The Chinese economy is set to overtake that of the United States sooner than previously anticipated because China has so far weathered the coronavirus pandemic better than the U.S. or other Western nations, according to the Centre for Economics and Business Research. Yeah, well, it’s China’s virus, and it loosed it on the rest of the world, so that shouldn’t be surprising.
The world’s two largest economies are on track to trade places, in dollar terms, in 2028, five years earlier than expected just one year ago, the CEBR said recently.
Chinese President Xi Jinping recently claimed that it was “entirely possible” for his economy to double in size by 2035 under his government’s new Five-Year Plan, which aims to have the erstwhile Middle Kingdom achieve the glorious (if nebulous) sobriquet “modern socialism” in 15 years.
Not to rain on Xi’s Red Parade, but 2035 is fifteen years away, not five. And Confucius say, “Those who can’t count shouldn’t count on anything.” At least I think he did.
The CEBR report, which features some B.S., notes that China has recovered swiftly from the effects of the pandemic, as reported by the Chinese government, and suggests that Western economies look to Asia for guidance. It subtly, but snarkily and without context, stated: “Typically, we compare ourselves with other Western economies and miss out on what often is best practice, especially in the rapidly growing economies in Asia.”
Well, the U.S. is already imitating China in forcefully stripping most of its citizens’ of their freedoms, so I guess all that it has left to do is to set a killer virus loose on the rest of the world and reap the comparative economic benefits.