United States vs. China: Comparison of the economic context
USA-China: General economic background
Following the collapse of USSR in 1991, rivalry between both countries emerged. It gathered momentum year after year affecting henceforth all political, economic, financial, security and technological fields. Everything seems to boil down to confrontation with disagreements plainly playing out.
Following “the Great Leap Forward” initiated by Mao between 1958 and 1962, China has completely shifted its course after the Great Helmsman passed away in 1976.
In 1978, the Middle Kingdom started the process of economic modernization as the country embarked on a catch-up strategy with western countries. Its leap forward has been impressive with GDP annual growth rates set above 10% during the period between 2000 and 2010.
Today, China stands as the world’s second economic power, leaving Japan trailing behind. It is the only country capable of challenging USA over global leadership.
Economic indicators: 1980-2000-2017 years
| 1980 | 2000 | 2017 | ||||
|---|---|---|---|---|---|---|
| United States | China | United States | China | United States | China | |
GDP in billions USD | 2 865.6 | 303.7 | 10 284.8 | 1 211.3 | 19 391 | 12 238 |
GDP annual growth rate | -0.20% | 7.80% | 1% | 8.50% | 2.3% | 6.20% |
Number of inhabitants in millions | 227.225 | 981 | 282.162 | 1 262 | 325.719 | 1 379 |
