Is China really as powerful as we Indians think?
China is more powerful than what we Indians think. It is a global economic and infrastructure giant.
Some of these facts should be an eye opener.
- China’s economically largest province, Guangdong ; has a GDP of $1.3 trillion, or roughly 45% of India’s GDP. Our economically largest state of Maharashtra has a GDP of $430 billion.
- China has the world’s highest GDP PPP of $ 25 trillion ( 2.5 times that of India) and second highest nominal GDP of $12.5 trillion (5 times as that of India).
- The People’s Bank of China , has assets worth $3.21 trillion, which is greater than our GDP.
- China has the worlds largest Forex reserves, amounting to $3.2 trillion, that’s about 8 times as that of India.
- China adds India’s GDP to its economy every 2–3 years.
- China has the highest share of global Industrial Designs, and the largest manufacturing base in the world. Approximately half of the world’s goods are manufactured in China.
- Out of the top 50 largest companies by revenue, 11 are Chinese. There is not a single Indian company on the list.
- China’s economy produces one millionaire in a span of just three days. China hence has the highest number of millionaires and billionaires in the world, just after US.
- China’s economy is $12.5 trillion, growing annually at 6%. US economy is $20 trillion, growing annually at 2.3%. In this manner, China will overtake US to become the world’s largest economy by 2030.
Now let us look at infrastructure:
The point is, India is nowhere close to China when it comes to economy and infrastructure. China is competing with the US, vying to become the largest economy in the world, while we Indians are patting on our backs of how we are better off than a failed state like Pakistan. The reality is that the Chinese don’t even recognize India as a sizable competitor!
China exerts economic power today, and it won’t be very long before it starts to exert military power as well. It’s high time we stop focusing on Pakistan and start focusing on our own growth instead. China can become a serious threat for India in the near future, an imploding Pakistan won’t.