After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy - Foreign Affairs - Nairaland
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| After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by dramaticspeak(m): 6:00pm On Oct 09, 2014 |
China has toppled America to become the biggest economy in the world, according to figures from the International Monetary Fund. The US has been the global leader since it overtook Britain in 1872, but has now lost its status as top dog. The latest IMF figures show the Chinese economy is worth £11trillion compared with £10.8trillion for the US. China – whose wealth has accelerated in recent decades amid rapid industrialisation – is expected to extend its lead, with the IMF estimating its economy will be worth £16.7trillion in 2019. That would be 20 per cent bigger than the US economy, which is forecast to be worth £13.8trillion by then. The numbers are based on ‘purchasing power parity’ (PPP) which makes adjustments for the fact that goods are cheaper in countries such as China relative to the US. Without these adjustments for living costs, the Chinese economy is still smaller than that of the US, at £6.4trillion. But experts have described the toppling of America after nearly 150 years by China – even on the PPP measure – as a ‘symbolic’ moment for the global economy. China enjoyed three decades of double-digit growth before the global downturn, as industrialisation and sweeping economic reforms created a new powerhouse in the East. Growth has slowed in recent years but remains strong by Western standards with the IMF forecasting expansion of 7.4 per cent this year and 7.1 per cent in 2015. By contrast, the IMF is predicting growth of just 2.2 per cent in the US this year and 3.1 per cent next year, while the UK is set for expansion of 3.2 per cent and 2.7 per cent. The Fund yesterday said the US and the UK ‘are approaching economic lift-off’ as they bounce back from the recession. But Olivier Blanchard, chief economist at the IMF, warned that ‘potential growth is lower than it was in the early 2000s’ for much of the West, including the US and UK. |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Idrismusty97(m): 6:10pm On Oct 09, 2014 |
Wow. Nice one from China!  1 Like |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Nobody: 6:12pm On Oct 09, 2014 |
interesting.. but Op whr is ur source na |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Idrismusty97(m): 6:17pm On Oct 09, 2014 |
prezelThomas:Here, it is all over the web. Pick as much source as you need. http://www.google.com/m?q=China+overtake+US&client=ms-opera-mini-android&channel=new I am so surprised! Although it is expected but it happened so fast! Some economists are predicting that will happen mid next year. |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Harmthe(m): 6:45pm On Oct 09, 2014 |
yea, yes, ya |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Nobody: 6:58pm On Oct 09, 2014 |
Idrismusty97:But i bet u,many wld still see U.S as the strongest and most powerful nation in the world. economically and politically... C'mon. China  |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by 2fine2fast(m): 7:04pm On Oct 09, 2014 |
Nothing, Nobody, No-where.....lasts forever. Only GOD does. |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Idrismusty97(m): 7:12pm On Oct 09, 2014 |
prezelThomas:It doesn't matter how people see the US. What matters is the fact. US is the strongest politically and military. But starting from today, The US is living on past glory economically. China isn't waiting for them, They would continue to rise. |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Nobody: 7:22pm On Oct 09, 2014 |
Idrismusty97:Yea Yea..a huge reason for their economic rise is that they encourage local businesses. multinational companies are a no no,their money circulates around them.US spends a lot taking care of the world problems, jux read about how the war in Iraq and Afghanistan dug a big hole in their economy, put China in the shoe of U.S,in just 10yrs they would run into ruins.Anyways kudos to China 3 Likes 1 Share |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Rikidony(m): 7:45pm On Oct 09, 2014 |
I WILL ONLY BELIEVE THIS WHEN I SEE IT ON CNN OR BBC  1 Like |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by PaulJohn1: 7:48pm On Oct 09, 2014 |
