Do you speak Chinese?

In the year 2011, this is a serious question that most Americans need to think about. This month, the World Bank organization released the estimated Gross Domestic Product (GDP) for over 200 nations and in 2010, China passed Japan to become the second largest economy in the World. China generated over Five Trillion dollars slightly passing Japan by one or two hundred billion dollars. Although the USA is still number one and is two and one-half the size of China’s GDP at over fourteen trillion dollars, China is predicted to pass the USA in fifteen years. China has achieved an incredible growth these past ten years. In 2000, with a GDP of 1.2 Trillion, China passed Italy to become 6th. In 2005, China’s GDP nearly doubled to 2.3 Trillion to pass France and become 5th. In 2006, It passed the United Kingdom and become 4th – remember China was once a British colony. In 2007, It pass Germany to become 3rd. Now some might not be as impressed because China has a population of 1.3 billion people and the average income in 2010 is only $4,300. In the USA, the average income is $47,100 and Japan is $42,500. But the government of China has two Trillion dollars in USA government securities; so it clearly has money to spend. With the USA economy still mired in recession, terribly high unemployment, the largest untapped potential is in China. Do you speak Chinese?

Sources:

http://finance.fortune.cnn.com/2011/02/17/china-is-richer-but-most-chinese-are-still-poor/

http://finance.fortune.cnn.com/2011/02/09/our-dollar-chinas-2-trillion-problem/