China is one country where the economic condition seems to be improving all the time. When the world seems to be having a lot of economic problems in some of the most developed countries, China is always becoming better economically. This economic strength of the country is because of the hard work of the people and also because of the various policies laid down by the Government.
China is not considered to be the economic leader of the world mainly because the Chinese go about their business without a lot of hype and have achieved great things in the past few years. They have consistently been able to improve their performance on the economic front and have achieved high growth in the past few years. Each quarter of the financial year brings better results, though there have been some minor problems in their economy too. These problems are very minor compared to the problems that are being faced by the other major devel0epd nations.
The control by the Central bank in China on the Chinese economy is also much more than the control that the Central banks of the other countries has on their respective economies. There is less privatization and this has also helped. Though the Chinese were very reclusive in the past because of their Communist background, this has not prevented them from taking advantage of the liberalization and the open market system that is prevalent in the world. The Chinese have started manufacturing products in a big way and this has caused their economy to boom. The number of people who are without jobs is very less in China. This is because of the high amount of manufacturing industries in the country.
So, can we say that China is the economic leader of the world? The truth is that though the economy of China is booming, there are some problems that are faced by the country. One of the problems is that the products that are manufactured in China are not very good. There are a lot of fake products and the quality of the products that are manufactured is not very good. The result is that the people who use these products are not able to get good value for the money that they have spent on the purchase of these products.
Still, because of the growth that the Chinese are showing in their economy, they can be seen as the market leaders, but the growth that is being seen in China may not continue at the same speed forever. All economies go through periods of cyclical correction and the same will happen in China. The ability of the Chinese to recover from these declines in growth needs to be seen. Also, there are other developing nations that are competing with China. Some of them include countries like India and also Brazil which are also growing at a reasonable pace and may start getting ahead of China. So, though China may be the fastest growing country in the world, the country cannot be said to be the economic leader of the world just yet!