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.