China is Now the Second Largest Economic Power in the World
Here Are The Factors That Made It Possible
Today, I am looking at the rapid growth of China. You might have seen China’s construction companies, products at different places and heard of how China is involved in the activities of many countries-borrowing them huge sums of money, providing financial aid and doing more things for them.
Photo: President Joe Biden of the United States (Left) and President Xi Jinping of China (Left).
Given the rate at which China is developing, it is only a matter of time before China becomes the world’s number one economic power.
The World Power Structure Before Now
Before 1991 when the Soviet Union or the U.S.S.R.-The Union of Soviet Socialist Republics was dissolved, there were many economic powers i.e. countries with huge economic resources-high military power, big capital and mineral resources. They control the world. Among these countries are France, Italy, Germany, the U.K., U.S., China and some others.
The U.S. as a result of its huge investment in developmental projects and other right economic policies became the world's number one economic power after U.S.S.R. broke up.
As at October 2021, the top 10 largest economies in the world are; USA, China, Japan, Germany, the United Kingdom, India, France, Italy, Brazil and Canada.
Here are the things that made China to become the second largest economy in the world;
China is the largest Provider and the top Receiver of FDI-Foreign Direct Investment.
China moved millions of people out of poverty than any other country.
China became the world's manufacturing hub making her a major exporter of goods.
It made good use of its large population.