http://news.bbc.co.uk/2/hi/asia-pacific/4272577.stm
At this rate of growth the current role of the US and China relationship will soon flip and the US will be feeding the Chinese economically instead of the other way around. Ecentually China will be leading the way in economic progress and direction instead of the US. Though I still think the US will maintain it's ability to keep the US as a global marketplace. China's economy is booming so fast it is mind boggling!
China has overtaken the United States in the consumption of basic agricultural and industrial goods, a new survey says.
It is now the world's biggest consumer of grain, meat, coal and steel. Only in oil does the US consume more.
China is well ahead of the US in the consumption of goods such as television sets, refrigerators and mobile phones.
The Washington-based Earth Policy Institute says that China is now an emerging economic superpower.
However, per capita consumption in China, the world's most populous country, remains far below that of the US.
According to the report:
64m tons of meat were consumed in China in 2004 compared to 38m tons in the US
258m tons of steel were used in China in 2003 compared to 104m in the US
China's factories and homes burned 40% more coal than in the US
The number of PCs in China is doubling every 28 months.
'Writing history'
The latest official figures for the Chinese economy, the sixth-largest in the world, show that it is growing even faster than expected.
It expanded by 9.5% in 2004, its highest rate for eight years, the figures show.
"China's eclipse of the United States as a consumer nation should be seen as another milestone along the path of its evolution as a world economic leader," Lester Brown, the institute's president said.
"China is no longer just a developing country," he said. "It is an emerging economic superpower, one that is writing economic history".
The report said China's massive appetite for goods ranging from grain to platinum had placed it "at the centre of the world raw materials economy."
"Its voracious appetite for materials was driving up not only commodity prices but ocean shipping rates as well," it said.
At this rate of growth the current role of the US and China relationship will soon flip and the US will be feeding the Chinese economically instead of the other way around. Ecentually China will be leading the way in economic progress and direction instead of the US. Though I still think the US will maintain it's ability to keep the US as a global marketplace. China's economy is booming so fast it is mind boggling!