What will china be like in 50 years

Baptist's comments followed Joe Biden's first official press conference since taking office, during which the U. China has an overall goal — and I don't criticize them for the goal. But they have an overall goal to become the leading country, the wealthiest country in the world and the most powerful country in the world," Biden said. Baptist said China will become "the other very large power" alongside the U. Which of the two is more powerful depends on where they wield that power, he added.

Asia has emerged as an important battleground in the ongoing U. Beijing expanded its economic and political influence in the region when the U. But it is also one that, if allowed to continue in its current form, could lead to a loss of personal freedom for Western civilization.

It really is that much of an existential question. My generation came of age during the Cold War. China was a huge, impoverished odd duck in those years.

In the late s, China began slowly opening to the West. Change unfolded gradually but by the s, serious people wanted to bring China into the modern world, and China wanted to join it. The world has never seen such enormous economic growth in such a short time. Meanwhile, the Soviet Union collapsed and the internet was born. The US, as sole superpower, saw opportunities everywhere. American businesses shifted production to lower-cost countries. Thus came the incredible extension of globalization.

We in the Western world thought somewhat arrogantly, in hindsight everyone else wanted to be like us. It made sense. Obviously, our ways were best.

Even relativelysmaller economies like Vietnam, the Philippines and Nigeria will see huge leaps in their respective rankings over the next three decades, according to the report. As measured by GDP by purchasing power parity PPP , which adjusts for price level differences across countries, China already has the largest economy in the world. The Asian behemoth has seen massive economic gains over the past decade, but economists promise that it is just the tip of the iceberg for what the future holds.

The whole country is changing. The changes are attracting a brand-new set of entrepreneurs and others looking for financial opportunity amid the seemingly unstoppable growth.

In order to work and live here, however, expats must learn Mandarin. The positive outcomes of that growth have already started to make an impact for residents. Infrastructure spending has lagged, even as more cars take to the streets; and a lack of regulation enforcement has led to increased pollution levels, especially in urban centres like New Delhi. The attitudes toward women here also frustrate residents, as the country continues to grapple with an ongoing rape and sexual harassment crisis.

Kulkarni recommends expats do their research before moving here, especially because the various parts of the county can be so different from each other. Residents also advise not trying to replicate the creature comforts of home, but rather tune into how the country works. This trend will likely continue, facilitated by the negotiation of a possible bilateral investment treaty and even a free trade agreement FTA in the future.

This initiative, which is open to collaboration from other economies, could present investment-led economic opportunities to the European economy.

However, to fully take advantage of these opportunities, both economies will need to overcome some economic frictions and trade protectionism tendencies.

It then discusses the state of China-EU economic relations, proposes a policy agenda to leverage mutual strengths and concludes that a constructive bilateral economic relationship will help contribute to global growth and prosperity. According to the latest World Bank data, private consumption represented 60 per cent of global GDP in However, this trend will likely reverse within the next five years.

Since the global financial crisis, China has spent billion renminbi to revamp its medical insurance programme. This programme now covers every citizen, and a catastrophic medical insurance programme, supplementing the existing one, was rolled out in This universal medical insurance programme will be improved progressively by expanding coverage and depth.

The goal is to cover million people by and 1 billion people by , raising the coverage rate from the current 80 per cent mark to 95 per cent. In the countryside, land reform experiments are being undertaken, with the goal that the current land-leasing title will be transferrable, thus effectively shifting a significant wealth effect from the state to farmers. Meanwhile, financial liberalisation, e-commerce and an enhanced logistics network will entice consumers to spend more.

This represents a dramatic jump from the current values of just 36 per cent of GDP and 53 per cent of US consumption. Source : L. As Figure 2 illustrates, the following sectors would likely see significant increases in consumption growth in the next five years:. This will be driven by higher car ownership currently just 24 cars per households , more domestic travelling and higher spending on telecommunications services.

Sales of communication appliances by large enterprises reached billion renminbi in , a six-fold increase from a decade ago.

The latest data show that residential floor space per capita was about 33 square metres in , up from In addition, related upstream i. Parents will continue to spend a large amount of income on education for their next generation, while leisure spending will also grow rapidly. Currently, the average expected number of years of schooling for Chinese residents is still much lower than it is in OECD economies. As income rises, domestic demand for education services, including privately funded schools and private classes, will rise substantially.