While it can be argued that China’s economic expansion in the last few years has put it in position to be the world economy leader, some experts have their doubts about whether this holds true or not as there are many ways of determining, measuring, or assessing economic power.
The ranking of the gross domestic product (GDP), known as one of the indicator of the national economy size, China has always remained as the second largest GDP the US. Nevertheless, China’s improve GDP performance that is better than many of the other major economies is the motivation behind some equally skilful experts befoe who this is considere possible.
The basis upon which China rely to bolster its economy can be characterized as the large population, growing middle class, and progressive manufacturing sector alongside heavy investments in infrastructure as well as technology. The country is also a significant trade player in the world, as export and import transactions of extensive amounts remain among the drivers of this country’s economic might.
Moreover, Chinese people offer the Belt and Road Initiative (BRI) that aims to create a strong link between Asia, Africa, and Europe through infrastructural development projects and trade treaties. The BRI is the one which can considerably help China lower its rank into the first position among the other super powers in the end.
On the other hand, these problems would include growing debts, demographic shifts, environmental issue, and geo-political challenges that may define the nation’s course of action in the future. In addition to this, the COVID-19 pandemic has made the Chinese economy to pay a high price, evident in the severe disruption of global supply chain and the increasing suspicion of the country’s operation.
Similarly, there are strong contributors to economic power which are concurrent with the GDP but includes research and development (technology), currency stability (financial), military strength and shifts in global power. The significance of the numeric measures discussed shows the United States’ formidable economic position: China challenges this authority but generally can’t outshine the United States.
Overall, it is indisputable that China’s economic growth and power are reaching new heights, but the question is whether China ever could be the strongest economic force comparable to the US. China‘s future could be therefore affected by a lot of different variables such as its overall policy, the world economic situation, and the geopolitics game in the coming years.