Peter Beattie shares these thoughts:
The US economy will slip behind China into 2nd place by 2027 accoarding to Goldman Sachs and behind India in 2043.
China passed Germany in 2007 and recently Japan.
Goldman Sachs predicts China Brazil and India will become the dominant suppliers of manufactured goods and services and Brazil and Russia will become dominant suppliers of raw materials.
President Barack Obama recently visited India Korea Japan and Indonesia but not Australia on his 10-day Asian mission not-withstanding much speculation of a 2010 presidential visit. This sends a clear message to Australia about our place in the world. Obama says Asia is one of the fastest growing markets in the world and his aim is to sell US goods. His visit to India was the longest time he has spent in any foreign country since taking office. Indian deals worth about US$15 billion were announced.
Knowledge-based economic activities now account for 50% of long-term economic growth in advanced industrial countries. This requires government private sector and research investmentment and thinking long-term. China understands this.
The world is changing dramatically and the rate of change is escalating notwithstanding the GFC.