Has China's economy surpassed the US?

Has China's economy surpassed the US?

Which is the richest country in the world? Almost everyone knows that the United States has the world's largest economy and the most powerful military for almost a century. There are explainers of Chika Hai Aaj, who try to evaluate the same.

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Has China become the largest economy?

Since the end of World War II, US cities accounted for 50% of the global GDP. Of course, this is not the case, now it is almost half, but this does not mean that any other country has overtaken the US in the last five years. Over the decades, many countries joined this period but could not come close to the United States, but one country has become quite close to the United States, and that is China. At the moment, the size of the American economy is about 28 trillion dollars, and China is standing at about 18 and a half trillion. The Center for Economics and Business Research CEPR predicted that China will become the world's largest economy in 2028.

What is the main reason for China's financial growth?

But now he has corrected his prediction and said that this process is not possible before 2036, but almost all the experts agree that one of the indicators of the economy, PP i.e. Purchasing Power Parity, China surpassed the United States 10 years ago. left behind,

Is China cheaper than the US?

This means that the purchasing power of China is better than that of America. Think of it as if you have 10 dollars and you are in America, you will buy a burger, but in China, you can buy two burgers of the same quality for 10 dollars. will be able to buy There was a lot of talk about stopping China's economic development, but it was officially announced by President Donald Trump on July 6, 2018, and he increased the tax rate on Chinese products to the United States to 25%.

What were Trump's tariffs on China?

Trump started an economic war, saying that economic wars are good because they are easy to win. The US expelled the fast-growing Chinese telecom firm Huawei from the US and asked its rivals in the West to remove Huawei. Keep away from your communication system The Huawei firm still exists but it is also true that its popularity is not what it was a few years ago.

What is the problem with TikTok and China?

Then came TikTok, but TikTok has yet to do what Huawei did. China has been increasing at a moderate rate of 10 percent per year for almost three decades. I was busy battling wars. China's ripening rate has now been limited to almost five percent a year.

Economy 

But it is also a fact that the five percent annual growth of an 18 trillion economy is not unusual, while the growth rate of developed countries, including the United States, is not better than one to three percent. According to an economic view, if an economy grows at an annual rate of seven percent. If the economy is growing from 20 trillion to 40 trillion in 10 years, its size will double.

China-US Trade War and its Implications for The World

What is Power and How is it Achieved?

Why is the U.S. dollar the strongest currency?

But the United States has an advantage that no one else has: the dollar. The dollar is the world's reserve currency, and most world trade is in dollars. China also accomplishes world trade in dollars.

China has reserves of 3,200 billion US dollars, so as long as America has this facility, it may not be impossible to defeat it in the economic field, but it will be very difficult.