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Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy (4571 Views)
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Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Nobody: 2:46am On Oct 10, 2014 |
dcaliph: |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by jotey(m): 2:56am On Oct 10, 2014 |
this is what happens when u make Nigeria an enemy south Africa is next...their economy will drop like how Spain fell during the world cup |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Xfactoria: 3:28am On Oct 10, 2014 |
podosci: It is not an unfair advantage because the Chinese manipulate their currency. If they let the market forces determine the RMB exchange rate, they would be exposed. So eff PP! |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Nobody: 9:49am On Oct 10, 2014 |
Pls wat position is naija? We shud b up there 2 |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Nobody: 10:25am On Oct 10, 2014 |
r33d: Qater, Norway, Luxemburg, kuwait and about five other countries have better living standard than USA |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by ducii: 10:27am On Oct 10, 2014 |
ttmacoy: Until the bubble you are claiming that China has burst, then we will assume that China is still growing organicly. It is hard for me to see China having large debts, because of the way their system operates. China has no social welfare programmes( absolute zero welfare programmes) which is one of the biggest problems most economies in the West have. Iceland experimented with social programmes (like free tertiary education) and their Economy blew up just after a few years of experimenting. Yea China has bailed a few of their financial institutions, but everybody does it. America is the biggest culprit. So I don't see that affecting them much. And don't forget China is America's largest creditor, they over took Japan early this year as the country with the largest exposure to America's debts. |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Nobody: 10:28am On Oct 10, 2014 |
ttmacoy: With GDP per capita USA will be 10th in the world. Countries like Qater, luxemburg, kuwait and more others are ahead of USA |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by r33d(m): 12:24pm On Oct 10, 2014 |
atbu1983:I am making my comparison with China not Norway, Luxembourg, Kuwait or Qatar. I also stand by my statement that China does not have a better standard of living than the USA. |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by ttmacoy: 2:21pm On Oct 10, 2014 |
ducii: Simply google China' debt and the information is there. China has built a massive debt pile to push through rapid investment in the country over the past few years, and most of the debt is held at the local government level and not federal which is why you may not see it depending on which numbers you look at. China funded massive investments in real estate and infrastructure to grow their economy and if you research online, you will see cases of ghost towns all around as a result of excess investment. This was possible because the government controls the banks - note this is different from a bail-out. In simple terms what they did was use the banks to fund investment and thereby boost production and employment. Problem with this is sustainability. The economy needs to go through a correction to stabilise and it may be a painful correction due to the debt pile and property bubble. After all the investment in properties, prices have been falling leaving the banks with lots of bad debt, but given they are controlled by the government, they are not recognised as bad debt like in America which operates a near free market system. In pure accounting terms they have a shitload of debt. Regariding China holding the bulk of America bonds, that doesn't say much because America has loads of assets as well (holding debt of other countries) despite their debt. Having debt doesnt mean you have no asset. In my opinion I actually see it as the Chinese government hedging their economy against the US economy which they know to be a stronger and more sustainable economy. e.g. If Dangote Industries is owing GTB N1bn, that doesn't mean they don't have the assets to back it up. I must say though at some point America may need to look at their role as saviour of the world cus all the incessant wars are taking a toll on their finances and the main reason for the massive debt they have. 1 Like |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by ttmacoy: 2:25pm On Oct 10, 2014 |
atbu1983: yes countries like Qatar and Luxembourg have a larger GDP per capita than America but i would rather live in America than luxemourgh due to the better standard of living and opportunities. If I was a member of a royal or important family in Qatar then I would be happy there but as a common man on the street, the GDP per capita is skewed towards the few who control the resources and will not benefit me much compared to Amerca. |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by ducii: 3:27pm On Oct 10, 2014 |
ttmacoy: I agree with most of the points you have raised, apart from the one of China's ghost towns being caused by the Chinese government over investment in infrastructure. The main cause of China's ghost towns is rural urban migration, where everybody wants to leave their villages and migrate to Beijing in China's case, a problem faced by many emerging or third world countries, hence the Government of China introduced the Hukou system to stem rural urban migration 1 Like |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Nobody: 8:17am On Oct 12, 2014 |
