China and the USA

The recent olympics showed how serious China is at becoming a global superpower and emerging on the world scene as a great super power.

There are three news items which I read over the last week or so which showed China’s prowess at the world scene in three different areas.

The Olympics Medal tally happens to be the first one. China got a massive 51 golds this time and a total of 100 medals and US got 36 golds and a total of 110 medals. Last time around US had the upper hand in terms of golds with 35 golds for China’s 32.

China – Iraq $3 billion oil deal which is the first major oil deal after the fall of Saddam Hussein is really very interesting. Especially with the backdrop of how much the war is costing the US. The giant US and European companies like Shell, Exxon Mobil, Royal Dutch Shell, BP and Chevron are still negotiating with Iraq but it seems they have been nudged by China for the first major oil deal.

China is one of the biggest creditors of the United States. China’s share in the US debt is $503 billion and it is second only to Japan. Economists within and outside US are worried at the pace with which US debt has increased over the years. Will this be China’s gain?

Is it just China’s lucky week or is the tide turning?

Manshu Verma

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