(CNN) -- As this interactive from CNNMoney shows, the U.S. is still by far the world's largest economy, despite the Great Recession and tepid recovery.
But China is coming on strong, passing Japan as the world's second largest economy and predictions that sometime in the next 10 to 15 years it will eclipse the U.S., too.
Some think it's already happened. A Pew Research Center poll last year found that 44 percent of Americans already thought China had become the world's number one economic power. Only 27 percent knew that the U.S. economy is still on top, nearly three times the size of China.
Still, there are several areas where China has already taken the mantle from the U.S. China has become the world's largest car market, a symbolic transition after the recession left Detroit in shambles. But some may not know that before cars, Chinese beer drinkers passed U.S. as top consumers in 2002, and now knock back nearly a quarter of all beer produced in the world.
Beijing is aiming to steer its economy away from exports toward domestic consumption -- and, in doing so, will inevitably supplant the U.S. as the top market destination for consumer goods.
"We expect China will overtake the U.S. as the largest consumer market in 2020," Fan Cheuk Wan, head of research for Credit Suisse Asia Pacific, told CNN.
If so, China will reach its goal of having half its GDP generated by domestic consumption in the next 10 years; currently about 33 percent of China's economy comes from domestic spending, Wan said.
"China cannot rely on the indebted consumers in the developed economies any more as a key growth engine in the next decade," Wan said.
http://edition.cnn.com/2010/BUSINESS/11 … f=obinsite
America thinks it has only one neighbour in the world... China. And China thinks there is only one neighbour to them, USA. There are more that 200 countries in the world and the fastest growing population alongwith economy is India. In 5-10 years, India will be on top in population. On the economic front, it is doing wonders. India's strength lies in others' neglect of the presence of India to compete with them. India's population is 1.23 billion today. Around 60% of them are youth below 30. Nowhere in the world! India will be the leader in just 5-10 years.
You gotta be kidding me. Have you heard of word "corruption" in india ? Show me single government office or national deal with no corruption. Keep leader and all stuff for campfire stories.
There is no corruption in India like in many other countries. The freedom of speech and freedom of expression makes workless and lazy people to shout at everything they see as "corrupt". The main hardcore Hindu party, BJP plays fiddle in between only on the hope that the govt will one day fall on their shoulders. But there are more rationalists than these pro-religious people. The shoutings of these people look like truth to other people. But we know who they are.
For instance, when there was a communication revolution, the number of cellphones sales suddenly jumped 1000 times in a year. The cellphone sellers and related companies lowered their prices. I bought a mobile phone for Rs.6000 in 2001. In 2004-5, the minimum price was less than Rs.1000. Likewise, the TATA phones lowered is charges to Rupee 1/- for ten minutes. The CAG. an auditing establishment, headed by the opposition party BJP cooked stories that lowering of prices resulted in loss of 1,860,000 million rupees. Is lowering of prices a loss? Such stories are for domestic consumption only. Other countries should consider the official version of things only. They need not join the Indian opposition parties.
Have you ever heard about percentage of black money in swiss banks ? Philipines and US already forced swiss nationals to clear these funds and only india never took action against this. BJP shouting about getting money out of bank is BS knowing large number of funds are from their own party members. India has no political weight to clear the funds or in fact they don't want to clear funds.
It's easy to joke on forums by claiming there is no "corruption", when people like you who worked under government, followed the corporate corruption ethics and then trying to defend country as "not corrupt" just for the sake of patriotic itch.
Mr.skyfire, corruption is for local political consumption only. It will never affect external relations. And no country is fit to interfere in India's internal affairs. By saying corrupt, You people want to defame our nation and its tradition. We are rich in everything and only Indians can comment on India's drawbacks. American and western gangster civilisation is unable to understand our civilisation and cultural richness. You westerners floated your ships in search of India only and we never set sail seeking green pastures. Even if I was not a government official, my patriotic fire will always be the same. Those political opponents of the present Indian government were indulging in utter corruption and the stench from the dead-body carrying box purchase scandal smell foul till today. Their destruction of a grand mosque marked a great divide among the peaceful Hindu-Muslim society. Now they present a useless man called Hazare (thousands) just to reap some political mileage. They can be answered only during elections.
