Saturday, July 31, 2010

We give China everything.

China has just jumped over Japan as the second biggest economy. Now predictions are that China will pass the U.S.A in 2025. Considering that in this decade they have an average of 10 per cent GDP growth per year, while the U.S only posted a 2.4% GDP growth for the last quarter of this year. It was clear that this was going to happened. You know that when you let countries like the China manipulate it's currency it will take advantage of easy and cheap exports. Allowing China to grow like this only promotes China's human rights record, and tells them that even though they are breaking human rights they can grow and become the strongest economy in the world. I believe that the entire world should force China to give fair wages to it's citizens, and stop manipulating it's currency. I do think that in order to stop manipulating it's currency and not effect the economy it should happen in the course of some time, but don't get me wrong China must not continue the road it is following now. I find it unfair that many of Canadian jobs are going to China, only so that they can take advantage of their workers. It is appalling that not enough has been done to make China stop this practice.

"China, in fact, is now already the world's second-largest economy," China's currency regulator, Yi Gang, said in an interview posted on the agency's website.

Estimates from the IMF, World Bank and independent economists predict China will likely supplant the United States' economy as the world's largest by 2025.

Official data from China is always viewed with a healthy dose of skepticism, but China is generally believed to have passed Germany as the world's third-largest economy some time in 2007.

Read more here

1 comment:

  1. The profits of many Canadian (and the U.S.) companies is a result of products made by cheap Chinese labour. Anything you purchase here in Canada was manufactured in China for less than 1/10th the selling price. The low Chinese currency benefits everyone here - even if their currency was too double in cost, we would pay the price since we closed all our manufacturing plants many years ago.

    Changes in human rights will hopefully happen internally. Until then, don't expect anyone to force them to change.


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