China – Now The World’s Richest Nation

By P Chong                               1 May 2010


It just seems such a miracle that within one short generation China has elevated itself from a third world to the prestigious top nation. Its recent gold & currency reserves have hit the $2 trillion mark. This is no small task for a nation now boasting having a the largest state reserves in the world.

The fact is China is like no other country. It boasts of a civilisation that has withstood time, infiltration, external aggression for thousands of years, standing on its own, isolated from the rest. It’s a huge nation with a teeming population of 1.3 billion – not just in pure numerical numbers, but a reservoir of hard working people, talented, well educated, resourceful, strong & resilient with great human dignity & pride.

The greatest asset possessed by any country lies with its people. Chinese people are traditionally most frugal – never living beyond their economic means. They save as much as 75% of the nation’s GDP! Now, just think about it. This alone will constitute a tremendous solid base for a nation. The element of thrift & saving cannot be disputed.

China gained 17.8% ($177.9 billion) in its gold & currency reserves during the second quarter of 2009, and over the first quarter of the current year the reserves increase by $7.7 billion. This means that the People’s Republic of china has saved $185.6 billion during the first six months of the year, though this was $95 billion less than the same period in 2008.

According to experts, such a phenomenal growth was achieved largely by the predominance of export over import.

The point note worthy is the fact that the people’s savings are not included in the $2 trillion of gold & currency reserves. Experts are saying that China will soon replace U.S. as the world leader on the economic arena. It has predictably leaped ahead of Japan as the second largest economic power.

No one expected it to be so soon or come so quickly.

We have always known USA’s Exxon Mobil to be world ranking, or at least as late as six months ago. However, that position has now been taken over by China’s Petrochina.

Let’s take a look at China’s leaping achievement:

1. In the last 15 years, China has developed 800,000 Km of roads . . . long enough to go round the globe 19 times.

2. Under the Eastern Commercial Port Development Project by Shun YetSun Realty, the YangShan Port built in 2005 has surpassed Singapore & Hong Kong to be the largest container port in the world.

3. The landscape of city has to be updated every three months to keep up with the pace of development.

4. The eastern Sea Bridge linking YangShan Port & Shanghai is 325 Km in length, equivalent to the distance between Taipei & Tao Yuan. This Bridge is used mainly for cargo transportation, leaving the Yangzhi River Delta area open directly to the world markets.

5. A dream of the century, the 1118 Km railroad on icy land  5000 Km above sea level was completed in 5 years, allowing better control & access of Tibet & the strategic south-western corridor.

6. In 10 years, the number of universities in China has doubled, and the number of undergraduates has reached 20 million, almost equivalent to Taiwan’s population.

7. Great emphasis has been placed on education from the primary up to the university level. Further, government officers are being abroad at Harvard, Cambridge, Waseda & Seoul in various discipline such as strategic thinking, total planning, international vision & connection and practical management.

8. China has strengthened & prepared well ahead its competitiveness for the next century. Prominent speakers like Kissinger, BG Lee, CEOs of GE & Intel etc. are invited for training a pool of leaders.

The world of economic race is likened to the Grand Prix race track. As I said in one of my previous articles: “If You Stall . . . Others Roar” (Posted June 9, 2009).

In contrast to U.S. bailing out “financial mafia” with its stimulus package, China channelled it all towards the building of infrastructure & economic productivities.

Peace & stability lead on to prosperity & harmonious living.

If you care to read more, related to this title:

The Wind of Change (Posted on September 15, 2009)

New U.S. Dollars For 2010 (Posted on December 20, 2009)

US Dilemma: Is The Power Obama’s? (Posted on April 21, 2010)


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