Asia Pacific: Emerging Conflict Zone Between China and The USA.
China’s new five-year plan, RCEP agreement, and how the United States is planning to counter all these new developments in the region.
China has been the world’s largest manufacturing economy, which is almost $4 trillion, the world’s second-largest importer of ($2.08 trillion), and the world’s largest exporter ($2.5 trillion). It has the highest foreign exchange reserves ($3.17 trillion), with 774.7 million available workers, the country has the world’s largest labour force. China also has the largest population globally, making the nation a potentially attractive consumer market. The population’s buying power is growing at a high rate, with more and more people entering the middle and upper-middle class.
China’s 14th Five Year Plan
China’s Communist Party planned its 14th five-year plan, which will be in action from 2021 to 2025. China has turned its economy from a strictly socialist economy into a more liberalized socialist economy. Now 84% of businesses in the country are owned by private companies, and a major portion of the Chinese labour works in private industry.
The reality is that China retains its 10% GDP growth rate, but the trade and…
