Why China is the world's new economic superpower

'In 2007, the US accounted for about 20% of the world economy (using purchasing power parity, the most rational metric), Europe about the same, and China around 6%. Now, the US is roughly 15% and declining, Europe is about 14% and dropping faster, while China is north of 20%.' Nassim Nicholas Taleb

This change has happened because China respected labour whilst the West only served Capital. Take a look at the following graph:

That's right, that's the seismic difference between the three continents. In the UK wages even declined by a percent in real terms - in China they have rose 265.5%. It is clear our politicians have got economics disastrously wrong.

Further analysis can be made. In China, theft is stamped out. It is remarkably safer than the UK, Europe and US despite all three being equally if not originally far more prosperous countries.

Secondly, in China much less is spent on military spending.

Thirdly, China is more home-made and export focused and despite its focus on labour, things are still much cheaper there than in the West. China deliberately keeps its exchange rate low to facilitate exports. The US deliberately raises its exchange rate to facilitate imports.

In China, there is still a rural economy, though animal rights remain a huge issue.

China's government implements laws to protect domestic private enterprises, but also creates challenges for foreign firms with opaque regulations and a preferential treatment of local companies. In the US and West, given the way Covid was managed disastrously, private enterprises which weren't monopolies were literally mostly wiped out.

China heavily prioritises education. In my University of Exeter, I took a masters class in economics and 98% of people there were Asian. It is simple, we in the West don't take education so seriously and this effects the economy.

Yes, on one hand China still seems to be a developing economy and growth and wages may eventually slow down, if she copies the West especially. Yes, secondly China has a huge working population whilst in the West the economy is designed in a way to deter young people from having kids, and to instead attract young immigrant workers. Nevertheless, the rate of change economically is so fast that I'm not afraid anymore to say China is the new economic super-power and those wishing to get rich ought to start by learning Chinese.

To combat this change, the West needs to modernise and put a new system in place. The Labour-Capital Parity Project hopes to aid the progress of the economies in Western countries. First though we need very new politics!