EDITORIAL

Crazy Rich Chinese

“Think of all the starving children in America,” said the Chinese-Singaporean dad to his kids as he urged them to finish their dinner in the movie titled, Crazy Rich Asians.

The line may be taken light-heartedly, but on further reflection, it speaks volume to what obtains in the economies of both countries and the ramifications of the ongoing trade war.

The fact of the matter is the China of today stands in stark contrast to that of the Mao Zedong led China of yesterday.

China’s economy is now one of the largest in the world albeit the country is classified as a developing nation based on the World Bank Index.

That said, many of China’s major cities or on par with that of most developed countries, if not better in terms of infrastructural development and public amenities.

Napoléon Bonaparte, the French statesman and military leader, is often cited as making the following remark about China — “There lies a sleeping giant. Let him sleep! For when he wakes he will move the world.”

Today, China is awakened and no longer thinks and behaves locally but has gone global by building alliances and partnerships not only with industrialized countries but also more importantly, with third world countries.

China has already laid out its 2030 agenda, which incorporates 17 Sustainable Development Goals (SDG) and 169 targets as it pushes towards “rich country status.”

The country boasts the world’s second-largest economy as well as the fastest growing economy with a growth rate averaging 10% for the past thirty years.

It has an estimated $23 trillion worth of natural resources, 90% of which are coal and rare earth metals. Moreover, it has the world’s largest total banking sector assets of $39.9 trillion with $26.54 trillion in total deposits.

It is also the world’s number one manufacturing economy and exporter of goods and is said to possess the fastest-growing consumer market and second-largest importer of goods.

Additionally, China is the largest trading nation in the world and plays a prominent role in international trade.

China’s recent trade war showdown with the U.S. demonstrates that it will not kowtow to the wishes of Washington but demands to be treated as equal at the bargaining table.

Now, as China marches towards achieving its 2030 goals, there is a huge investment in artificial intelligence, more focus on poverty alleviation, increased investment in education, diversification of its economy, among many other changes.

The question of where China will be in its development at the end of 2030 is anybody’s guess, but one thing for sure it will no longer be wearing the title of a developing country but an industrialized developed one.

And moreover, a communist country that is equal in power to the U.S. — a capitalist state.

Yvad Billings, Readers Bureau, Contributor

Edited by Jesus Chan

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