The current GDP of China is reportedly already USD 3.251 trillion. But China is a huge country with a huge population of 1.33 billion. With a per capita income of only around US$ 2,700, China is still a very poor country, a far cry from the US per capita income of US$ 46,000 in 2007. China and the Philippines have per capita incomes of nearly $2,500 and $1,500, respectively in 2007. Both of them are still ranked below the more than 100 countries with higher per capita income and are among the poor countries of the world. But China has more capacity than the Philippines in coping with the crisis and will more than ever regard the Philippines as a profitable client in the vicinity.
BY NOEL SALES BARCELONA
As the world’s stocks free fall and the world economy slides towards the brink of a recession comparable to the Great Depression of the 1930s, the Peoples’ Republic of China appears to be better prepared than others.
China’s economy grew by 9.9 percent during the first quarter of 2008. During the third quarter, growth only slipped to nine percent, with decreasing demand for Chinese exports being the main reason for the slide.
During the October 4 Kapihan sa Sulo on the melamine milk scandal involving China, Chito Sta. Romana, ABC television producer in Peking (Beijing), shared his insights not only about why the melamine milk scandal in China happened but also about China, its economy and politics.
Sta. Romana concluded that China is Leninist in politics but capitalist in its economy; US-Chinese relations are “tied on the hips”; the economy of China is now expanding and it’s tilting the balance in world economic affairs; and it wanted to bring more muscle to emerging economies in Asia like India and Indonesia so that the “monopoly” of power of America will be lessen or dispersed. Sta. Romana also said that China doesn’t want to become an imperialist, like the US.
Bulatlat interviewed Jose Maria Sison, founding chairman of the Communist Party of the Philippines, regarding his views on China and his comments on the insights shared by his former comrade Chito Sta. Romana.