The Chinese economic miracle

The investment bank Goldman Sachs has predicted that by 2050 China will be the world's most powerful economy: "We need calm heads to see what is really exciting about China's economic miracle. ... China can surpass the rates of growth seen in the developed world not because it is an economic leader but precisely because it is not an economic leader. China and other emerging economies are in the early stages of a history-making 'catch-up' with the developed world. It is the 'catch-up' effect that is providing such high rates of economic growth. ... The West's fear and awe of China's rapid economic growth should not become yet another unnecessary problem that confronts China in its attempt to emerge as a modern economy. Instead, should we not celebrate China's continued rapid growth?"

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