Havana, Cuba. - I remember, not long ago, when little was published about China by a media world that was beginning to globalize. But this country soon started to make the headlines. It became a compulsory reference; an example of economic growth and development. 
 
Today, the Asian giant's economy shines with its own light at international economic forums. The superpower United States spares no effort to stop its accomplishments. Washington´s worst fear is the possible impact of China quitting its fixed exchange rate with US dollars. 
 
The Asian nation is reaping the staggering outcome of many structural reforms, liberalization and a strong State involvement in the projection of the present and future economic development. 
 
The high participation of this economy in international markets is bound to have a distinct impact on diverse variables, both financial and economic. Its GDP amounts to more than 12% of the total and its annual growth rate exceeds 9%.
 
China has become the main recipient of direct foreign investments (DFI). It absorbs more than 30% of the investments directed at developing economies and has overtaken Brazil as first capital destination. 
 
The strong affluence of capitals explains why China’s reserves reach figures close to $ 440 000 millions. 
 
International experts believe that the current value of its currency, the Yuan, can be reinforced by improving the country’s economic integration and enacting further measures.  
 
In this regard, the Chinese Government has been winning ground as a buyer of US financial assets and in the last decade it has absorbed almost 3%. 
 
The growth of Chinese economy has a distinct impact on the rest of the world through trade, particularly in a moment like this, when the Yuan is matched to a dollar obviously depreciated. 
 
Chinese manufactures are admittedly the most competitive in the world market, particularly clothes, footwear and various articles. It is also beginning to stand out in other industrial productions and has already overtaken the highest productive centers of the world automobile industry. 
 
China, as we can see, is everyday news. Its soaring ascent is giving the creeps to capitalist power emporiums, particularly United States and Europe. 

Translated by: Pedro A. Fanego

( 03.12.2009 10:13 AM )