China Poised to Be the Next Decade’s Influencer: U.S. ExpertIan Bremmer, Ph.D
(Yibada) – Despite the downward trends in China’s stock market, currency and economy, Eurasia Group president and Time editor-at-large Ian Bremmer released a forecast the China is still poised to be of greater influence over the next decade.
Other media outlets in America also remained positive, amid the 30-percent fall in the Shanghai Composite Index for the last two months and the slowdown in the country’s GDP and exports statistics, Chinese financial news portal Wallstreetcn posted.
For Bremmer, China’s economic growth is still faster than other emerging markets and developed countries, comparing the Asian giant with the United States.
In 2014, the share of China in the global GDP, when scaled with purchasing power parity (PPP), reached 16.32 percent, a figure slightly higher than U.S.’s, which is 16.14 percent.
The International Monetary Fund (IMF) also predicted that China’s PPP could be as high as $26 trillion in four years’ time. This is two times higher than U.S.’s PPP at $21 trillion.
Moreover, China’s export and import performance remained on track despite the drop in figures for the previous months. These figures only amounted to 3 percent of the global trade in 2000, but rose to 10 percent last year.
While the number of U.S. partners dropped from 127 to 76 between 2006 and 2014, China’s trading partners increased from 70 to 124.
Bremmer also noted that the recent dwindling has not caused significant impact to the $3.7 trillion worth of China’s foreign reserves.
The editor also lauded the anti-corruption campaign of President Xi Jinping, noting that it will be a catalyst in China’s endeavors to reform itself and regain confidence in its market.