Jonathan Fryer

When China Rules the World

Posted by jonathanfryer on Monday, 23rd May, 2011

Chinese Liberal Democrats and the Liberal International British Group (LIBG) scored a first this evening when they enticed former editor of ‘Marxism Today’, Martin Jacques, to address a packed meeting in the Board Room at the Liberal Democrats’ HQ in Cowley Street, Westminster, on the theme ‘When China Rules the World’. Martin’s book of the same name has been enjoying success in some unlikely places; a Latvian edition has been arranged, for example. But his theme is of truly global interest. His thesis is that China is growing economically even faster than had been thought previously. It has already leap-frogged Japan to become the second largest economy, behind the United States. And it will move into first place before too long. More contentious was Martin’s argument that the Chinese currency, the renminbi, will overtake the US dollar as the preferred currency of trade within a generation, initially in East/South East Asia. One has to remember that the RMB isn’t even convertible yet and few people believe that will happen before 2020. But what does seem certain is that by that symbolic date, China will effectively be the world’s Number One, as the USA continues its relative decline. I raised the issue of sustained unity: on several occasions in China’s long history, the Middle Kingdom has broken up. If that were to happen again, it would throw a spanner in the works. Nonetheless, all the indicators point to the 21st Century belonging to China — but with some of the other BRICs, notably Brazil and India, snapping at its heels and even Indonesia rising fast.

http://libg.co.uk http://chineselibdems.org.uk

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One Response to “When China Rules the World”

  1. Luis Vega said

    Quoting Mark Twain, “The reports of my death are greatly exaggerated.” Reports of the USA demise in relation to China’s rise are more wishful thinking than fact. Both economies complement each other and relations continue to improve in multiple areas – including military.

    Concern over China’s rise perhaps should be felt in Europe due to less competitive markets and aged populations that require more services than they produce. With President Obama at the helm, the USA (not the economy) has been rejuvenated. Foreign policies that preserve the status quo have begun to be reexamined, updated or both. Like those in the Middle East and North Africa where many young people have brought global attention to economic and democratic deficiencies and, in some cases, their revolutions have been successful. Without the USA being accused of playing a negative role; to President Obama’s credit.

    The key event to divine what the future holds for the Europe, China, USA and the rest of the world probably is how the International Monetary Fund (IMF) selects its new president. While Europeans want to preserve its dominant position as head many BRIC’s want to place one of their own at the top for the first time. After all their economies are expanding while Europe contracts. They must be doing something right that their leaders can share. Brazil, Chile, Colombia, Peru and Mexico are increasing trade with China and their economies are growing faster than the United States’. Mexico’s IMF candidate Agustin Carstens is an early Latin American favorite.

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