Today, I’m going to talk to you about the growth of China’s economy and how it affects different parts of the world.
As you all know, China’s economy is now growing stronger and faster then ever.
After being in a stand still for two decades under the rigid authoritarianism of early communist rule, China now has the world's fastest-growing economy.
China is everywhere these days. The words Made in China are as universal as money. China has become the world’s largest maker of consumer electronics, pumping out more TV’s, DVD players, and cell phones than any other country. China is rising even higher still, moving quickly and expertly into biotech and computer manufacturing. No country has ever before made a better economic development all at the same time.
China is buying oil fields internationally and also signing exclusive oil and gas supply deals with Saudi and Russian companies. China is buying the world’s scrap metal, as well as enormous amounts of steel to put into their products that’s sold globally. The country is relentlessly positioning itself for even higher levels of industrialization. There are giant capital flows from industries to China now. It’s where the world is investing in. The jump from an agrarian economy to an advanced industrial state under Mao Zedong now passes over many of the technologies of mature industrial states. For example, its phone system is more wireless than wired, and many of its big cities will soon have the most advanced rapid transit system in the world. In the past, China’s enormous population was hard to feed and employ. Now one-fifth of the civilization is seen as the biggest market ever. Now I’m going to read you 2 stories that give examples of how big and important China has become.
China is home to close to 1.5 billion people. Surprisingly, China is not home to the cheapest workforce in the world. Even at 25 cents an hour, Chinese workers cost more than laborers in the poorer countries of Southeast Asia or...