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Thread: China has become a rich nation?

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[quote=GRIZ326,257096]The site I checked said $1434 billion USD as of September, 2007.  That is a boatload...in fact, several boatloads of $$$.

Here are the top - 10 nations:

People's Republic of China $1434 (September)  
Japan $954 (October) 
Eurozone $483 (September) 
Russia $455 (November 9) 
India $271 (November 16) 
Republic of China (Taiwan) $266 (October) 
South Korea $257 (September) 
Brazil $173 (November 13) 
Singapore $158 (October) 
Hong Kong $142 (October) 
Germany $126 (September)

While foreign reserves is one indicator of national wealth an economist would suggest other measures as well.

China has advanced rapidly but I am not certain that China is rich yet; the country has many hurdles to cross before those foreign reserves are national wealth.

I believe the true measure of China's wealth will be raising the standard of living across the country. ...not that I want to see more mobile telephones and automobiles in China... When China has a national standard of living comparable to the other wealthy nations of the world those foreign reserves will be riches.

BTW - The cultural destruction I've observed in China is nothing short of tragic. To my eye, the Chinese people had more of the best things in life (family, friends and satisfaction from simple pleasures) in the 70's ...even though life was much more difficult. But progress has always been a double-edged sword. :-/
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