Is China Quickly Becoming the Next Economic Superpower?
Nov. 2, 2004 | By Josh Powers, DSJ Staff Reporter While the United States attempts to revive its market after a terrible recession that began over four years ago, one nation is seeing tremendous gains in its effort to become the world’s next economic superpower. China, the nation that recently surpassed Japan as having the second-largest GDP on Earth, comprising nearly $6.45 trillion, appears to be very successful in its soft transition from communism to free market capitalism. While full-fledged capitalism is far from being implemented at this point, the isolationist China the world has known for the past century is becoming more globally active, and with a 9.1% growth rate in fiscal year 2004, it is quickly attracting attention. Should Americans be concerned about this growing power in East Asia? I believe that China will soon leave its relentless reputation behind to become a tough economic competitor. Though the Tiananmen Square demonstrations occurred over 15 years ago, the desire
