Refer to the article at < http://www.asianscholarship.org/asf/ejourn/articles/Quan%20Heng2.pdf> for a comparison between inequalities in China and India over time.
Sukla On 2 August 2010 09:58, Sultan Ibrahim <[email protected]> wrote: > > > > > THat is really great news. What is truly great about china is that the > country has banished poverty and education is provided to all its citizens. > What is now required is an air of cooperation in Asia so that the others in > the region can learn and try to replicate this model. Lets put a break to > the deepening polarisation of wealth and poverty in India so that the > largest no of poor in the world will be able to live a decent life. sultan > > --- On Sat, 7/31/10, Sukla Sen <[email protected]<sukla.sen%40gmail.com>> > wrote: > > From: Sukla Sen <[email protected] <sukla.sen%40gmail.com>> > Subject: [IHRO] China overtakes Japan as No.2 economy - FX chief > To: "greenleft_discussion" > <[email protected]<GreenLeft_discussion%40yahoogroups.com>>, > "IHRO" <[email protected] <ihro%40yahoogroups.com>>, "issueonline" < > [email protected]<issuesonline_worldwide%40yahoogroups.com>>, > [email protected] <arkitectindia%40yahoogroups.com>, > "indiathinkersnet" > <[email protected]<indiathinkersnet%40yahoogroups.com>>, > "mahajanapada" <[email protected]<Mahajanapada%40yahoogroups.com>>, > "bahujan" <[email protected] <Bahujan%40yahoogroups.com>>, > [email protected] <invitesplus%40yahoogroups.com> > Date: Saturday, July 31, 2010, 10:12 PM > > > > > [How about Third Worldist theories?] > > http://in.reuters. com/article/ idINIndia- 50518020100730 > > China overtakes Japan as No.2 economy - FX chief > > Fri Jul 30, 2010 5:56pm IST > > By Aileen Wang and Alan Wheatley > > (Reuters) - China has overtaken Japan to become the world's second-largest > economy, the fruit of three decades of rapid growth that has lifted hundreds > of millions of people out of poverty. > > Depending on how fast its exchange rate rises, China is on course to > overtake the United States and vault into the No.1 spot sometime around > 2025, according to projections by the World Bank, Goldman Sachs and others. > > China came close to surpassing Japan in 2009 and the disclosure by a senior > official that it had now done so comes as no surprise. Indeed, Yi Gang, > China's chief currency regulator, mentioned the milestone in passing in > remarks published on Friday. > > "China, in fact, is now already the world's second-largest economy," he > said in an interview with China Reform magazine posted on the website ( > www.safe.gov. cn) of his agency, the State Administration of Foreign > Exchange. > > Cruising past Japan might give China bragging rights, but its per-capita > income of about $3,800 a year is a fraction of Japan's or America's. > > "China is still a developing country, and we should be wise enough to know > ourselves," Yi said, when asked whether the time was ripe for the yuan to > become an international currency. > > CAN IT BE SUSTAINED? > China's economy expanded 11.1 percent in the first half of 2010, from a > year earlier, and is likely to log growth of more than 9 percent for the > whole year, according to Yi. > > China has averaged more than 9.5 percent growth annually since it embarked > on market reforms in 1978. But that pace was bound to slow over time as a > matter of arithmetic, Yi said. > > If China could chalk up growth this decade of 7-8 percent annually, that > would still be a strong performance. The issue was whether the pace could be > sustained, Yi said, not least because of the environmental constraints China > faces. > > In an assessment disputed by Beijing, the International Energy Agency said > last week that China had surpassed the United States as the world's largest > energy user. > > If China can keep up a clip of 5-6 percent a year in the 2020s, it will > have maintained rapid growth for 50 years, which Yi said would be > unprecedented in human history. > > The uninterrupted economic ascent, which saw China overtake Britain and > France in 2005 and then Germany in 2007, is gradually translating into clout > on the world stage. > > China is a leading member of the Group of 20 rich and emerging nations, > which since the 2008 financial crisis has become the world's premier > economic policy-setting forum. > > In one important respect, however, China is still a shrinking violet: > anxious to shield itself from the rough-and-tumble of global markets, it > does not permit its