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文章翻译时间:2020-12-08 11:19:12   浏览:
Reality Decoded, B.Tech Electrical and Electronics Engineering, SRM Institute of Science and Technology
China is way past the second largest economy number and now is the largest economy in the world.
IMF (International Monetary Fund) in its World Economic Outlook   report made this revelation that China has overtaken USA in terms of GDP  based on more reliable PPP (Purchasing Power Parity). According to this  report Chinese economy now values at $24.2 trillion Dollars where as  U.S economy is $20.8 trillion dollars. This makes chinese economy   one-sixth time larger than America's.
Traditionally, many economist have used Market Exchange Rates(MER) to measure the size of economy.
Market Exchange Rates (MER)
This method was developed years after the world war 2 and at that   time U.S accounted for almost half of world economy. Under this method   all the services and goods produced in that country is calculated in   their own currency and they finally converted into dollars.
For 2020, the value of all goods and services produced in China is   projected to be 102 trillion yuan. Converted to U.S. dollars at a market  rate of 7 yuan to 1 dollar, China will have a MER GDP of $14.6 trillion  versus the U.S. GDP of $20.8 trillion.
But under this method there is an assumption that 7 Yuan buys same   amount of goods in china as $1 in America, which obviously is not the   case.
There is a methods called Big Mac Index which is used to measure the disparities in consumer purchasing power between nations. Big Mac in   China costs 21 Yuan and when this is converted into dollar it becomes   just $3 in which only half a big mac burger can be bought, which means   Chinese currency can buy more for same amount of money as compared to   their American counterparts. One of the key insights of the Big Mac   Index is that a basket of goods in one country can rarely be precisely   duplicated in another country. For example, an American basket of   groceries and a Japanese basket of groceries are likely to contain very different products. Mac is based on MacDonald burger which remains   mostly same in all the countries.
Nowadays, economist perfer using (Purchasing Power Parity) PPP method  to calculate the more acurate value of GDP. The Big Mac Index explained  earlier is an informal method of calculating PPP. Basically, Purchasing  power parity (PPP) is a measurement of prices in different countries  that uses the prices of specific goods to compare the absolute  purchasing power of the countries' currency.
Thomas Pauken II
On February 14, 2011, international media reports disclosed that   China had surpassed Japan to emerge as the world’s second largest   economy in GDP (gross domestic product) size.
The news stunned many people around the globe since China’s rapid   development and soaring annual economic growth rates had exceeded all   expectations.
The Chinese government had overcome all odds to reduce poverty levels  in the country, as well as to move forward on remarkable   industrialization, urbanization and modernization drives.
Many Chinese cities have transformed into boom towns attracting   hundreds of millions of rural migrants to move there in search of   higher-paying jobs and opportunities.
The COVID-19 pandemic would seriously disrupt domestic economic   activities, but all nation states have been severely impacted by the   virus, so China will not lose its status as the world’s second largest   economy.
We are entering a global depression era when property prices, the   jobs market and retail sales will plummet. People all over the world   will confront much more challenging times ahead.
Nonetheless, Beijing has implemented effective measures such as   introducing tax cuts, reduced business regulations, major infrastructure  building, increasing social welfare benefits and offering generous   loans to prospective home buyers and business owners.
Japan will remain in a stagnant growth era, while hitting a recession  for the rest of the year. Japan will not be able to surpass China in   GDP size nor will Germany succeed as well. China’s economy is vibrant   with much more room for growth, especially in the western regions.
Should any other country have a chance to overtake the Chinese   economy for the 2ndspot in global rankings, it would be India but that   won’t happen anytime soon since we are talking a timeframe of decades   not years for India to jump ahead.
But let’s address the growth potential in western China, which has   large swathes of territories that are sparsely inhabited. You look at   northwest China’s Xinjiang-Uygur Autonomous Region, which is rich in   natural resources, underground minerals, along with oil and gas   deposits.
Western China has beautiful natural scenery with mountain ranges,   rolling grasslands, and bamboo forests. Many international travelers are  keen to visit Chengdu, Xi’an and Chongqing.
The agriculture industry is abundant in all parts of China, so   Beijing does not need tofear food shortages of sky-high prices on   foodstuffs. China is a nation that can be self-sustaining.
