A week after new World Bank figures indicated that China would overtake the United States this year and become the No. 1 economy comes the news that, for the first time, the world's three biggest public companies and five of the top 10 in the Forbes Global 2000 List are Chinese.
Years of guesstimates as to when China will surpass the United States and become the world's largest economy came to a jolting halt last week when the Financial Times, using figures released by the World Bank's International Comparison Program (ICP), concluded that it would happen this year, half a decade earlier than predicted by many economists.
China released a report on April 17 which disclosed that 16.1 percent of the country's soil and nearly one-fifth of its arable land was contaminated, largely by heavy metals such as cadmium, nickel and arsenic. This is the price the country is paying for its meteoric rise over the last 35 years, with little thought given to protecting the environment.
The end of China's 14-month-long IPO freeze in January, following reforms initiated by the Chinese Securities Regulatory Commission, has been accompanied by a flurry of listings of Chinese companies in the United States, indicating renewed American investor interest in China plays after several years of distinct coolness in the aftermath of dozens of Chinese listed companies being accused of fraud in 2011.
Two years after the United States, the European Union and Japan filed a complaint in the World Trade Organization against China's export restrictions on rare earths, the WTO issued a Panel report last month which determined that the Chinese actions were inconsistent with the world body's trading rules.
President Xi Jinping's proposal that China and the European Union explore a free trade agreement is a sign of Europe's pivotal role in the trilateral economic relationship between the United States, the European Union and China.
Over the last 35 years, China has mesmerized the world as it transformed itself from one of the world's poorest countries into its second largest economy and top trading nation.
In 2010, when China-India trade was on a roll, the two countries set a goal of US$100 billion in trade in 2015. Indeed, in 2011, trade rose to US$74 billion, a 23-percent increase over the previous year.
2014/3/26, 2 Comments
Xi Jinping is leaving on Saturday on his first visit to Europe since assuming the presidency a year ago with the aim of enhancing economic ties between China and the European Union.
The world is courting Africa, and about time too. The United States has fallen way behind China and is now trying to make up lost ground. Meanwhile other emerging economies, led by China, are strengthening their ties with the rapidly developing continent.