By Zhengxu Wang
It’s official now. China has passed Japan as the world’s second-largest economy.
The New York Times reported this week that “[a]fter three decades of spectacular growth, China passed Japan in the second quarter to become the world’s second-largest economy behind the United States.” It went on to say that this is “the most striking evidence yet that China’s ascendance is for real and that the rest of the world will have to reckon with a new economic superpower.”
The latest prediction is that China will surpass the US as well. How soon? In another 20 years, or 10, or even nine. By 2019, China might become the world’s largest economy.
How should one deal with a China that carries such economic weight? In recent years, the rise of China has inflicted much fear. There have been fears over its insatiable appetite for energy and natural resources and of the world running out of natural resources much faster because of China’s rise.