America usurped: China becomes world's largest economy - putting USA in second place for the first time in 142 years *Figures show the Chinese economy is worth $17.6 trillion, compared to America's $17.4 trillion *The IMF estimates China's economy will be worth a whopping $27 trillion in 2019 *The US has been the global economic performance leader since it overtook Britain in 1872 *White House seemed oblivious on Wednesday, crowing that 'the economic policies that this president put in place are the envy of the world' China has toppled America to become the biggest economy in the world, according to figures from the International Monetary Fund. The White House seemed caught flat-footed by the news, crowing on Wednesday about America's relative economic strength in comparison with the rest of the world. The US has been the global leader since it overtook Britain in 1872, but has now lost its status as top dog. The latest IMF figures show the Chinese economy is worth $17.61 trillion compared with $17.4 trillion for the U.S. http://www.dailymail.co.uk/news/article-2785905/China-overtakes-U-S-world-s-largest-economy-IMF-says-economy-worth-17-6trillion-America-falls-second-place-time-1872.html 1 Like
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| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Nobody: 8:25pm On Oct 09, 2014 |
Anything that goes up must come down. The US has reach its peak and started doing what the super power of old did that cause their fall- fighting useless wars. |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by BJAYADEMOLA(m): 8:59pm On Oct 09, 2014 |
World economy.... China dominating d world Nigeria dominating Africa. Usa dnt knw again who go con knw. #Jonathan will say china has overtake it from Usa.Nigeria will take it from china. |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Nobody: 9:14pm On Oct 09, 2014 |
dcaliph:yea rily useless wars..u can imagine invading iraq for many yrs in search for weapons of mass destruction yet finding nothing of such. |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by JuanDeDios: 9:17pm On Oct 09, 2014 |
Idrismusty97:No, not quite yet. I suggest you look at the criteria used for this ranking, try to understand it, and then consider all the variables. China is still far far behind the US. One can write a whole book on that. 2 Likes |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by okotv(m): 9:23pm On Oct 09, 2014 |
At least Clinton has a debate point against Obama in the upcoming election debate.... watching with my eyes opened and arms folded.....its going to be painful and unbearable just as South Africans complained when Nigeria toppled them. |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Nobody: 9:25pm On Oct 09, 2014 |
Trash. The ratings also put india as the third largest economy which is actually nonsense. 2 Likes |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Nobody: 9:27pm On Oct 09, 2014 |
prezelThomas: Also they are making trouble with russia, have their war ships in china backyard, they are acting as if they are afraid of everybody. Any where they get to now is much more trouble : libya, iraq, afghanistn, pakistan. They are just spreading themselves thin. |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by r33d(m): 9:37pm On Oct 09, 2014 |
okotv: Thank you. Someone is calling China. The USA has a higher living standard, a higher education standard and takes care of its citizens better. As for statistics, it is the same that relates Nigeria to the biggest economy in Africa. Figures without real substance 1 Like
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| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by okotv(m): 9:55pm On Oct 09, 2014 |
r33d:of course...all these statistics are just mere stats... |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by ttmacoy: 9:57pm On Oct 09, 2014 |
China is facing years of slowing economic growth and is struggling to contain a property bubble due to government intervention in the market over the past few years. In absolutely gdp terms China may be slightly ahead now but the USA has a superior and more sustainable economy. Gdp per person is a good example with China having over a billion people. China is now trying to transform it's economy into a consumer based economy like the USA cus that is the sustainable model rather than a government based economy. Also from a debt perspective China has a lot of debt but the way it is structured it doesn't show like America e.g. China has funded it's boom over the past few years via banks backed by the government pretty much the debt is internal compared to external like the USA. I commend China for their economic growth and achievement but USA it is not. 4 Likes |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by ttmacoy: 10:02pm On Oct 09, 2014 |
