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.