Posted by: Tony Carson | 20 July, 2007

China to join top 3 economies

SHANGHAI — China’s economy grew at an extraordinary rate of 11.9% in the second quarter, the fastest clip in more than 12 years and a pace that puts the nation on track to overtake Germany this year as the world’s third-largest economy.

For the last 35 years, the United States, Japan and Germany have ranked 1-2-3 in gross domestic product, but as growth in those mature economies has slowed, China’s has accelerated, powered by foreign investments and trade amid a global shift in production activity to the Far East.

Just 12 years ago, China’s economy ranked No. 8, behind Brazil’s, and was less than one-third the size of Germany’s.

What an unbelievable accomplishment. The LA Times in an economic report entitled China to join top 3 economies.

In the space of a few short years, China went from this in ’89 Beijing …
Tiananmen Square

To this in today’s Shanghai — not even 20 years later.
07 Pedestrian Area At Night

In 1981 I went on a bicycle tour of China from Beijing to Shanghai. The trip even today brings back extraordinary memories one of which was a day biking up and down Nanjing Road (above) which was a thrilling mayhem of an unbelievable assortment of traffic. It was so scary that I went into a shop and bought myself one of those whicker helmets the construction workers wear as they teeter atop their bamboo scaffolding.


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