China’s Economy to Surpass U.S.
China will probably surpass the United States and become the largest economy in the world by 2030. That’s the finding of a new study, called “Global Trends 2030: Alternative Worlds.” The report, which was issued by the United States National Intelligence Council, paints a faded picture of American prominence.
Justin Logan, the director of foreign policy studies at the Cato Institute, said that the report’s conclusion was not necessarily surprising, yet it could impact the nation’s future political direction.
Logan said, “[W]e’re a big, powerful country that does a lot of things in the world, so even slight changes in how American policy-makers think can have big consequences.”
China’s economy grew 7.7 percent this year, and is predicted to grow nearly 8.5 percent in 2013. Meanwhile, America’s economy grew at only about 2 percent and is expected to grow at about the same rate next year.
The divergence between America and China can also be measured in debt. According to the Treasury department, the United States owes China about $1.15 trillion, and it owes Hong Kong another $135 billion. Analysts suspect that China also owns additional U.S. debt through proxies in the United Kingdom. As America’s debt grows, China’s financial position strengthens.
God prophesied in Deuteronomy 28:44 that foreign countries would overtake modern Israel, including the United States financially: “He shall lend to thee, and thou shalt not lend to him: he shall be the head, and thou shalt be the tail.”
To understand why the Western financial system is failing, read The United States and Britain in Prophecy.