The EU has its global pretensions, but is unlikely to emerge as a superpower with the military might it needs to be effective a long way from home. A much more effective competitor to the US, potentially a major global player, is rising in the Far East. In recent years the Chinese economy has grown at a staggering 9% per annum. It has already overtaken Italy to become the world’s sixth largest economy, and will soon pass the size of France and the UK at market exchange rates. By the next decade it will be larger than Germany, in third place, poised to overtake Japan.
KeywordsForeign Investment World Trade Organisation Purchasing Power Parity Chinese Economy Foreign Exchange Reserve
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