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Economic Power: China Vs Usa Essay

1305 words - 5 pages

During pre-modern times, China’s economy was in constant growth and stable due to its high influence in commerce along trade routes that moved across the Old World. Since China was deficient in technology and innovation that would push its economy and it commercial relationships with other countries, America became an economical power and its global influence expanded which resulted in its surmount above other economies including China’s . China lost against America in the economy and America took first place. After the September 11, however, America’s economy began to fall; it was not until 2013, when the economy began to rise. Although America’s economy is growing as time goes on, China’s economy is also growing. China’s growing rate is higher than America’s, and if this continues, China’s economy will soon pass America and takes its place as number one.
Before Bill Clinton presidency, America was in a economical deficit state but after Clinton presidency the country was in a economical surplus, but when George W Bush left office, America was in an economical deficit because the government has been overspending and spending more money than they receive from taxes. This shows a trend, because America has went from a deficit to a surplus and back to a deficit. This deficit had only worsen until 2013, where the economy finally began to rise again which shows the trend of rise in economy again. According to article 2, published by Abc business news, America’s economy has risen 4.1 percent which was caused by an increase in consumer spending, mainly in health care. All this clearly makes readers infer that America’s trend is happening, and that now is when America is slowly trying to regain its economy. This relates to china by showing that America was once in an economic crisis and, not until very recently, the economy began to rise. However, China’s economy have a been increasing continuously for a period of time due to their value in currency and business with companies and other business. It currently has a higher rate of increase than America because now the value of China’s money, yuan, has increased to about one American dollar equals to six yuans which has risen from seven yuans to one American dollar since 2009. In terms of increase for America, this will allow America to pay back their debt to China which will also cause China’s economy to rise. All these data shows that if China is about to keep this up then soon they will take America’s number one position is the economy.
According to the Centre for Economics and Business Research, There will be a huge change in terms of economic positions but most importantly China will eclipse the America in 2028 because of its growing economy. America might be growing at a rate of 4.1 percent but China’s economy is expanding at about 7 percent. In today’s society, the U.S dollar is one of the most used currency in today's economy because at the moment the U.S dollar worths a...

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