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    elf-sufficient economy. But today with the increasing industrialization, the country has taken over a title given earlier to Britain’s in the nineteenth century, this title was, “the workshop of the world”. No wonder most of the
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    In recent years there is one theme that persistently has occupied economics reports all over the world, that theme is China. The major emerging industrial power in today’s world, with an economy that has been growing in giant steps over the last decade and the first half of this.

    Just as an example, last December (2005), China’s National Bureau of Statistics officially added almost a fifth to the estimated size of the Chinese economy. With this latest revision, China’s gross domestic product (GDP) was over $US2.1 trillion in 2005, making China the world’s sixth largest economy. If we consider an annual economic growth of more than 9 percent, which is a really big number in economics terms, it is likely that China will overtake France and Britain in 2006 to become the world’s fourth largest economy after the US, Japan and Germany.

    Until the early 80s, China had remained a largely agrarian and self-sufficient economy. But today with the increasing industrialization, the country has taken over a title given earlier to Britain’s in the nineteenth century, this title was, “the workshop of the world”. No wonder most of the w

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    ps over the last decade and the first half of this.

    Just as an example, last December (2005), China’s National Bureau of Statistics officially added almost a fifth to the estimated size of the Chinese economy. With this latest revision, China’s gross domestic product (GDP) was over $US2.1 trillion in 2005, making China the world’s sixth largest economy. If we consider an annual economic growth of more than 9 percent, which is a really big number in economics terms, it is likely that China will overtake France and Britain in 2006 to become the world’s fourth largest economy after the US, Japan and Germany.

    Until the early 80s, China had remained a largely agrarian and self-sufficient economy. But today with the increasing industrialization, the country has taken over a title given earlier to Britain’s in the nineteenth century, this title was, “the workshop of the world”. No wonder most of the

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    st revision, China’s gross domestic product (GDP) was over $US2.1 trillion in 2005, making China the world’s sixth largest economy. If we consider an annual economic growth of more than 9 percent, which is a really big number in economics terms, it is likely that China will overtake France and Britain in 2006 to become the world’s fourth largest economy after the US, Japan and Germany.

    Until the early 80s, China had remained a largely agrarian and self-sufficient economy. But today with the increasing industrialization, the country has taken over a title given earlier to Britain’s in the nineteenth century, this title was, “the workshop of the world”. No wonder most of the

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    economics terms, it is likely that China will overtake France and Britain in 2006 to become the world’s fourth largest economy after the US, Japan and Germany.

    Until the early 80s, China had remained a largely agrarian and self-sufficient economy. But today with the increasing industrialization, the country has taken over a title given earlier to Britain’s in the nineteenth century, this title was, “the workshop of the world”. No wonder most of the

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    elf-sufficient economy. But today with the increasing industrialization, the country has taken over a title given earlier to Britain’s in the nineteenth century, this title was, “the workshop of the world”. No wonder most of the world’s toys and shoes together with large portions of its textiles and home electrical appliances are now manufactured in China. The country is also becoming a major consumer of raw materials and energy. In 2004, China consumed 7.4 percent of the world’s crude oil, 31 percent of its coal, 30 percent of its iron ore, 27 percent of its rolled steel, 25 percent of its alumina and 40 percent of its cement. Now you know why commodities are increasing their prices every year.

    Though China’s industrialization model is different to that followed by today’s major industrial countries. Its model is mainly driven by transnational corporations, which use the country as a giant export-processing zone. This is bound up with another economic phenomenon of our time; the rise of gigantic discount retailers in Western markets, particularly in the US. These retailers, with their extensive logistic networks and outlets

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