Over the last years, the International Monetary Fund (IMF) which is one of the most prestigious international financial institutions worldwide has ranked China’s number economic superpower globally. It means that China has surpassed the United States, Japan, and other countries in the world. It is argued that it is because of its purchasing power, growth of domestic product (GDP), and its economic performance over the last thirty years. Some people argue that the United States is still the economic superpower in the world since the larger population of China still languishes in poverty and most iTech industries in China are American companies and the United States still has the highest growth in domestic production. However, China has surpassed the United States and become the economic superpower worldwide due to the fact that China has the highest growth in domestic production, it has expanded investment to other nations, and it has experienced constant growth over the last 30 years.
China is the new economic superpower worldwide since it has experienced constant higher growth over the last thirty years. According to a report by International Monetary Fund (IMF), China has had constant growth for years which has made it expands its growth domestic product (Kamrany and Jiang 12). China’s economic performance is very impressive and therefore, attracts investors from different parts of the world including the United States. However, the International Monetary Fund disclosed that China’s growth in domestic production for 2014 is 17% of the total produced by the world and the United States GDP stands at 16% of the world’s GDP. This means that in 2014, China’s GDP was higher than the U.S. by 1% and it continues to expand annually. And therefore, China is the new economic superpower in the world.
Research indicates that over the last years China has expanded its business partnership and investment to almost every part of the world. It has a huge presence in Africa, the Middle East, Asia, and even South and North America. Most of these investments are focusing on the new economic frontier such as green energy, roads and rail, and expansion of airports which in return benefits the country from the return investment. The huge infrastructure investment China has put around the world and sponsored or funded by the Chinese government is significant evidence to show that China is the economic superpower in the World. It is approximated that China has used over $ 7 trillion over the last decades to invest in foreign countries’ infrastructures which are given in terms of loans and creating business opportunities for the Chinese. It shows a significant contribution to world affairs which can uplift the living standard of other citizens from around the world and therefore, China is the new economic superpower globally. Its contribution to world economic affairs shows how strong its economy has evolved to be stronger worldwide.
It is clear that China’s per capita is about 8%-10% and it has been constant over the last decade which is below the United States. It is because of the population of China since China has a population of about 1.35 billion compared to the United States with about 280 million (Desjardins 12). Therefore, there are poor people in China compared to the United States but there are many millions in China in comparison to the United States. However, the low fertility rate in China is likely to expand per capita in the next years, and therefore, per capita is expected to improve above other countries. The fact that China has a higher population compared to the United States affects it’s per capita, but the number of millions in China and the United States is incomparable since China has millions of millionaires and therefore, it shows the strength of the economy and this makes China the new economic superpower.
The Chinese government has opened China for business investment and study in Chinese with several companies from around the world putting their infrastructures to produce goods for sale in China and other parts of the world. Chinese companies have also expanded their business to every destination to make business deals. Chinese companies are found everywhere in the world and this shows signs of economic expansion and which means that China’s economy has improved and the strongest globally. If it is compared to the United States and other countries Chinese companies are doing business in every part of the world than any other nation. In short, the trade between China and the rest of the world has increased and is huge compared to other nations. Studies indicate the bigger business partner of China in the United States and it indicates that the United States import more goods from China than any other country in the world (Fish 23). It is, therefore, evident that China produces more products compared to the United States and exports more to the U.S. and this gives it an economic advantage therefore, China is the new economic superpower in the world.
However, some people argue that the United States is still the economic superpower in the world. It is argued that the United States has the largest per capita and has been the largest economy in terms of growth domestic products. It is also argued that the United States economy stronger than china since the living standards of Americans is higher than normal Chinese and therefore, it is obvious the country has the strongest economy. The United States also pay workers better than China and therefore, it is still the economic superpower in the world.
Nevertheless, China still remains the economic superpower, and the fact that the United States workers are paid higher wages than China does not make it an economic superpower. This is because the living standard of countries is different. Again, the living standard in China is lower compared to the United States, and therefore, the Chinese cannot earn similar wages to United States citizens. It is evident that China’s population is high compared to the United States and therefore, the per capita cannot be the same since there are a good number of people who are poor and millionaires as well and this is based on the fact that China has a higher population. However, China is a new economic superpower since it has the largest GDP of 17% according to an IMF report. China has also been experiencing constant economic growth over the last 30 years and therefore, it has expanded its investment to different countries throughout the world (Kamrany and Jiang 4).
In conclusion, China is the new economic superpower in the world since it has the highest GDP of 17% and it has put investment in almost every country globally which is a strategy for investment. The rate of unemployment is also low compared to the United States. There are also many companies that have invested in China making it a country with the highest export volume compared to any other country in the world and therefore, China is the new economic superpower in the world.
Works Cited
Desjardins, Jeff. ” Is U.S. or China the World’s Economic Superpower?” Visual Capitalist
(2017): 1-25.
FISH, ISAAC STONE. “Is China Becoming the World’s Most Likeable Superpower?” (2018):
2-45.
Kamrany, Nake M. and Frank Jiang. “China’s Rise to Global Economic Superpower.” (2015):
2-15.
