The China-America Debate
Consider me neutral. I am trying to present all sides of the story.
(China is on my mind, because I have taken a brief hiatus from these posts to go to this country.)
Some people fear China’s rapid economic advancement. They worry over how China’s GDP growth (6.9% in 2017) is outpacing that of America’s. China is number three in GDP behind America and the European Union, and it is powerful in manufacturing and labor. By loaning to America, it has also repeatedly been the biggest holder of American debt.
Another group believes China is not even close to catching up. My economics teacher pointed out that while China has a rapidly growing and sizable GDP, its GDP per capita (China’s GDP divided by its population of 1.4 billion people) is still quite low. With its per capita income being a fraction of that of first-world countries, China remains a developing country. Furthermore, if its economy is not capitalist enough, this growth may not prove sustainable. With these two points, this group believes America can easily maintain its position as the “number one superpower.”
Others think China may catch up, but that the possibility should not be a source of fear. In an increasingly globalized economy, one country’s economic success is important for the economic wellbeing of other countries. They think one country should not hope for another country to fail. Instead, countries can all just freely do business together.
What’s your take?