While the credit flow in economies like that of the US and the major European countries got mugged up, looks like the same in China went the other way and heated up, and will drive up domestic demand just when China needs it.
News is China is now officially the third largest economy, set to take the number two spot from Japan in a few years.
The Chinese success story is remarkable. China as a nation has a long collective memory. 800 years ago China was the number one nation on earth, it was not America. To the Chinese it is not about claiming the prize, it is about reclaiming the prize, reclaiming what was once theirs.
But America has democracy, America has diversity. Take the Bush Brain out of the equation, and this economy will sizzle again.
But if there is competition, it is not a race to the bottom. It is to be a win win situation. I just wish China did lend more of its money to the poor countries, and less to a country wanting to wage war.
But then China has put a major focus on Africa recently.
Even on democracy I don't see China copying America. There is a middle ground somewhere where the two need to meet. The democracy in America is not one person one vote. Loot at all the White Males in the Senate. These are Greek Gods. These are not democrats.
But the Chinese did beat the Americans at the Olympics. They got the most gold for the first time. It is as if they were saying, we know how to get organized.
And as to democracy, it is near impossible to meet Chinese in America who think China needs a different political arrangement to what it has now. These are not people in fear of the Chinese Communist Party. They are in America. The CCP is their own NAACP, making them proud.
In The NewsChina overtakes Germany in terms of GDP China Daily The revised growth estimate for 2007 - from 11.9 percent to 13 percent, the fastest rate since 1994 - raised the country's GDP to 25.7 trillion yuan, ($3.5 trillion) at 2007 exchange rates ..... "I think it will take only three to four years for China to overtake Japan as the second-largest economy. The US is by far still the largest economy. China overtakes Germany as third-largest economy Deutsche Welle
China revises 2007 GDP growth rate to 13% Xinhua the industrial sector achieved the fastest growth followed by the service and trade sector and then agriculture.
China's 2008 customs revenue up 21% to record high China Daily
China’s trade Economist in 2007 China overtook Germany to become the world’s third-biggest economy .... China’s trade surplus rose to a record $457 billion ..... The best way for China to support its economy—and to help unwind global trade imbalances—is instead to bolster domestic demand. .... Thanks to the healthier state of its banking system, China is perhaps the only big economy where credit has heated up rather than frozen in recent months. If sustained, this could help to support domestic spending—and hence imports. China’s economy certainly can not depend on exports over the next year.
China's exports, imports drop CNN International falling demand in the United States and the European Union.
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