Chinese Century: Wikis

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People's Republic of China
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The Chinese Century (simplified Chinese: 中国世纪traditional Chinese: 中國世紀pinyin: Zhōngguó Shìjì) is a neologism referring to the possibility that the 21st century will be dominated by the People's Republic of China, similarly to how the 20th century is often called the American Century, and the 19th century the British Century.[1] It is used particularly in the assertion that the economy of China will return to the status it held from 221BC-1830AD[2][3][4][5][6] and overtake the economy of the United States as the largest economy in the world.[7][8][9]

Contents

Economy

The rise of China as a superpower has been predicted since the 1970s.[10][11][12] As early as 1985, the Communist Party chief Hu Yaobang has said China planned to become a superpower by 2049.[13]

China's economy has been growing rapidly at a rate of over 10% for over 30 years. It is currently the third largest economy in the world in terms of nominal GDP. In terms of GDP by purchasing power parity, China is the second largest after the United States. In 2007, China's nominal GDP exceeded Germany's. It then overtook Japan's in 2010 and may overtake the United States by 2027. [14] It is now the world’s largest exporter, surpassing Germany, and the world’s largest market for vehicles, surpassing the United States.[14] Its foreign reserves, the world’s largest, are now over $2,000bn.[7]

China is currently the largest producer in several industries, including steel and electronic products. China is already either the largest or second-largest consumer of most commodities. It is first for nickel, copper, aluminium, zinc, steel, coal, sea-borne iron ore and tin and second for petroleum and lead.[15] On top of all of that, China holds the largest reserve of rare minerals.

The five largest economies in the world in 2050, measured in nominal GDP (millions of USD), according to Goldman Sachs.[16]

According to Robert Fogel, a Nobel laureate in economics, the Chinese economy will reach US$123 trillion in 2040 and will account for 40 percent of the gross world product - dwarfing the proportion of the United States (14 percent) and the European Union (5 percent).[17][18] China's per capita income will hit $85,000, more than double the forecast for the European Union.

Military

China has the world's largest standing army with the second largest defense budget. China is also an emerging superpower in military technology and innovation.

It is also a permanent member of the UN Security Council and a recognized nuclear weapons state.

Infrastructure

The Pingan International Finance Centre in Shenzhen will become the second tallest building in the world. [19]Along with Shanghai Tower and Shanghai World Financial Center, these supertall skyskrapers are symbols of China's economic power.

Technology

China surpassed the United States as the world's top technology exporter[20][21]. China is also currently the world's 3rd largest innovator and is set to lead global innovation by 2012[22][23][24]. China's technological standing also surpassed the United States to become the top in the world in worldwide technological competitiveness[25][26]. China is also currently considered the world leader in green technology[27][28][29]. Because of this, China predicted to become a technology and innovation superpower[30][31][32][33].

See also

References

  1. ^ Rees-Mogg, William (3 January 2005). "This is the Chinese century". The Times. http://www.timesonline.co.uk/tol/comment/columnists/william_rees_mogg/article407883.ece. Retrieved 12 September 2009. 
  2. ^ http://www.eric.ed.gov/ERICWebPortal/custom/portlets/recordDetails/detailmini.jsp?_nfpb=true&_&ERICExtSearch_SearchValue_0=ED460052&ERICExtSearch_SearchType_0=no&accno=ED460052
  3. ^ Professor M.D. Nalapat. Ensuring China's "Peaceful Rise". Accessed January 30, 2008.
  4. ^ Dahlman, Carl J; Aubert, Jean-Eric. China and the Knowledge Economy: Seizing the 21st Century. WBI Development Studies. World Bank Publications. Accessed January 30, 2008.
  5. ^ The Real Great Leap Forward. The Economist. Sept 30, 2004
  6. ^ Chris Patten. Financial Times. Comment & Analysis: Why Europe is getting China so wrong. Accessed January 30, 2008.
  7. ^ a b "China set to be largest economy". BBC News. 2006-05-22. http://news.bbc.co.uk/2/hi/business/4998020.stm. 
  8. ^ "The Chinese Century". TIME Magazine. 2007-01-22. http://www.time.com/time/magazine/article/0,9171,1576831,00.html. 
  9. ^ Fishman, Ted C. (4 July 2004). "The Chinese Century". The New York Times. http://www.nytimes.com/2004/07/04/magazine/04CHINA.html?ex=1246680000&en=127e32464ca6faf3&ei=5088&partner=rssnyt. Retrieved 12 September 2009. 
  10. ^ Red China nears superpower status - The Free Lance-Star - Jun 14, 1971
  11. ^ China Emerging as Superpower - The Dispatch - Jan 10, 1973
  12. ^ China Won't Become a Superpower Soon - The New York Times - Feb 2, 1988
  13. ^ China a superpower by 2049 - The Sydney Morning Herald - Aug 13, 1985
  14. ^ a b http://www.ft.com/cms/s/0/d7824222-a15b-11de-a88d-00144feabdc0.html?catid=9&SID=google
  15. ^ http://timesofindia.indiatimes.com/opinion/edit-page/Top-Article-Without-Fear-Or-Favour/articleshow/5034350.cms
  16. ^ "The N-11: More Than an Acronym" - Goldman Sachs study of N11 nations, Global Economics Paper No: 153, March 28, 2007.
  17. ^ Chinese Economy 'to Hit $123 Trillion' in 2040
  18. ^ $123,000,000,000,000*
  19. ^ ctbuh.org
  20. ^ http://www.businessweek.com/technology/content/jan2006/tc20060119_322122.htm
  21. ^ http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-SF-09-025/EN/KS-SF-09-025-EN.PDF
  22. ^ http://science.thomsonreuters.com/news/2009-02/8502354/
  23. ^ http://www.chinadaily.com.cn/opinion/2007-09/11/content_6096352.htm
  24. ^ http://thomsonreuters.com/content/legal/white_papers/China_IP
  25. ^ http://www.ventureoutsource.com/contract-manufacturing/trends-observations/2008/china-as-global-technology-leader
  26. ^ http://bx.businessweek.com/china-innovation/study-shows-china-as-world-technology-leader/10892494362769307994-16cf70f3ca4dce8e78db5db2499af2bc/
  27. ^ http://www.huffingtonpost.com/2009/12/15/china-surprising-leader-i_n_392165.html
  28. ^ http://online.wsj.com/article/SB126082776435591089.html
  29. ^ http://minnesota.publicradio.org/display/web/2010/02/08/midmorning1/
  30. ^ http://www.crca.asn.au/media/china-set-become-a-global-leader-science-and-technology
  31. ^ http://newsblaze.com/story/20070503003853rahu.nb/topstory.html
  32. ^ http://www.unctad.org/en/docs/iteiit20074a6_en.pdf
  33. ^ http://econpapers.repec.org/paper/hhseijswp/0194.htm

External links

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