I first wrote about China in 2005, predicting amazing growth. I emphasised China not as a threat, but as a series of amazing business opportunities. But I am starting to change my mind…
Figure 1 shows the transformation in China’s fortunes in the period since 1990. It was then home to more than half of the world’s poorest families. In 1990, even though China’s population was 20 times that of the UK, the total value of its GDP was no more than a third of the UK level. The average Chinese family earned just 3% of the average British level. Since then the rise of China has added hugely to global GDP. In the period 2011–16 China alone accounted for 30% of the world’s economic growth.
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