r33d:I know. I wanted you to know even when d world says US was d largest economy in d world it wasn't not d country with highest standard of living. When US took over from UK 142 years ago, UK standard of living was still higher than US standard of living. Over time US standard of living surpass UK. What is important in the news is dat china has grown at a very fast rate in the past 30years. And d standard of living in china has improved drastically too in d past 20 years. That is what is important. It is not all about US. There is nothing new. Many countries have been world largest economy before US became d largest. Now it is china Era. For sure US is a big force. What is clear is dat China influence relatively to US in d world will continue to rise while that of US will continue to fall. It may take another 50years or more b4 china can completely over shadow US. it is nature. when china time is over, another country will emerge. In 1980 China was 11th largest economy in the world. in 2005 they became 2nd largest economy. Ever since they have been closing d gap between them an US steadily. October 2014 they just surpass US very slightly. What is clear is that in 5 years time China will be much ahead of US by GDP. In terms of per Capital income China may not reach US even in another 100years. But GDP decide the power and influence of a country not the per capital income. 1 Like |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Afam4eva(m): 8:53am On Oct 12, 2014 |
Idrismusty97:No, they're not. It's not like the US is doing badly economically but rather, China is simply coming up and it's only common sense that a country that big will one day have the largest economy. There's simply very little that the US can do about. It's not like the US did not in some way make their being overthroned sooner. 1 Like |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Afam4eva(m): 8:56am On Oct 12, 2014 |
Btw, what's the big deal in having the largest economy if it's not reflective of the citizens of that country. The US still has way higher standard of living than China and china will need to break a leg to displace the US in that very important category. 3 Likes |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by reedonne: 9:13am On Oct 12, 2014 |
r33d:Most people does not know the meaning of GDP. US is like a father with 25 children getting annual salary of N1.4m and china, a father of 1000 children getting an annual salary of N1.6m. Who will have better standard of living: US Who will have more economic power: China. Because of their large GDP, if they cut trade with any country, it will have more effect than the US(Ofcourse without the support of their allies expecially EU) An example is qatar and US, Qatar have better standard of living while US have more powerful economy. 1 Like |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by r33d(m): 10:24am On Oct 12, 2014 |
atbu1983: I understand your point. |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by r33d(m): 10:32am On Oct 12, 2014 |
Afam4eva:Thanks. I've been looking for this way to explain it all along. China is certainly a force to be reckoned with. However, there is a rather lopsided development in the Chinese economy. Yes, they may have a maximized National output and a much expanded method of manufacturing but, the life of an Average Chinese National is still not better off. I am not saying that there everybody in the USA is rich but, there is something called welfare and that works better in the USA than in China. Certainly, the USA has almost reached its peak in terms of development while China still has a lot more potential in this area. |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Nobody: 5:08pm On Oct 13, 2014 |
That great Babylon, that traded in the souls of men...is fallen... |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by sexzskil(f): 11:58pm On Oct 20, 2014 |
I was hoping in aghast that someone would say that in term of real GDP, the US is still miles ahead of China. Still..yet... NO NATION IN THIS UNIVERSE IS AS HALF POWERFUL AS THE UNITED STATES OF AMERICA. THIS NATION STILL RULES THE WORLD ECONOMICALLY(REAL GDP), CULTURALLY, SOCIO-CULTURALLY, MILLITARILY, TECHNOLOGICALLY AND EVERY AREA. MAY THE UNITED STATES RULE OVER GOD AND THE UNIVERSE FOR ETERNITY(AMEN)! |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by Nobody: 5:35pm On Oct 21, 2014 |
sexzskil:Rule over God? Its this kind of pride that will take you down faster than you arose. *smh* An abomination. 1 Like |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by olayinkadavid70(m): 9:25pm On Jun 27, 2019 |
Idrismusty97:Are u listening to the op, he is a liar, kindly check it yourself, they haven't overtaking anything, US is still the oga. |
Re: After 142 Years Of Dominance, China Overtakes U.S As World's Largest Economy by olayinkadavid70(m): 9:28pm On Jun 27, 2019 |
That great Babylon, that traded in the souls of men...is fallen...who told u so, don't worry, that is how all the world power used to behave, when it comes to the time of China too which u have been expecting, u we see how they too we want to be riding other nation. |
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