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China’s data are suspect, to say the least. For instance, the government there considered loans issued to companies by the government as part of the GDP. In other words, billions and billions of dollars worth of stimulus loans suddenly helped to bump up China’s GDP. This questionable way with statistics creates a false image of growth.
Another example of why we should question the extent of China’s “recovery” can be measured by power consumption. When the GDP growth for the first six months was announced, the Chinese also said that overall electricity consumption dropped sharply. How can you have a boom time in manufacturing without using electricity?
More than $2 trillion in government stimulus programs worldwide have revived growth from the U.S. to China, signaling the worst global recession in the post-World War II era has come to an end. Caterpillar Inc. and Google Inc. are among the American companies reporting better-than-anticipated earnings and saying sales will probably improve next year.
“The recovery is here and it’s going to get a little stronger too,” said Jonathan Basile, an economist at Credit Suisse in New York
China’s exports fell the least in nine months in September and new lending grew by more than economists forecast as the world’s third-largest economy leads the recovery from the global recession.
Exports declined 15.2 percent from a year earlier, the customs bureau said on its Web site today. Imports dropped the least in 11 months. New local-currency loans climbed to 516.7 billion yuan ($75.7 billion) from 410.4 billion yuan in August, the central bank said.
China’s shipments to the U.S. and European Union rose to the highest since exports collapsed in November, spurring gains in stocks worldwide on optimism the global economy is strengthening. China may report next week that its economic growth accelerated to 8.9 percent in the third quarter, a Bloomberg News survey of economists shows.
China's debt may be closer to 60% of GDP, putting it in virtually the same league as the United States, which was at 70% at the end of 2008 before it launched its massive economic stimulus program.
Competitors....it is amusing how Westerners love to speak in terms of competition at all level.
. maybe this is one of the reason why a big portion of the US policies is still by conquering and still the resources you want for your country.....
Anyhow, don't forget one thing, in terms of population USA is a HUGE country, almost three times the size of Japan the closest so-called developed "competitor".... so no wonder the economic size should be also at least twice as big.
if we talk about population and people do stop to look into the differences of culture and take away borders eventually certain areas (aka countries) will inevitably become bigger than USA, India and China...
Originally posted by plumranch
reply to post by yiersan
I have no problem with that eventually they will. But not in the next 50 to 100 years and there is good reason for that.
Make a guess about what Eastern country might, might have a chance at challenging the US on a world power scale in the next hundred years...