(To skyfire) Do you have any idea of corruption in the US... sure you have no idea! US congress and politicians are far more corrupt than their counterpart in India. Do some reality check before posting such baseless comments.
http://www.reuters.com/article/2010/10/ … X620101026
Corruption is a part of Capitalism... try to accept it.
Venugopal - The fast expanding Indian economy is causing problems in the Gulf states. Suddenly huge numbers of Indian professionals and skilled workers are leaving the Gulf because they can now get well paid jobs at home, which they couldn't before. Why put up with being a second class citizen with no rights abroad when you can go home and be a respected member of an emerging professional community.
Whether India emerges faster than China remains to be seen, but it is certainly on the up.
Mr.Paraglider, we Indians always respect the Muslim world including Gulf states. Only when attacked, we have to answer fittingly. If not provoked, India will always be on your side in every forum.
Hi Venugopal - for the record, I am not a Muslim. I'm a Scot, living and working in Qatar and UAE for the last several years. I was simply observing that with India's expanding economy, there are more opportunities for Indian professionals in their homeland and this is causing many to leave the Gulf.
Its because Americans are idle.
Olyhooch for example doesn't write hubs but wants to play as a Hubber. Living beyond his means like the whole USA.
Charles, I have a Budget and know how to live with in my means. I know how to work a checkbook.
No, I don't write Hub's, BUT, I do have fun with you people. SO, to your reply, I have this to say,
I AM AN AMERICAN.
I DON'T HAVE MUCH TO GIVE~ BUT I'LL SHARE WHAT I HAVE.
I HAVE BEEN BEATEN DOWN BY POLITICIANS, LIARS AND TRAITORS. THEY HAVE TRIED TO ERASE MY IDENTITY AND MY PRIDE.
BUT I AM AN AMERICAN. I WILL SALUTE MY FLAG, RESPECT MY CONSTITUTION, AND HONOR MY OBLIGATIONS FOR THE RIGHT TO BE FREE.
I WILL BOW ONLY TO GOD AND I WILL STAND IN TRUTH.THEY CAN NEVER TAKE THAT AWAY FROM ME.
WHO WILL STAND WITH ME ?
I have also not written any hub. But answer comments whereever my country's interests are linked. Writing hubs is not a qualification to be a member of Hub Pages. However, I tried several times to post new hubs which were not taken due to "poor language, incorrect facts, not having enough stuff". Truly, my hubs were pro-Indian and HP moderators could not accept my theories. They expect pro-American stories only.
Thank You, for your reply, Venugopal. Hub Pages is a god place to express your thoughts.
This is a good place in get informed on ALL ISSUES.
I am not here to make any MONEY, therefor, NO HUBS.
I enjoy all the GOOD and BAD I get from ALL of you.
I am still looking for, Charles to explane his term of, FREELOADER.
Would you please show me where on HubPages or anywhere else on this site its explicitly states pro-American stories only?
I have a few pro-Australian Hubs on this site and they are still published.
The evolution of economy around the world has led us to where we are today. The US has lost its independence. We were once a nation that relied on no one, now everything we sell/buy is made in China, Sri Lanka, or some other country. Our manufacturing is outsourced, our service calls are answered in India or some other country. We have lost our independence and our "made in America." We sell and buy more foreign cars than American cars. If we continue to move everything out of the US China will become number one because they are learning what we forgot!
Well Oly, from where I stand you look like a freeloader. You want to be in the Hubber's forum, but you are not a hubber.
Well done for being an American - but that was probably an accident of birth rather than a conscious decision.
And you salute the flag. Wow!
What are you doing to make your country a better place to live and work? - other than freeloading?
Go to my Website, or, Google my name in any search engine,
Orlin E Oly Olson.
If by chance this does not give you a different prospective of, WHAT, WHO, and WHERE I STAND, Then you and I shall end our conversation.
I am not her to nitpick or backbite people here at Hubs.
Been in the Dog House, ONCE. That was good enough for me.
