The United States has been, over the years, an exceptional nation economically and has been ranked the best. However, the bragging rights are under the threat of China. The precious and magnificent country has over the years achieved money related advancements that average to roughly 10% since it began promoting change more than four decades ago. Various efforts have yielded yet it has a population of more than 1.3billion as well as being able to lift half of the people from impoverished life.
Despite the fact the two nations, China and the U.S, happen to be competing concerning economic supremacy, their populations are considerably different. China citizens add up to 1.4 billion whereas that of US amounts to 320million citizens. China’s economic growth is seen to be growing at the rate of 7% whereas that of US is seen to remain at 2.5% in the recent years (Willige). This attribute makes China match the competition.
Again, trade happens to be one of the features that set the GDP of a country. GDP is a measure of economic growth or decline. When the amount of goods exported exceeds the number of products imported, the economy of the region is seen to grow tremendously. From the recent research, the US have realised a considerable amount of import which happens to be lower than export, therefore, stagnating the economic growth to 2.5%. China, on the other hand, has experienced a high amount of export commodity compared to the imports realised in the region.
Closing the Gap
It happens so clearly that the US still finds its way to outstanding other nations economically. This is because the measure of economic growth does not rely on one metric but instead upon other attributes when brought into account as well. China is still left behind when it comes to foreign direct investments.
To catch up with the superpower nation (U.S), China needs time having in mind that there is a high investment in education. This can be felt considering that the country has dedicated 4% of the total GDP returns to be invested in education (Willige). It is seen that the state has invested in empowering the youth through continued advancements of the tertiary level education. In comparison to EU and US combined the education system outstands.
Considering the geographical area as well as the demographic size, energy consumption in China is significantly high a factor that has contributed to high amounts of CO2 emissions. This accounted for twice that of US in 2015. But it is no longer the case extracting information from the Guardian report (Willige). As of 2016, the dependency of fossil fuel and dirty coal has reduced significantly. It is reported that the nation stands to be the most significant investor in renewable energy and for the few areas that have enacted the resource, they are accounting for no CO2 emission.
Even though Chinese economy may be prepared to outflank U.S. on a PPP preface in not more than half a decade, U.S. will remain to be a notch far on several pointers about desires for regular reliefs and individual fulfilment (Willige).
Willige, A. (n.d.). The world’s top economy: The US vs China in five charts. Retrieved from https://www.weforum.org/agenda/2016/12/the-world-s-top-economy-the-us-vs-china-in-five-charts/
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