China is going to win the battle against the United States and it won't be long now.
I find it hilarious that so many people here think that China can overtake the USA that easily. If it was that simple, they would have achieved it ages ago, but it isn't.
Do you think such battles take place in a short period of time? Well, here we are talking about decades of policies in both countries, which are already showing their results - but that does not mean that someone will beat someone economically tomorrow or in a few years. The strength that China has is primarily that their policy is constant - because the Communist Party adapts, but never deviates from a firm determination of strategy - and can anyone even compare the policies of the former and current US president, or the one who was president before them?
Some facts you should know about China, in addition to the ones I wrote in a previous post.
China has been the world's largest economy since 2014 when measured by Purchasing Power Parity, which is said to be the most accurate measure of an economy's true size. It has been the second largest by nominal GDP since 2010, which rely on fluctuating market exchange rates. An official forecast states that China will become the world's largest economy in nominal GDP by 2028. Historically, China was one of the world's foremost economic powers for most of the two millennia from the 1st until the 19th century.
The country has natural resources with an estimated worth of $23 trillion, 90% of which are coal and rare earth metals. China also has the world's largest total banking sector assets of around $45.838 trillion (309.41 trillion CNY) with $42.063 trillion in total deposits and other liabilities. China is the largest recipient of foreign direct investment in the world as of 2020, receiving inflows of $163 billion. It has the second largest outward foreign direct investment, at US$136.91 billion for 2019 alone, following Japan at US$226.65 billion for the same period. As of 2018, China was first in the world in total number of billionaires and second in millionaires – there were 658 Chinese billionaires and 3.5 million millionaires. China has the world's largest foreign-exchange reserves worth $3.1 trillion, but if the foreign assets of China's state-owned commercial banks are included, the value of China's reserves rises to nearly $4 trillion.
This is only a small part of the impressive statistics that show that China is already ahead of the US in many things, it is only a matter of time before it will definitely become the world's leading power - much to the displeasure of many who fear it.
