five emerging largest economies will be from Asia, USA loses its top spot and economy of Europe are falling down.
China the world’s highest trading Nation.
US economy was challenged by China as the highest trading Nation of the world. China has become the leading trading of goods in the year 2013, passed the $4tn (£2.4tn) for the first time in exports it had risen up to 7.9% to $2.21tn and imports up to 7.3% to $1.95tn.
In exports, China had the higher graphics shown in 2009 but in the case of imports of goods US still, remain leading in the imports but was taken by China in the year 2013. The trading related exports on goods and business, China depends on foreign companies that may later somehow put China into trouble.
But till date, China has taken away the crown to become the highest trading nation as it trades on raw materials in importing, a huge car market of the world and also has the largest reserved foreign currency.
China with the still poorer class of people.
You may wonder that in spite of leading into trading of the nation in the world, a portion of China is still below poverty line though in the market reforming 1978, China has pulled out 800 million people from poverty. China has unexpectedly made a vast development in the economic growth but still due to the high population it has yet not been able to provide relief as the rural workers earn about 4 dollars a day while the urban workers approximately 5000 dollar per year according to the study in 2014.
Vast change has occurred till 2018, while the upper-class people can make a good living almost like the US high-class people in cities but once again the rural areas are still poor as the income lacks to about 63 %, if you compare the rural part of US and China then 43% of rural area of China will be equal to 18 per cent of United States.
Urban parts of China is lifting day by day that will lead to becoming the top leading nation of the world while the United States will very soon lose the position.