CHINA’S RISE AND INDIA

CHINA RISE: SHOULD INDIA WORRY ABOUT BEING SWALLOWED WHOLE?

The Economic Times, August 22, 2010

BEIJING: China is growing so fast it creates some sort of world record every week. With 1.4 billion people, China has more mobile phones than any other country. It has more high-speed rail lines and wind power.

It has more Internet users. It is also the world’s biggest importer of minerals. It has already dislodged Germany from pole position as the world’s number one exporter. Just a few weeks ago, China became the world's biggest guzzler of energy, though it accepted this particular position with great reluctance.

So, when China overtook Japan as the world’s second biggest economy earlier this week and placed itself right behind the US, the news was hardly a surprise — both at home and abroad. China’s official media showed no signs of jubilation .

Even in Japan, the leading English daily , The Japan Times, paid little attention and did not rush to write an editorial. It merely published a London-based writer’s commentary on China’s phenomenal rise.

But it was a significant milestone. For 43 years, Japan had been second only to the US in economic might. Now, some experts say the Chinese economy will outstrip the US in a decade if both countries continue at their existing rate of GDP growth — 10% for China and 3% for US. Perhaps.

Whatever happens, the possibility that China will be the world’s number one economy is already creating a buzz — and jitters — everywhere .

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