While you are at it, Please define, FREELOADER, in your view.
Who cares what CNN has to say? They're a bunch of scam artists.
They openly admit that they refuse to broadcast info about Ron Paul - who's the 2nd or 3rd most influential Republican candidate for Prez right now.
Check out the Aug. 15 daily show.
Why do we still live in total pretense, it pretty obvious that the world powers do not want to come to terms with reality that China is now the super power number 1 economic of the world. Today every household around the world, please note I say 'every' household has at least one china product in their homes.
Well I think corruption is now a part of our life.It spreads in every country, irrespective of location.These politician are same everywhere.
This Hubpages site is not a public interest free discussion site. The purpose of the Hubpages site is for people to write hubs that will be read, and to earn money from people reading and clicking on the advertisements.
The Forum area is useful for discussions about matters that interest us all, like how to earn more money, or interest some of us like religion, politics and gardening. If you are not a hubber you cannot post on the forums.
There is a cost to running the forums, because a staffer needs to take action over some of the postings. That cost is shared across all the hub writing hubbers. And the forums take up space on the platform.
If you are taking a very active part in the Forums but you are not contributing to the income generation, then you are adding cost but not adding income. If it is deliberate on your part that you want the benefits of participation in these discussions but you do not intend to contribute financially, then you are a freeloader. You are getting a free ride.
Added to this is that some freeloaders are pretty unpleasant, and drive genuine hubbers away from the forums - and sometimes off Hubpages altogether. If you have already been suspended once then you must have been offensive to someone. So you the freeloader were offensive to someone who actually contributes to the Hubpages income, potentially damaging us all.
Hubpages has not yet made a requirement that Hubbers write hubs before they can contribute. The Hubpages management currently have more pressing income generation issues to worry about - and do not want to be illiberal.
I do not think you are a bad person. Please reconsider your approach and write some hubs.
Don't you think those who run the site should chastise people? The gentleman has been a member for over a year and is still here so it doesn't look like those who run hubpages care. I have only been here a few days and if the one thing I wrote makes money then great, if it doesn't make money will I be booted off for failure to generate income?
I wouldn't worry! Hubpages exists to make money for hubpages and seems to be doing pretty well. Unless a staffer objects to something, there wouldn't seem to be a problem.
I checked out the rules and I don't see any rule specifically saying that a member has to produce one or more Hubs to use the forum in any capacity.
Mr.Paraglider, sorry for my wrong assessment. I like your comments.
There is a requirement that one registers as a hubber before posting on the forum.There is no rule that says a hubber should produce a hub or hubs before posting on the forum.
The forum exists for and effectively is funded by the hubbers who write hubs.
Hubbers who openly state an intention not to write hubs, or who have been members a while but have not written hubs, but who have hundreds and sometimes thousands of posts are freeloaders. They want to be members of the club but they do not pay their dues.
Any member here can use the site as easy and as often as they see fit. There is no criteria that states that one must participate in the forums ONLY if one has written hubs.
One cannot substantiate such claims as it would be rather difficult to nominate how many hubs one would need to produce before being able to participate in the forums.
Whilst what you suggest has great merit and I understand your point of view, it is limited and you will find that many will disagree with it.
Forum participation is rather well spent by people here, signed on as members of HubPages, irrespective of producing hubs to be able to participate, using engaging and thoughtful conversation, accepting difference of opinion and the sharing of skills, experience and doing it in a mature manner.
I feel that sharing of experience, skills and well thought out and engaging forum posts sufficient.
Yet at the end of the day I am happy to have a different opinion on the matter than your own.
Charles James, OK, I took a little time out of my day to, Read more about, activism and this group.
I found the following. Please note,
Articles about social activism, political activism, and educational and awareness campaigns.
It look's to me like I fall into one of these places.
Oly -please write the articles!
I object to freeloaders in general, because I do not believe any adult is entitled to ride on the backs of others.
I am particularly amused by some of those in the free enterprise American values camp who portray these values in their hubs but betray their stated values by being freeloaders.
Slight correction -portray these values in their postings.- They have no hubs.
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