The country with the largest population in the world is China. It currently has 1.3 billion people. It also happens to one of the fastest growing economies in the world.
According to a survey whose quantitative methods have yet to be authenticated, China's economy grew about 17 per cent last year, as compared to its official version of about 8 or 9 per cent. For the year 2005, its economic growth was duly registered as 9.8 per cent. Many observers are of the opinion that the rate is much higher.
It is indisputable it has the largest pool of able-bodied workers on the entire planet. Countries that have been experiencing escalating labour costs have been flocking to China to set up factories to produce their goods, thereby bringing down the price of their goods to make them competitive in overseas markets.
The average life-span of a Chinese living in China is 70.8 years. Those aged 15-67 account for 67.2 per cent of the 1.3 billion population. Its population in 1998 grew by almost 20 million.
China is one of the four oldest civilisations in the world. It has 5,000 years of recorded history but the Chinese will tell you that unofficially it goes back about 10,000 years. In fact, archaelogists are still unearthing relics and structures of ancient palaces till the present day.
There are 56 nationalities in the country. There are about 5,000 family names, of which 200 to 300 are common. The Han race makes up about 91 per cent of the entire population. That leaves the remaining nine per cent for minorities. China also has 50,000 rivers.
Working days in China are from Monday to Friday and working hours are from 8am to 5pm but unofficially people will tell you that in a number of factories, it is 24/7.
The King Kong-sized economic machinery that is presently moving its wheels in China almost never stops. With foreign investors knocking down doors to take advantage of China's ultra-cheap labour, the nation's economy is being stretched to record levels.
Today, China-made products are found in almost every part of the world. They are cheaper, better-made and faster-made than most countries in the first, second and third worlds.
With the statistics recorded, China is expected to be the king of the economic hill in five years, barring all unforeseen circumstances. Much of China is still undeveloped. Mountains and hills occupy about 65 per cent of the landscape. There are heavily industrialised areas in the country but vast swaths are still green.
It has been said that despite the enormous economic strides made by China since the 1980s, problems continued to persist regarding transportation. It is assumed that infrastructure is not up to its desired level.
More than 50 per cent of all investments in the Far East are in China. About 10 years ago, China's per capita growth domestic product was on par with the second most populous nation in the world, India. Today, China is outperforming India in "almost every facet of national competitiveness".
A report in the International Herald Tribune in 2003 states that China is keeping her costs as low as India and is offering "better highways, telecommunications, power supply, airfields and seaports".
India's longtime advantages over China in terms of language (English), competency and democracy are fast-eroding.
About 30 to 40 years ago, Japan was the designated next super economic power but recession and other financial backlashes have taken the wind of Japan's sail, so to speak. At one time before 1997, South Korea was THE country to watch. The ill winds of financial chaos descended on a large part of the Far East in the later years of the 90s and crippled a number of economic "tigers".
However, China weathered the storm pretty well and thus was placed in a strategic position to surge way ahead of the pack.
If all the signs are in favour of China, there's a good chance that China's economic train will be picking up speed as it forges ahead and leaves its competitors "biting the dust".
In less than 10 years, or maybe in five, it will pip the tape ahead of US, Europe and Japan. Currently, all eyes are on China and its runaway economic train. Goods from China are flooding the world markets. They are so cheap that no trader in his right mind will turn them down because the profit margins are irresistible.
The first 10 years of the 21st century will witness the economic miracle of the Far East and all indicators point to China.
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