They have sufficient food supplies, strong manufacturing bases and   the world’s largest population that makes domestic consumption reliable.
Localization is the newly emerging global business trend. This is the  belief that all countries should, “make local and buy local.”
The COVID-19 pandemic has taught nation-states harsh lessons that   domestic manufacturing should be built up just in case other countries   are confronting ‘black swan’events.
China stands tall as the world’s largest manufacturer and exporter   but they were rocked by the virus from late January to early April this year. Many factories were ordered temporarily shut down for public   health and safety reasons.
But we should still anticipate an economic rebound in China for the   second half of this year. We can read more about it from Asia Times.
As reported by Asia Times:
”The country’s economy will be restored in the second quarter as   Covid-19 wanes, and see robust growth from the third quarter onwards, he  said.
The consumer market has a 1.4 billion population, showing China’s   potential to mitigate the impact of the epidemic and pursue development in the long term, said Wang Zhaoxing, another counselor with the State Council.”
China became the 2nd largest economy from a combination of factors.
Vision and execution: Deng had the vision to bring China out of   poverty, He created free  trade zones in Southern China and attracted FDIs by promising cheap  labour. This was the beginning of China's manufacturing prowess. The  model in Shenzhen sprouted companies like Tencent and Alibaba, and other  regions in China began copying it.
Help from foreign countries: As much as many Chinese would like   minimize it today, China would not be where it is today without the help  of other countries. The US, Japan, European countries and even   Singapore helped China. There was hope that China would grow to become   good global citizens.
Hard work and motivation: The Chinese are hard working, driven by the  motivation of making money in the new economy. Culturally, the Chinese  care a lot about money and they would do almost anything to make money.
Copying and stealing: As foreign companies move manufacturing to   China, more trade secrets are exposed to the Chinese. The opportunity to  make more money drove many Chinese to copy and steal from the foreign companies.
Unfair trade practices: While China's companies continue to enjoy   open access to other countries' market, China closed access to foreign   companies to protect Chinese companies.
All the factors above resulted in increasing China's wealth,   increasing middle class consumers and creating a class of super rich   capable of driving its GDP.
Despite being the 2nd largest economy, China continues to claim   status as a developing country to avoid paying its fair share of fees   and to bypass stringent conformance to sustainability requirements.
Fok Ten Wong
I think most people are taking the rise of China too simplistic such as cheap labour, copying, stealing, advantage with the WTO, etc.
If that was the case, countries with huge population such as Nigeria,  Indonesia, Vietnam, India, Mexico , Bangladesh India, Russia and many south American countries would have achieved similar economy results.   Why were China attracting much more FDI than those countries in the past  30 years???
Of course China’s economy achievement was and still is very much   related to its political system and the Chinese culture. Hard working,   industrious, eagerness to work and hoping to get rich, etc., was the   driving force behind all the economic rise. The centralised planning is most crucial and the execution capability of the government was   excellent.
As many of the western criticised and tried ways to sabotage, China just move ahead !!
Just go to China and stay for few months if not years, you will understand why China has raised to such heights!!
如果是这样的话,尼日利亚、印度尼西亚、越南、印度、墨西哥、孟加拉国、俄罗斯和许多南美国家等人口众多的国家也同样能取得类似的经济成果呀。但是为什么中国在过去的30年里吸引了比这些国家多得多的外国投资 ?
Michael Ler
By investing in education, infrastructure, and building foreign   relationships. While half the US curls up in the fetal position at the   mere mention of affordable higher education the chinese have 8 STEM   graduates for every one in the US and it-s double that for graduate   students. While the US wastes $trillions upon $$trillions bombing   foreign countries the chinese have been working hard on their new belt   and road project which will benefit numerous countries both rich and   poor. While the us spends about a $trillion a year on its “defense”   budget china has been building up modern schools and modern hospitals   and ensuring that their citizens are getting medically insured at a rate  of 95%.
Rupesh Chauhan
Any economy is judge by its GDP and as far as yet china is near about  12.8 trillion dollars economy behind from United States whoes economy or GDP is 21.4 trillion dollars.
So we easily say that china is world second largest economy
Zhou YU
China has more workers, while Japan is aging and losing population.   As productivity continuously improves in China through better education,  decent development policy and heavy infrastructure investment, the   overall economy would overtake Japan.