Following is Russia Today interviewing Economist Max Fraad Wolff, from The New School in New York, supporting an IMF report saying China's economy will overtake that of the United States in five years on a purchasing-power parity (PPP) basis. This report has stirred up a new wave of discussions around the globe. I liked Wolff's overall take on this issue, and I would like to … [Read more...] about Having 1 billion MORE, shouldn’t China be more anxious in being the #1 economy?
economy
The beginnings of a multi-currency monetary system for the world
One of my favorite columnists for China Daily is Zhang Monan. She has a crisp picture of our world's financial system. Her recent Op-Ed, "Rebalancing global economy," lays out for us the benefits enjoyed by the U.S. for having the USD dominating the international monetary system. Precisely because the U.S. is diluting the value of the USD at the rest of the world's expense, … [Read more...] about The beginnings of a multi-currency monetary system for the world
Chinese banks finance $2.6 billion Baha Mar in the Bahamas
The Bahamas has been hit hard by the financial crisis in developed countries and the resultant dwindling tourism. Back in July of 2010, China Daily reported two agencies approved for financing the Baha Mar resort in the Bahamas, enabling much needed job creation. The resort is the largest of its kind in the Caribbean. In this report, construction officially started few days … [Read more...] about Chinese banks finance $2.6 billion Baha Mar in the Bahamas
Russian President Dmitry Medvedev’s Visit at the 2010 Shanghai World Expo
Even though the 2010 Shanghai World Expo has long passed, I thought this Russia Today coverage of Russian President Dmitry Medvedev's visit was interesting. It gave a glimpse into the economic relationship between Russia and China as viewed from the Russians. … [Read more...] about Russian President Dmitry Medvedev’s Visit at the 2010 Shanghai World Expo
China invests $601billion in water conservation
Should China levy environmental tax on exports? Before offering my thoughts on that question, I'd like to share some news first. China has announced spending 4 trillion yuan ($601 billion) over the next decade in water projects, mainly to tackle over-exploitation, usage efficiency, and pollution. The country plans to cap water consumption at 670 billion cubic meters, and … [Read more...] about China invests $601billion in water conservation