China surpasses America as the richest nation in the world. China has beaten the United States and has become the wealthiest nation in the world. McKinsey & Co, an organization confirmed the news that China is the modern richest nation and has surpassed America. As is obvious, that the United States was one of the richest nations but China defeated them this month and snatched the first position being the richest nation.
Amazingly, China experienced a huge surge in its wealth, which increased to $120 trillion from $7 trillion in 2000. This is such a huge leap by China in the last two decades. It’s a one-third increase in China’s economy and indeed the best ever increase in their annual GDP growth.
On the other hand, the United States has got a huge economic growth and it has reached $90 trillion almost double of its worth. Thus, keeping into consideration this volatile nature of the economy, one can blatantly say that America can make a revival. In fact, they will organize some solid strategies in order to bounce back.
Post World War, America had become so powerful and it influenced the whole world. Besides, they showed their power and control almost half of the world through their economic power. Unfortunately, China resist them and snatched this economic power. Currently, China is the richest nation in the world. This tussle between these two nations will go on and it’s no less than an “Arena of the economy.”
Economist Baptist: global chief economist at the Economist Intelligence Unit, once said that America will at least remain in power for more than 50 years. According to his concept, China can only defeat America after fifty years. However, this claim turned wrong as China defeated America and snatched the first position in the list of richest nations of the world.
Additionally, it’s a post-modern world and the world will experience many transitions of powers. The pendulum has shifted and China is a new rival for many powerful states of the world. In addition to that, China is still working hard to execute useful laws and activities in order to be the greatest nation in the world.
Furthermore, keeping into consideration the trading partnership, so America’s trading partners are the European Union, India, China, Mexico, United Kingdom, Japan etc. Its current GDP is $22.675 trillion and almost 68% of which is the outcome of household consumption. However, the current stren hit which America has got will turn them much hardworking. They will definitely start thinking about and executing novel and grand ideas to restore their former influential status.
Moreover, China’s current GDP is $26.66 trillion. Thus, China’s GDP rank is first (PPP, 2021) and second (nominal,2021). In 2021 China’s GDP has increased by 8.5% which is much Great than America’s GDP, which is 7.39%. Further, Trading partners include the United States, European Union, Hong Kong, Japan, Germany, etc.
To conclude, it’s vivid now that China is the contemporary state of power and economy. Going through some hectic times, China marked history by defeating one of the strongest nations in the world. This war of economy and position will continue ever and the world will see so many ups and downs. There would be so many transitions of powers and it’s not less than an arena. In fact, both nations struggle a lot in order to be the greatest.
What are your views about China and America’s economic war? Will America restore its position? Stay with us for more updates!