China is World’s Second-Largest Economy: Passes Japan
It’s clear that some are taking this news lightly, because China is likely sacrificing long-term success for short-term gains. You could compare the rapidly growing Chinese economy to an unstoppable force, but the question that lies ahead is what happens when this force meets an immovable object—themselves.
The disparity of the living conditions that exist between China’s urban and rural populations rival those of a third world country, not a booming international power. The country’s “full-speed ahead” approach has resulted in the swift development of local economies. However, economists argue that while these cities are enjoying the sweet taste of strong year-end numbers, their local governments are accruing debt that will ultimately catch up to them.
One example of this is the rising prices of housing developments being constructed in Chinese cities, and how the majority of the population can’t afford to live in them, meaning the fast-growing real estate bubble should inevitably burst.
It’s hard to come up with a solution to the increasingly widening gap between the rich and the poor in China. Historical examples point towards an eventual demise, but what is the final straw that would push China’s neglected population to revolt? Could you imagine an Egyptian-style revolution happening in the world’s second-largest economy?
Its unlikely that this would happen, since their government filters Internet access and is very careful about what its citizens are exposed to; the fuel isn’t really there to light that fire.
For now, it will be interesting to see how high the ceiling is for China’s economy, and how far it might fall if it cannot sustain its current model of growth.
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