China Becomes a Superpower?

Abstract

Many argue that the subprime crisis has presented an unplanned opportunity for China to elevate itself further and faster on the global stage, and soon to become a superpower. Indeed, when one looks at China’s rapid growth and its increasing economic impact on the global economy and markets, in contrast to the badly damaged US economy with its financial system crippled by the subprime crisis, the image of a rising Chinese superpower seems logical. The debate over whether the US could maintain its world superpower status was, in fact, started some twenty years ago by a provocative Yale University professor. The subprime crisis has just revived that debate.