Hamish McRae writes in The Independent:
China’s growth over the past few years has been nothing short of miraculous, and it is predicted that the economy will overtake America’s within a generation. But how did it all happen? And what are the implications for the rest of the world?
What is happening in China is the greatest economic story on the planet. It is the world’s biggest boom – and not just the biggest boom right now, but the biggest boom that has ever occurred in history. It is having profound effects on our daily lives, from cheaper goods in the electronics shops to more expensive petrol at the pumps. It is also having a profound effect on global power. This year China will in all probability pass Germany to become the world’s third largest economy, after the United States and Japan. It seems likely to pass Japan within a decade and it is possible, though this is much less certain, that it will pass the US within a generation.
So we are seeing a reordering of the world. It is inexorable and probably inevitable, but where might it run and what could that mean for the rest of us?