Underestimating China

I wonder when all the economic development in China will start to benefit the people. How can a system like that be called comunism, when it’s exactly the opposite?The country is ruled by foreign enterprises with a so called Comunist Party totally controlled by infiltrated agents of foreign countries

Real-World Economics Review Blog

The interesting question is not if China’s economy is as large as the USA economy. The interesting question is when it will be twice as large.

New calculations on production in China and the USA yield that the size of the Chinese economy is about equal to that of the USA economy. This led to denial from a number of (especially: USA?) economists. One of them is Jeffrey Frankel, who states that it’s not about domestic production and consumption (huh…?!) but only about world markets:

When we talk about size or power we are talking about such questions as the following:

  • From the viewpoint of multinational corporations, how big is the Chinese market?
  • From the standpoint of global financial markets, will the RMB challenge the dollar as an international currency? …
  • From the viewpoint of the IMF and other multilateral agencies, how much money can China contribute and how…

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