2017/11/13

U.S’s economy is overtaken by China

This week, Donald Trump seeks to ink deals in Beijing, cuts his nation’s trade deficit and keep his nation atop the global economy. President Xi Jinping wants to avoid a trade war that could disrupt his plan for China to be a “global leader” by 2050. But China appears set to take over as the world’s largest economy far sooner if it can pull off the tricky transition from a government-run, centralized growth model to a more market-driven one in which services and consumption play a greater part. Here’s a by-the-numbers look at the relationship between the world’s two economic giants:

China’s GDP will overtake the U.S. level in 2028 at these projected average growth rates:

image credit: internet

image credit: internet

image credit: internet

China is already the world’s largest trading nation

China’s exporting prowess has fueled massive trade surpluses and tensions with the U.S. While Donald Trump has so far failed to follow through on campaign threats to spark a trade war, tensions remain high with anti-dumping duties recently slapped on Chinese aluminum foil and the U.S. Commerce Department maintaining its view that China isn’t a market economy.

China has about the same proportion of city dwellers as the U.S. did in 1940

Farming in China is changing, paving the way for decades of further urbanization. That’ll fuel demand for jobs, apartments and services, beefing up the purchasing power of 300 million to 400 million people—that’s the size of the European Union.
The U.S. and Chinese economies are increasingly intertwined, making their bilateral relationship key to global prospects. While the 20th century belonged to America, whether the 21st will be China’s remains to be seen.


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