The Dragon is Stirring.
On the 20th of December, the BBC reported that China's GDP had exceeded that of Italy and was headed for UK territory.
The official figures released from the National Bureau of Statistics (NBS) in China revised the previous growth rate from 9% to 25.8%, a jump of 16.8%, giving them an economy with a value of $1.45 trillion. Various sources place the actual figure perhaps 15% or even 20% higher again, because the NBS frequently underreports small and medium sized enterprises.
Also, I have bought a car. Pictures below.
In addition to failing to report on small and medium sized industrial endeavours, nearly all service sector work has, until know, gone unreported. A 16.8% revision is roughly $245 billion; nearly all of it came from the service sector.
Here's the skinny, for those of you who may not have been following at home:
1. The Chinese currency is pegged to a specific target by the Chinese government. They are holding it artificially weak in order make Chinese imports seem less expensive. It's working. If the currency were allowed to float, it would likely appreciate by roughly 230%, making the Chinese economy $3.35 trillion dollars, third behind the United States ($10 trillion) and Japan ($4 trillion).
2. The Chinese economy is growing at a greater rate than anyone else in the G8. Their economy is set to double three years if the current pace continues, but will more likely double in five years, making them the largest economy in the world within the next decade. If the pace continues, they will be larger than the rest of the world combined in a little over 16 years.
3. If this website is legible to you, then you have less to worry about. If it isn't, check out these guys.
China is set to become the dominant force on Earth for the forseeable future, the Middle Kingdom reborn.
If you've got ideas, speak up now.
Finally, here are a couple of pictures of my absolutely lovely new Jag. They say that as men grow older, they become their fathers. Well, this was my Papa's favorite car for a long time when I was growing up (well, it was a tie between this car and, unfathomably, a Bonneville).
This is a Jaguar X-Type 2.5 litre SE and it's the smoothest, most well behaved car I've ever had the pleasure of owning.
P.S. Maman, you were right. It's not that hard shifting with the left hand.
Comments
Holy crappo thats a nice cart!
I'm starting chinese 1 asap. Did you know that Argentina is being almost completely bought by the Chinese? I have a feeling that they had something to do with Argentina paying the debt to the moentary fund. Hmm!
Im scaod.
Posted by: Rahmat | January 6, 2006 2:41 PM
I'm not worried. I figure when the Chinese take over completely, I'll be sent to some sort of re-education facility, where I will be taught to speak and read Chinese.
Sweet ride, BTW. Any nice James Bond gadgets included, or are you not allowed to say?
Posted by: Basil Valentine | January 6, 2006 8:30 PM
hey bro, what are you doing with the sebring, then?
uhhh... I mean, nice car, Nae!
P.s. Y'all, there are more people in China who study English than people who speak it in America and the U.K. combined. We should study Chinese, if for nothing else, to be polite.
Posted by: Mendon | January 7, 2006 3:03 AM
I for one, welcome our Chinese overlords. Besides-- Chow Yun Fat will eventually be named emperor and it doesn't hurt that I'm STILL being recognized as him.
Posted by: Mark Fojas | January 7, 2006 6:16 PM
Nae, looks like you're going to be in Edinburgh for a while.
Please make sure your flat is fairly kidproofed. That way you won't go woozy over our rugrats running all over and breaking your stuff when we visit. :-)
Posted by: Mara | January 7, 2006 6:18 PM
Hey, guys!
Yeah, learning Chinese is on the agenda. The other thing is that the world's going to have this ugly transition where the U.S.A. is in denial and protesters will still target America and then I'm guessing there will be a fairly sharp and sudden inversion and the Chinese will take the lead everywhere all at once, in a way they consider irreversible. To be followed by armed conflict.
I still have the Sebring, but I'll sell it soon.
And I'll make sure that my next flat is kidproofed.
Posted by: Nathan Dornbrook | January 8, 2006 8:31 AM
Oh, and Basil, the car does have some James Bondness about it. For a start, it has a cell phone. I don't mean there's a car kit in it or I can use my cell phone via bluetooth (although I'm getting that installed, along with satnav, touch screens and an iPod dock) - but instead that, somewhere in the chassis, is an actuall cell phone. It's put in by a company called Tracker and they use it to phone the car to find out where it is if it gets stolen.
Fascinating.
Posted by: Nathan Dornbrook | January 8, 2006 10:43 AM
Hey, Nathan. Just wanted to let you know that BJ James and I dropped off the first carload of stuff to the flat last night. The entire trip took an hour, but the unloading only took 15 minutes. The remainder of the time was spent trading nathan stories. I guess I'll be learning to install hardwood flooring...poor chris, he jas no idea how mechanically inept I can be. If it can't be fixed with a hammer, or a screw gun and drywall screws amd Gaffer's tape, I don't fix it.
I'll be moving the rest of my crap in sometime around the 18th-20th.
Posted by: gregg | January 8, 2006 3:39 PM
"to find out where it is if it gets stolen."
Forget about our car, I think the government has finally found an effective way to track YOU.
Posted by: Basil Valentine | January 9, 2006 2:16 PM
Well, they've at least found an effective way to track my car.
I've picked up my parking permit (£160 a year; sheesh!) which allows me to park on the street. Of course, spaces are first come, first serve so I might still end up parking a fair way away from my flat, but, hey, that's the way it goes.
Posted by: Nathan Dornbrook | January 10, 2006 6:00 PM
Is Gregg moving to DC?
Posted by: Rae | February 4, 2006 4:40 AM
Yes! He's there now!
Posted by: Nathan Dornbrook | February 8, 2006 9:33 PM