The Dragon Needs to Soar like the Eagle

Editiorial In at least past two decades, China has become a global economic player changing dynamics of world economy and altering expectations in several parts of world. This has been evident since second quarter of 2010 when China, for first time, overtook Japan by becoming second biggest economy in world, behind only United States. The second quarter GDP data indicated that China was ahead of Japan by about $50 million in output, which will officially put China in front of its affluent neighbor when annual GDP figures are reckoned at end of 2010. This is indeed a historical milestone for not only two erstwhile adversaries, but also for rest of world. The ramifications of this spectacular ascent of China on global economic stage are expected to be felt worldwide for a long time to come. The U.S. economy is still nearly three times bigger than that of China's. However, recent slow growth and recession in U.S., combined with China's double digit growth and probable 7 percent-8 percent growth rate in near future, will situate China in a highly competitive position. Goldman Sachs coined acronym BRIC (Brazil, Russia, India and China) earlier this decade and demonstrated economic vitality of these newly industrialized economies vis-a-vis traditionally rich G7 countries of Western Europe, North America and Japan. In its 2003 report, they predicted that Chinese economy would overtake Japanese economy by 2015! In same report, Goldman Sachs predicted that Chinese economy would overtake that of U.S. by 2041. This prediction has been revised and Goldman Sachs has suggested instead that this will occur as early as 2027. China, in addition to being most populous country in world, is now world's largest exporter, has highest foreign exchange reserves, and has world's biggest market for cars, Internet, and mobile phones. It also has largest standing army. China has come to be known as factory of world, creating more middle class jobs faster than any other country in recent past. Repeatedly, experts ponder question Can China in 21st century be global economic engine and geopolitical arbiter similar to what United States was in 20th century? Notwithstanding internationally unpopular recent war in Iraq and a few cold war misadventures in 20th century, most would acknowledge that U.S. has been one of most responsible military superpowers in last millennium. Barring recent subprime mortgage crisis and a few financial scandals, economy and business environment in U.S. has had no parallel in history. In spite of disgraceful actions of some politicians in country, strongest democratic institutions and checks-and-balances have been hallmarks of U.S. political scene. The media can function as freely as in any other part of world. Despite recent anti-immigration (mainly anti-illegal immigration) sentiments in some parts of country, no other country has been attracting and welcoming immigrants from every corner of globe as Lady Liberty has been doing since 1880s. Although it took until 1965 for country to assure civil rights to all of its citizens, U.S. today provides equal opportunities to its most diverse group of citizens better than any other country in world. Paraphrasing Ronald Reagan, the United States has been a shining city upon a hill whose beacon light guides freedom-loving people everywhere. Is China ready to equal or surpass role of United States on world stage? The author believes that China needs to work on multiple fronts to even make a claim to have arrived at top of global stage. While Chinese economy is stronger than Soviet Union's ever was, a complex country such as China can easily meet same fate as that of communist Soviet Union if it does not make broad-based progress. …

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