According to Salvatore Babones, In China today, everything is changing so rapidly that even its own officials may give credence to everything they hear, or much of what they see. According to the study of the National Intelligence Council (NIC), the center of long-term studies of the CIA, China is making rapid steps into a world power, and will the main economic rival, political and military of the United States in 2020. According to (IMF) international monetary fund the economy of China grew at an average rate of 9.6 percent from the year of 1990 to the year of 2010. When inflation initiated, it was feared that china's growth would be hindered. IN the year of 2008 the exports of china collapsed badly leading to the suspicion of political instability. The impact of global recession did not stop there and further has threatened the property bubble. The inflationary pressures have been intensifying. However economists are having a difference in opinion. Some are forecasting a rapid growth in the country in the near future and some are stating that slow growth is bound to continue. Salvatore states that Robert Fogel has proclaimed that China will grow at an average rate of eight percent till the year of 2040. It will also be twice as rich as Europe. China is also said to be 5.6 percent up till in 2050 (www.monthlyreview.org).
According to G. John Ikenberry China has undergone tremendous change in terms of growth. This tremendous growth has changed the status of East Asia. China will undergo massive growth in the decades to come, as well. The author asks questions with regard to what China's future steps are going to be like and whether USA can retain its position as a super power. ...