From Overseas Press

Traveling at the speed of China

(chinadaily.com.cn)
Updated: 2011-05-23 15:31

With China's rapid rise, it is only a matter of time before it will take the lead in global wealth and innovation, says Bill Bonner in the Christian Science Monitor on May 19.

"Can there be any doubt that China is destined to become the world's economic superpower?"asks Bonner,the newspaper's guest blogger. His answer is No as China has the size, the energy, the know-how and most importantly the money.

The article quotes a foreigner in Shanghai as saying "I came here 20 years ago. Then, we foreigners had so much more power and money…and technology. We could call the shots. So for now, the quality here on many items still isn't up to US standards. It's just a matter of time, though. I'm going to retire in 5 years. I figure that's about as long as we're going to be able to do these deals. After that, it's all over. They won't need us. They have the money. They have the skills and technology. We won't have anything to offer."

Generally, practice makes perfect. "The Chinese are making more cars…more highways…more trains…more office buildings and more of everything than anyone else. It is no wonder that they are doing these things well – maybe better than anyone else too," says Bonner.

Hopefully, a new train service between Shanghai and Beijing begins next month at up to 300 kilometers per hour.

According to Bonner, the China story is the central story to the rise of Asia and the developing economies, which is mainly responsible for the disappearance of low-priced commodities and natural resources. He believes China is the likely successor to the US Empire and the Chinese currency is almost sure to rise as the dollar-based world financial system falls apart.