Where is China going?
After overtaking Japan, this year
China became the second largest economy in the world. Some experts have
even predicted that by the end of this decade China may become the
largest economy bypassing the United States. However, that is based on a
mechanical, empirical approach that sees China maintaining its present
levels of growth uninterruptedly for years to come. In the past Japan
was also supposed to keep on growing, but then its apparent meteoric
rise was cut across by a long period of stagnation.
