It is estimated that by the year 2025 China will be even with the USA in economic power, and by 2050 it will double the economic power of the USA. If all goes according to plan by then there will be three economic powers 1. China 2. USA 3. India. Now of course this is a projection using today’s forecast. Things could change drastically in a heartbeat in today’s economy.
The Chinese people are enjoying a western style economic surge right now, China will never be a western economic powerhouse, and they will always remain a Chinese powerhouse. With the advent of the economic prosperity that has landed in china the Chinese people are enjoying a better quality of life. The labor force is plentiful since it will not run out anytime soon. Factories that produce electronic products are operating at full capacity. Most Chinese factory workers have no idea what they are building or producing. They do not use the products they assemble. Their goal is to learn English, and computer science, they understand that is where the next level is located. The labor force is integrated in the hospitality business and service industries. China is building a large middle class of people. The hotel industry has invested billions of dollars in new developments in China. The travel industry is at all-time high thanks to the traveling Chinese people. The labor force works for very little compared to the USA, however that could change, it is only a matter of time before the labor force starts to demand, not demand, request would be a better word. Requesting better pay and better working conditions, since the government controls the rules of engagement, the word “Union” is out of the question.
As of this time the economic outlook is very good for China and pretty good for the USA as well, especially in the hospitality industry. The way I see things China is going at top speed to becoming an economic power, while the USA is just moving along at a leisurely pace. China will overtake the USA in the economic sector within the next 15 years or so. India is not far behind us and will probably be equal to the USA by then as well. The USA has invested heavily in China, not sure if it due to economic reasons or just plain greed. While the goose is laying golden eggs let’s get them. Something along those lines. One thing to remember the Chinese people will never assimilate the western culture, they will always be Chinese that is just the way they are. I still have reservations about a change in government in China, would a new order go back to the old ways, or continue on the same course?
What will tomorrow bring? Will the facts hold for the next 15 years or so? Will there be civil unrest again? How much investing can any one country do before it becomes too much? How many hotels can survive if the economy falter’s there as it did here in 2008? The big hotel chains are invested pretty deep in China, I hope they have a good report with the governing entities’ there. As the Chinese middle class grows there will be more travel related industries springing up, and will only add to the growing economic base. Well time will tell if the gurus of the crystal ball were right or if they missed the mark completely?
- China’s economic power on the rise-Pew (thebricspost.com)
- Should we really care if China’s economic growth slows down? (theglobaloyster.wordpress.com)