A year of exploration in the Far West
In 2009 I left Beijing and moved to New York. It was a return to the United States for me: until 2004 I had lived on the other coast, in San Francisco. Those five years in between in China seemed as long as a century. Not for me, but for the balance of power between Asia and the West. When I left California, China was still a student, busy emulating its American teacher. I returned to find an America exhausted by the greatest economic crisis since the Great Depression, a crisis that China avoided, in a masterly way, using the leverage of its state capitalism or “market dirigisme.” And so history had a sudden acceleration. It was clear that the 21st Century would be Asian, but the East’s fast rise soon gave the impression that the die had already been cast. China seems master of its own destiny, set on a fast track to modernization while America laboriously drags itself out of the darkness.
Read more >
It was significant but not astonishing news last week that China has eclipsed Japan as the world’s second-largest economy
More surprising is that the great economic strides have given rise to uncertainty about China’s prospects.
Can China hope to maintain its torrid growth, avoiding more of the social upheaval hinted at when sporadic riots broke out among furloughed factory workers during the Great Recession? Can a traditionally frugal 5,000-year-old society transform itself into a consumer economy like the U.S.? Or will continued reliance on exports culminate in the economic stagnation endured by Japan these past two decades?
Read more >
The tailored gents marching in perfect step toward the podium have reason enough to smile. Led by Premier Wen Jiabo and Supremo Hu Jintao, China’s gang of nine are entitled to feel pretty satisfied with their nation’s recent economic performance.
Wen’s remarks to the annual National People’s Congress were chosen with care to balance the good news with a warning against national complacency. His talk of destabilizing problems on the horizon, though, could not disguise the self-congratulatory stuff. China is doing very nicely, thank you.
China’s extraordinary statistics tell a decidedly different story from the doom and gloom in Japan and the West. While the G-8 nations fear a double dip recession and voice concerns over happens next once all the massive state funding is removed, China sails regally on.
Read more >
The Middle Kingdom’s prosperity is an illusion. And when China finally falls, we’ll all feel the pain
As fearmongering election campaign ads go, it’s hard to top the “Chinese Professor,” which flickered across the Internet just before Americans went to the polls last fall. In the spot, set in a sleek Beijing lecture hall 20 years in the future, a sharply dressed Chinese instructor explains to his Asian students why previous empires, from Ancient Greece to the U.S.A., turned to dust. The Americans failed because they lost sight of their principles, he says in Mandarin, with subtitles. They overspent, overtaxed and over–borrowed. “Of course, we owned most of their debt,” he cackles, as the class joins in. “So now they work for us.”
Read more >
What Martin Jacques had outlined in his lecture is of great importance to us Filipinos who are caught in the big geopolitical power game between the US and China
Jacques narrated that even before the Western Financial Crisis Goldman Sachs had already projected that the Chinese economy will soon surpass that of the US and that in 2050 the Chinese economy will be double the size of that of the US.
Citing BNP Paribas projections, Jacques stated that the post-crisis date when China overtakes the US is now 2020. “China is going to change the world in two fundamental respects. First of all, it’s a huge developing country with a population of 1.3 billion people, which has been growing for over 30 years at around 10 percent a year,” Jacques said.
Read more >
As China becomes the world’s second-largest economy, Zambian economist and author Dambisa Moyo says there is much Ireland can learn from the east about rebuilding our country
YESTERDAY’S REPORT that China has finally overtaken Japan to become the world’s second largest economy created a small flurry among western diplomats and economists who have watched China’s rapid emergence from poverty with a mixture of envy, fascination and alarm. On current trends, China could replace the United States as the global economic leader within a decade.
Beijing already has the world’s deepest reserves of foreign currency, which bring China political as well as economic clout with western powers, notably the US.
Read more >
For unsurprising reasons, the people’s uprising in Egypt has been widely cast as an epochal event for Arab political culture, and somewhat more widely, for the entire Middle East.
To limit our understanding of these events in this way, however, is to lose sight of a story playing out against an immensely larger backdrop. The putative and much discussed decline of the United States in recent years has been cast against the perceived successes, or at least the argued attractiveness, of an authoritarian other.
Read more >
As another Chinese New Year dawns this week, Jonathan Fenby assesses the world’s second-biggest economic power – and charts the risks ahead
China enters its lunar new year on Thursday in anything but rabbit fashion. Having overtaken Japan to become the world’s second biggest economy late in 2010, it has just unveiled economic figures that underline its continuing ability to deliver high levels of growth (10.3 per cent) accompanied by a string of superlatives – from having the world’s biggest car market (13.8 million sales) to holding the largest cache of foreign reserves ($2.85trn). Goldman Sachs forecasts that the last major power ruled by a Communist Party will surpass the United States by 2027. Others see this happening earlier.
Read more >
Author looks ahead to the time when China will dominate the world
Martin Jacques finds himself in the unusual position of being something of a celebrity in China. His book When China Rules The World, which examines the implications of China overtaking the United States as the world’s largest economy, has sold 150,000 copies and has achieved the most success in the country whose rise he foretells.
“Not bad, is it?” he quips. “When I come to China people talk to me about the book; lots of people have read it. It is different from anywhere else I have been to in the West. People say to me: ‘You know you are famous in China.'”
Read more >
Mayor Richard Daley has a favorite book. Or at least one he repeatedly recommends.
He brought it up after a press conference I attended in February in Washington and several times before that with my colleagues at City Hall. In August he wrote to the author, British columnist Martin Jacques, telling him how much he enjoyed it.
“I was very touched by it,” Jacques said.
The book is titled “When China Rules the World,” or “China Rules” in Daley-speak. The 576-page tome often startles readers by sketching a future in which China’s economy and its belief in its own superiority dominate the world.
Read more >
