China is rehearsing for when it overtakes America
While all the other major economies, such as the US, European nations, and Japan, are still struggling to contain the coronavirus pandemic, China is moving ahead and fast. In fact, China’s economy grew around 2% last year despite the novel virus outbreak that locked down a major city Wuhan and imposed strict travel restrictions for months. As China seems to have learned how to manage the outbreak, its economy is expected to grow again this year and in coming years powered by the growing middle class and continuing government investment. Furthermore, China also seems to have managed to cope with the US’s sanctions and restrictions against Chinese firms. Even though there are concerns about the heavy government investment and subsidies as well as mounting debts at state-run firms, money is circulating faster and more within the country.
China’s economy overtook the world’s #2 position from Japan about a decade ago. When will they become the number one economy in the world? With more forward-looking strategies and actions that the current administration is initiating, it may be earlier than previously predicted.
Enjoy reading the article and learn about the growing economy in China.
https://edition.cnn.com/2021/01/26/economy/china-xi-economy-intl-hnk/index.html
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