China: the world's next superpower or a flash in the pan?Economic outline: is the current Chinese economy sustainable?I. China is a country whose economic growth is increasing and is believed to continue to increase in the future. Previous data Current datac. FutureIf China continues on its current economic path, it has the potential to become a very powerful countryII. Over the past five years, China's GDP has grown by 8% per year. Data. In 1978 and 1998 gross domestic product or GDP per capita grew at an astonishing 8% per yearii. a performance that makes China the fastest growing economy in the world in this periodb. What does the data mean? As shown by what is currently happeningIII. What's happening right now in China. What the economy is doing. In 2002, the Chinese Communist Party announced a goal of quadrupling per capita income by 2020.ii. Starting at 2000 income levels, this would require a growth rate of 7.2% per year in per capita income or close to 8.0% of GDPiii.b. What China is doing to promote economic growth. China has substantially increased the percentage of its workforce receiving a college education, and continued growth in this investment in human capital could account for much of the desired growth rate. How they can cause future changesIV. China's economic future.a. Possible problems. If China grows as a what-if scenario, it is very likely that energy consumption will exceed supply. In this case, growth in China, as in the rest of the world, will be stagnant. Insufficient resources, an irrational economic structure and an excessive dependence on foreign trade and public investment could… be a means of paper… and the EU”. Retrieved April 12, 2006, from http://www.nber.org/books/ease16/iwamoto12-14-05comment-on-kotlikoff.pdf.Rodgers, Y. (2006, January). Asia's race to conquer post-MFA markets: a snapshot of labor standards, compliance and competitiveness impacts. Retrieved April 12, 2006, from http://www.econ.utah.edu/activities/papers/2006_02.pdfStriving for Sustainable Growth. (2004, February 27). Chinese newspaper. Retrieved April 9, 2006, from http://www.china.org.cn/english/BAT/88647.htmWorld Bank (2006). Statistics retrieved April 3, 2006 from the World Development Indicators Database (WDI) World Factbooks Rank Order-GDP. (n.d.). Retrieved April 3, 2006, from http://www.cia.gov/cia/publications/factbook/rankorder/2001rank.html Table One Source: Data compiled from the World Development Indicators Database Table Two Source: Data respected by W