China Overtakes Japan as No. 2 Economy: Official
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China Overtakes Japan as No. 2 Economy: Official
China has overtaken Japan to become the world's second-largest economy, the fruit of three decades of rapid growth that has lifted hundreds of millions of people out of poverty.
Depending on how fast its exchange rate rises, China is on course to overtake the United States and vault into the No.1 spot sometime around 2025, according to projections by the World Bank, Goldman Sachs and others.
China came close to surpassing Japan in 2009 and the disclosure by a senior official that it had now done so comes as no surprise. Indeed, Yi Gang, China's chief currency regulator, mentioned the milestone in passing in remarks published on Friday. "China, in fact, is now already the world's secondlargest economy," he said in an interview with China Reform magazine posted on the website of his agency, the State Administration of Foreign Exchange.
Cruising past Japan might give China bragging rights, but its per capita income of about US$3,800 a year is a fraction of Japan's or America's. "China is still a developing country, and we should be wise enough to know ourselves," Yi said, when asked whether the time was ripe for the yuan to become an international currency.
In one important respect, however, China is still a shrinking violet: anxious to shield itself from the rough-and-tumble of global markets, it does not permit its currency to be freely exchanged except for purposes of trade and foreign direct investment.
And Yi said Beijing had no timetable to make the yuan fully convertible. "China is very big and its development is unbalanced, which makes this problem much more complicated. It's difficult to reach a consensus on it," he said.
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Yeah... and its a pity those PRCs dun appreciate that, by coming to Singapore.... to look for opportunities.. when there's more back in their homeland...
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the income gap is still huge...similar to any newly developed country...just like how Sg comes up through such state to closer income gaps in later years......this is only natural and would take another 30 to 40 years to move the income gap closer....thats why there is still greater influx of these PRCs coming...but with the money they earned and saved...they will then input back to China...which will further boost the economy...
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the income gap is still huge...similar to any newly developed country...just like how Sg comes up through such state to closer income gaps in later years......this is only natural and would take another 30 to 40 years to move the income gap closer....thats why there is still greater influx of these PRCs coming...but with the money they earned and saved...they will then input back to China...which will further boost the economy...
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then they sing china like now we are asked to sing sg...
for those who despised the PRC today...your future gens will then bow to them in 30 to 40 years time
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its my hope to see japan polish their shoes in time to come
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and i can see sg sluts sell their bodies to rich China Men to get more pradas and guccis...this is already happening in HK...
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by the time china overtake usa
gahment will make chinese langeuage the first langeuage in stresspore
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...i'm not surprised...well, I'm ok with the country but I'm not ok with the people of that country..take note: big difference between a country and its citizens.
well, this should be shown to "graciehp" (I can't recall the name vividly) of sgforums.
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managed to find the name despite my busy schedule..gracehp