How We Help China Win the Future

Tuesday, 12 July 2011 20:57

How We Help China Win the Future

Written by PolitiZoid

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Our little China debt isn’t so little anymore. Politicians in Washington can ignore it all they want, but the fact remains. China is now the largest foreign holder of U.S. debt with the grand total reaching $1.16 trillion in December 2010.

This means that we have the privilege of making approximately $27 billion in yearly interest payments straight to the Chinese government. There’s nothing like receiving $73.9 million a day to make you appreciate the full faith and credit of the United States.

The good news is that our investments are really paying off, and China is experiencing remarkable growth. With a GDP of more than $10 trillion and a current growth rate of 10.3 percent, the IMF estimates that China’s economy will surpass that of the United States by 2016.

In 2010 China became the world’s largest exporter. On the flip side, China consumes 53 percent of the world's cement, 48 percent of iron ore, 47 percent of coal, and the majority of just about every major commodity.

China’s published military budget for last year was $114 billion, the second largest in the world. Some speculate that the actual amount spent could be anywhere from two to three times this number, but who’s counting? The latest innovations include a stealth fighter and an aircraft carrier, both welcome additions to the armadas of peace-loving nations.

The moral of the story is that China is winning the future, and we get to help them do it. When global redistribution of power and wealth is the goal, finishing second is never a bad thing.

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