Over the past decade or so, China’s economy has expanded at light speed. Nowadays, one can go into a shopping mall or big box retailer, and quickly discover that nearly every consumer good is manufactured in China. Many people have become extremely concerned that China’s fast-growing economy has been to the detriment of the American economy, but China’s growth poses no harm to the U.S.
According to Langfitt (2009), the Chinese are enjoying unprecedented growth, even after a worldwide recession that was sparked by the American real estate bubble. Nonetheless, it is quite a stretch to state that the Chinese are growing because America is losing its standing in the world marketplace for consumer goods. For example, even the Chinese elite long to have an economy more like the American economy. Langfitt (2009) cites an economics professor from the Chinese Academy of Social Sciences, Yi Xianrong, who contends that Americans simply have nothing to worry about.
Certainly, China will overtake the American economy, and become the world’s largest, Xianrong states, but such growth does no harm to the US (Langfitt, 2009). Moreover, the US and China compete in different industries. For example, the US has strong tech schools such as Stanford, MIT, and UC-Berkeley. Furthermore, the US is world-renowned in hi-tech pioneering and advances. One must not forget that Microsoft, Google, and Facebook are American companies. Moreover, these companies provide hi-tech services, as opposed to manufacturing – where China excels. Considering that the average Chinese worker makes little more than $3,000 per year underscores the fact that one of the world’s largest economies does not have the world’s best standard of living for everyone.
References
Langfitt, F. (16 Nov. 2009). While U.S. economy struggles, China’s rises. NPR. Retrieved
