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You are here » Home Page » News » China to overtake America as world's leading econ power in 21st century: RBI gov Subbarao

China to overtake America as world's leading econ power in 21st century: RBI gov Subbarao

2011-10-10 source own
New Delhi: China will overtake the United States to emerge as the world's leading economic power in the 21st century, driven by its three forces, namely, demography, convergence (scope for catch-up), and gravity (a measure of the trade potential of a country), Reserve Bank of India Governor D Subbarao said, referring to economist Arvind Subramanian's latest book 'Eclipse: Living in the Shadow of China’s Economic Dominance'.

"This projected rise of China to the top is imminent. The world should prepare for this through policies for reconciling China’s rise with continued openness in the global economic order," Subbarao said in his opening remarks at a talk delivered by Subramanian.

In 2010, China surpassed the United States as the world’s largest manufacturer, and overtook Japan as the world’s second largest economy, he said, adding that the Chinese growth model and the Chinese way of doing things have won the grudging admiration, even if not legitimacy.

"China has put out dazzling growth performance over the last two decades. We may dispute the fine numbers, but there is no doubt that what China has achieved by way of lifting hundreds of millions of poor people out of poverty is by far one of the most spectacular economic achievements in human history," he said.

Further, terming China's rise as an "inspiration" Subbarao spelt out the need for India to emulate the records set by China, but by using Indian ways and methods.

"China is already a low middle income country, whereas India is still a low income country and home to the largest number of poor people in the world... The task for us in India is to match up to that record, or even surpass it, but by doing it the Indian way," he said.

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