Paul Chong – A Chinese by Descent, An Australian by Consent Sunday, 14 December 2014
Figures don’t lie. It’s official now. China is the No. 1 economy in the GDP
world. This is a definite “vindication” of the hundreds of years
of Western humiliation, aggression, suppression & oppression. Step aside America
for the grand entrance of the awakened Dragon, which is ushering in progress & economic development for other nations as well.
“Zhongguoren zhan qi lai le”
The last thirty odd years of Chinese history has been phenomenon . . . spectacular & unprecedented in the history of human endeavour. Chinese have always been known to be the most assiduous people in the pursuit of economic achievement.
Tom Orlik, Bloomberg’s China economist, once heard a Chinese local government official say that the government measures the economy using fiscal revenue instead of GDP because “GDP is opinion, fiscal revenue is fact.”
When the World Bank formally adopted the PPP (Purchasing Power Parity) methodology back in the early 1990s and thus elevated China’s ranking, there were two general reactions in the Chinese media. One was that this represented Western recognition of China’s real bargaining power, against the backdrop of sanctions imposed in response to Beijing’s handling of domestic instability in the summer of 1989. The other was that the new ranking might as well be a Western propaganda ploy to trick China and the Chinese people to be less hard-working and, by extension, China should instead double its efforts to grow its economy.
Using a market exchange rate to compare China’s economy with that of the United States would make its economy around two thirds of the size of the economy of the United States. So what? China would still be superlative in many ways: the world’s largest producer and consumer of steel, the largest consumer of energy, the largest importer of soybeans, and the largest emitter of greenhouse gases.
You just can’t hold down the awakened Dragon from its peaceful slumber . . . Napoleon Bonaparte had wisely long ago decided not to rouse the sleeping Dragon.
Few noticed this great happening – a moment of considerable global importance. According to Brett Arends, from the US site MarketWatch, he reports: “There’s no easy way to say this, so I’ll just say it: we’re no longer No.1. Today, we’re No.2. Yes, it’s official. The Chinese economy just overtook the United States economy to become the largest in the world. For the first time since Ulysses S. Grant was president, America is not the leading economic power on the planet.”
That’s President Barack Obama’s legacy, right there. He’s overseen a national decline that has taken the US — in comparative terms — back to the days of Grant, who occupied the White House during the post-Civil War years from 1869 to 1877.
When Obama promised change, this may not have been what his fans expected.
According to MarketWatch’s analysis, the latest figures from the International Monetary Fund show that “China now accounts for 16.5 per cent of the global economy when measured in real purchasing-power terms, compared with 16.3 per cent for the US.”
In 2014, China is expected to produce $US17.6 trillion worth of goods and services compared with America’s $US17.4 trillion.
China is well on the road of no return. It’s marching on . . . always remembering the Great March of Mao Zedong’s struggling years.
China surpassed Japan in 2010 as the second largest economy in the world, measured by GDP (Gross Domestic Product).
Now, China is playing its role as the planet’s greatest-ever economic power. China’s rise is remarkable – only 14 years ago, MarketWatch writes, it was producing just one-third of America’s output. But just as remarkable is the soft treatment China receives from those who criticise the West.China now has a firm grip on the world & the wonderful thing about China’s leadership is that it is sharing & helping other nations to grow without shooting or intimidation. Obama, the ironic Nobel Peace Prize winner, has played its last role of creating & waging more wars than any of his predecessors.
WIN-WIN for ALL.