Also note, China's gross domestic product bigger than USA in only one indicator based on a method of calculation by the IMF which can be said to be flawed - by adjusting GDP for China's relatively low cost of living, compared with USA's higher cot of living. On the face of it you may say China is cheaper so better, but no America has a higher standard of living and workers earn more. Also on a GDP per person perspective which to me is far important, $58,000 to $6,000, I don't care how much China's gdp is, USA is a far superior and better economy. China has 1 billion more people than USA so they have a long way to go. Also there is lots of talk about USA's debt, but China has a lot of debt and the way they account for debt doesn't give the true picture. Most of the Chinese boom was funded by state backed bank's which means the debt is all internal and not exactly transparent for accounting. 2 Likes |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by abbakacici: 10:03pm On Oct 09, 2014 |
dcaliph:they are afraid of every body from Russia to china to Iran to now syria etc which make to loss almost 2 trillion for nothing 1 Like |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by abbakacici: 10:08pm On Oct 09, 2014 |
r33d:your logical is flaws because if you are using standard of living as measure of economy thus USA is like the 15th or 20th in the world because USA has the worst public school in the developed world and among the worst warfare for its people in the developed world 1 Like |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by r33d(m): 10:14pm On Oct 09, 2014 |
abbakacici: Is China a developed country? |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by podosci(m): 10:43pm On Oct 09, 2014 |
ttmacoy:Using per capital income to compare countries is distorted because of population difference between countries, countries with lower population would always have an edge over countries with larger populations, using per capital income, it wld be nearly impossible for china to match up to USA because of a population of 1.2bn people, infact using per capital puts Qatar on top with a percapital of $145,000. Interms of debt, do u know china is the largest holder of US govt bonds worth $1.2bn, USA economy is saturated and has reached its peak, China wld soon reach that stage,,,,it wld take a country like India or Nigeria to carry on the mantle , yes i said Nigeria because Nigeria has lots of untapd potentials and lots of problems from bad leaders to stupid citizens........Congrats to China |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by ttmacoy: 10:53pm On Oct 09, 2014 |
podosci: Firstly gdp per capita is a better measure than gdp based on ppp. It means 300 million people generated same output as 1.3 billion people. Secondly, don't be deceived by the fact China holds the bulk of America's debt. It's 1 Like |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by podosci(m): 10:54pm On Oct 09, 2014 |
ttmacoy: |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by podosci(m): 11:06pm On Oct 09, 2014 |
ttmacoy:Point of correction, you compare GDP with either nominal or PPP......... Per capital is not realy a basis for comparing ecomies but rather standard of living ...........per capital is either nominal or ppp........and IMF campares with PPP because nominal gives USA unfair advantage since the dollar is the standard exchange currency 1 Like |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by ttmacoy: 11:08pm On Oct 09, 2014 |
podosci: Firstly gdp per capita is a better measure than gdp based on ppp. It means 300 million people generated same output as 1.3 billion people. Secondly, don't be deceived by the fact China holds the bulk of America's debt. It's because they are hedging their economy against the usa - beneficial to both countries. China has a massive debt problem which they are gripping with and the economy will undergo a massive correction over the next few years which may be painful. |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by ttmacoy: 11:20pm On Oct 09, 2014 |
China’s economy is not as healthy as they will like you to believe. And the difference with the us economy is America is a consumer based economy with strong capitalist characteristics while China is predominantly government funded which is not sustainable. Burgeoning local government debt is a cancerous tumour weighing down the health of the Chinese economy, and figuring out how to manage the growing burden is one of the biggest challenges facing Beijing. The State Council, the Chinese cabinet, last week issued a comprehensive set of directives designed to improve transparency, clarify the responsibility of debtors and put a lid on the overall size of the debt during the National Day holiday. Before examining Beijing’s effort to rein in its debt problem, it is useful to remind ourselves just how bad the situation is. The collective debt of local government soared nearly 3.9 trillion yuan, or $720bn, to 10.6 trillion by June 2013, according to the last comprehensive survey by China’s National Audit Office. 2 Likes |
| Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Quelme: 12:42am On Oct 10, 2014 |
Finally the death of the evil empire. Way to go China.!! |
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