The Chinese authorities kindly obliged issuing a business visa on an urgent basis as I hopped on to a flight in the evening, attending on the invitation of China Import Export meet at Guangzhou. The restaurants at the official hotels are a barometer of attendees, and the crowds were seemingly thinner, but the crowd at the gates of the events belied any undue apprehensions.
China’s E-commerce is evolving speedily, and food deliverers are plenty. Health care has grown into the second-largest market in the world. Manufacturing stills reigns as a significant generator of employment and revenues for their country. China’s banking sector assets are close to $40 trillion, making it the world’s largest at $27.39 trillion in total deposits.
China was the chosen hub by Nixon and Kissinger, following increased cost of production in Korea, Japan and Taiwan, the three countries which the US embraced after the WW II.
From a US$ 2.7 Trillion GDP in 2006 (equivalent to what India is today), China’s GDP had grown to $ 13.6 Trillion in 2018 with an average 9.5% growth. The current year suffers from a 6.2% growth with no signs of any drastic improvement, following their trade stand-off with the USA.
China has wedged itself as an indispensable part of the economy of many countries, investing heavily on raw material resources and energy in particular. Deep pockets with $3.092 Trillion, China has created world-class infrastructure not only in China but strategically in many other countries, like an airport in Sri Lanka or sea-port in Myanmar, despite underlying fear of its hegemonistic intentions over weaker neighbours.
The manufacturing industry has its undeniable influence of India’s manufacturing sector as well, covering everything from chemicals, Pharma, textiles or telecom equipment. The Chinese manufacturing segment is dominating the entire world so much so that, any sudden turbulence could upset the world trade, which no one wants at this time of uncertainties. China too should stop endorsement of ‘real-like fake models,’ from Jaguar cars to other pilfered technologies, which cost losses of billions of dollar to the US alone.
China is now a world leader in renewable energy equipment, solar panels and systems like inverters, power generators, pumps and motors, construction and earthmoving machinery, small machinery, farm equipment, E-vehicles, chemicals, food and Agri-products. rare-metals and what not under the sky.
To end on a lighter note, only the “Ladies and Gentlemen’ part of the bilingual announcements was all that sounded English, the rest sounding just the same, all Chinese. It is no different elsewhere in Mainland China, the mobile app translators serving as saviours.
I will try to offer a few more posts on China economy and its impact on India’s growth in the next few days.
Sampath Kumar
Intrépide Voix