CNBC: Here’s how China became the world’s No. 2 economy and how it plans on being No. 1
China is on the cusp of keeping a big promise — a vow to double its GDP and income in a decade and take the country to the forefront of the global economic power structure.
The nation now faces the challenge of keeping the momentum going in the face of mounting challenges.
The ascension began in the late 1970s with a move to more open markets. It continued through aggressive central planning, utilizing the advantages of cheap labor, a devalued currency and a robust factory system to spread its products around the world.
All of that changed the economy from slumbering rural decay to a prospering diverse superpower. The country now seems on a inexorable path to No. 1.
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WNU Editor: I am no longer sure China will be the world's number one economy in ten years. Or even twenty years. They do not have the trade advantages that they had in the past, and they have a lot of debt and fiscal problems. And then there are the multiple internal political differences and disputes that are now gripping parts of the country. Is China's leadership up to solving these problems? My gut says no.