currency to be freely exchanged except for purposes of > trade and foreign direct investment. > > And Yi said Beijing had no timetable to make the yuan fully convertible. > > "China is very big and its development is unbalanced, which makes this > problem much more complicated. It's difficult to reach a consensus on it," > he said. > > In the same vein, China was in no rush to turn the yuan into a global > currency. > > "We must be modest and we still have to keep a low profile. If other people > choose the yuan as a reserve currency, we won't stop that as it is the > demand of the market. However, we will not push hard to promote it," he > added. > > NO BIG RISE IN YUAN > China has been encouraging the use of the yuan beyond its borders, allowing > more trade to be settled in renminbi and taking a series of measures to > establish Hong Kong as an offshore centre where the currency can circulate > freely. > > But Yi said: "Don't think that since people are talking about it, the yuan > is close to becoming a reserve currency. Actually, it's still far from > that." > > He said expectations of a stronger yuan , also known as the renminbi, had > diminished. There was no basis for a sharp rise in the exchange rate, partly > because the price level in China had risen steadily over the past decade. > > "This suggests that the value of the renminbi has moved much closer to > equilibrium compared with 10 years ago," he said. > > Yi's comments are unlikely to go down well in Washington, where lawmakers > have scheduled a hearing for Sept. 16 to consider whether U.S. government > action is needed to address China's exchange rate policy. > > China scrapped the yuan's 23-month-old peg to the dollar on June 19 and > resumed a managed float. The yuan has since risen only 0.8 percent against > the dollar, and economists calculate that it has fallen in value against a > basket of currencies. > > China would stick to the principle of holding its $2.45 trillion of > official reserves in a mix of currencies and assets. > > The stockpile -- the world's largest - was so big that it was impossible to > adjust its currency composition in a short space of time: "We won't be > particularly bearish on the dollar at a given time or particularly bearish > on the euro at another time." > > (Additional reporting by Zhou Xin; Editing by Ken Wills) > -- > Peace Is Doable > > [Non-text portions of this message have been removed] > > __._,_.___ > Reply to > sender<[email protected]?subject=re:+%5BIHRO%5D+China+overtakes+Japan+as+No.2+economy+-+FX+chief>| > Reply > to > group<[email protected]?subject=re:+%5BIHRO%5D+China+overtakes+Japan+as+No.2+economy+-+FX+chief>| > Reply > via web > post<http://groups.yahoo.com/group/issuesonline_worldwide/post;_ylc=X3oDMTJzM2ZhZTZmBF9TAzk3MzU5NzE0BGdycElkAzEzNzEzMjcxBGdycHNwSWQDMTcwNTA2Mzk4NQRtc2dJZAMxMjE2OTIEc2VjA2Z0cgRzbGsDcnBseQRzdGltZQMxMjgwNzIzMzMw?act=reply&messageNum=121692>| > Start > a New > Topic<http://groups.yahoo.com/group/issuesonline_worldwide/post;_ylc=X3oDMTJmZWZudTJlBF9TAzk3MzU5NzE0BGdycElkAzEzNzEzMjcxBGdycHNwSWQDMTcwNTA2Mzk4NQRzZWMDZnRyBHNsawNudHBjBHN0aW1lAzEyODA3MjMzMzA-> > Messages in this > topic<http://groups.yahoo.com/group/issuesonline_worldwide/message/121618;_ylc=X3oDMTM5NzZraWJvBF9TAzk3MzU5NzE0BGdycElkAzEzNzEzMjcxBGdycHNwSWQDMTcwNTA2Mzk4NQRtc2dJZAMxMjE2OTIEc2VjA2Z0cgRzbGsDdnRwYwRzdGltZQMxMjgwNzIzMzMwBHRwY0lkAzEyMTYxOA-->( > 2) > Recent Activity: > > - New > Members<http://groups.yahoo.com/group/issuesonline_worldwide/members;_ylc=X3oDMTJna280Nm4yBF9TAzk3MzU5NzE0BGdycElkAzEzNzEzMjcxBGdycHNwSWQDMTcwNTA2Mzk4NQRzZWMDdnRsBHNsawN2bWJycwRzdGltZQMxMjgwNzIzMzMw?o=6> > 1 > > Visit Your > Group<http://groups.yahoo.com/group/issuesonline_worldwide;_ylc=X3oDMTJmZXJsNmRzBF9TAzk3MzU5NzE0BGdycElkAzEzNzEzMjcxBGdycHNwSWQDMTcwNTA2Mzk4NQRzZWMDdnRsBHNsawN2Z2hwBHN0aW1lAzEyODA3MjMzMzA-> > [image: Yahoo! > Groups]<http://groups.yahoo.com/;_ylc=X3oDMTJlY3VqY2pzBF9TAzk3MzU5NzE0BGdycElkAzEzNzEzMjcxBGdycHNwSWQDMTcwNTA2Mzk4NQRzZWMDZnRyBHNsawNnZnAEc3RpbWUDMTI4MDcyMzMzMA--> > Switch to: > Text-Only<[email protected]?subject=change+delivery+format:+Traditional>, > Daily > Digest<[email protected]?subject=email+delivery:+Digest>• > Unsubscribe<[email protected]?subject=unsubscribe>• > Terms > of Use <http://docs.yahoo.com/info/terms/> > . > > __,_._,___ > -- Peace Is Doable -- You received this message because you are subscribed to the Google Groups "Green Youth Movement" group. 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