I thought I was having trouble finding something to write about this week, as everything I was reading was about this G20 and APEC [Asia-Pacific Economic Cooperation] meetings and you know... I don't really get economics. But I eventually realised that that was the story. You know how we all know that China's going to take over the world? Well, apparently it's happening a lot sooner than we thought.
As you may or may not know, depending on your outlook on international politics, the G20 summit took place at some point in Cannes, as did the APEC [in Honolulu, that's right, the top dogs got a holiday to Hawaii] and the big news was meetings between China's current paramount leader Hu Jintao and the man himself, Obama. You can read more about that on your own time. At the summit in general, Hu talked about the need for development in the APEC and the need for equal economic development opportunities. The article is available for you to read here, but the gist I got from it is that China is going to try and develop with a bigger focus on balance and green energy, and countries need to back-off with the protectionism.
If you don't know about Big Hu, here's a little bit for you. Coming from seriously humble origins and rising to power despite his father's denunciation during the Cultural Rev, Hu was a bright pupil and managed to rise through the ranks of the Communist party. Although he's not got much going on in the sparkle department, he has presided over a period of continuous growth in China, cementing it as a world power. And, you know, a scandal free government's always nice. He seems like a sweet guy.
Anyway, during the APEC all eyes seemed to be on China. In the G20 as well, China couldn't help but take the centre stage as European countries look to what is essentially still a developing country for some bailout: China Daily article. And why is this? Why, because China is the most important country in the world all of a sudden. "Yuan to replace Dollar in 10 years" and "US vs China: Who rules?" are just a couple of examples of headlines that have popped up after the first few weeks of November [China - rt]. Being one of the only countries in the world whose economy has not taken a hit but, on the contrary, has steadily increased for over a decade, there are rumours flying that China is going to be number one sooner than we all thought and that the Yuan might soon be the world's reserve currency. Though that might get a bit irritating as their largest note is the equivalent of a tenner.
And the US? Well, apparently they're on the way out and [surprisingly enough] aren't taking it too well. But before you pin me as a sensationalist, here's the article that I'm summarising for you to glance over: http://rt.com/news/us-china-yuan-tension-229/, as well as China post's front page http://www.chinapost.com.tw/china/. So yeah, just so you can't say you weren't warned, China's comin' to get ya'. Good luck to you, westerners!
In other news, here's some Interesting Shorts I found whilst perusing, enjoy!
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