Only a half century ago, it was very difficult to predict great China’s development that it is facing today. Simply like nobody thought that Japan could reach the level that the country is on right now, nobody even could forecast the pace of China’s development. According to forecasts of some prominent economic scholars, by the midst of this century China’s economy will grow to about $20 trillion and would be about 4/5 of the United States economy. The income per capita in China can grow to about US$12,000 which is equal to the Korean’s before the Asian financial crisis. GDP of only Hong Kong, Macao, and Guangdong would be equal to France’s GDP. Chinese currency the renminbi will become a one of the major world’s currencies along with euro, U.S. dollar and yen. If they keep up with the pace of development, Shanghai could be world’s financial center. With the renminbi becoming fully convertible in the world, Shanghai could rise to the level of London and New York City.

New technology and knowledge will gradually develop to a high level as the country expands it integration. In couple of generations Chinese scholars and scientists could be a fresh source of brilliant ideas and innovations. China sets up a good base for its future generations, giving a good opportunity for a great number of students to go study abroad and get mostly western ideas and worldviews.

China of course has some difficulties that can result very unpleasant consequences not only for the country but for investors as well. Some possible outcomes are probable failure of the banking system, enormous level of unemployment that can be resulted by the reforms of government enterprises, considerable hardships with the level of the environment. To continue the growth rates China needs creative but at the same time practical leaders. Another great change that might effect China’s future development is changes in values of its citizens. As most of Chinese nowadays adopting the lifestyles of Europeans, Americans, and Japanese China will have a totally different society in thirty years or so. People will desire of better level of life, similar to the level of Japanese and Europeans. Conclusion

A lot of hopes are put into China’s development due to the determination and pragmatism of Chinese leaders. The governing of the country has been positively changing or almost twenty years. China also has a great potential in its younger generation, it is an advantage for those young people to go study abroad and then implement all their knowledge it their home country that still has so many areas that need development. In the best position are those that are in their 20s and 30s. They will be running the country in twenty years when China will be a great industrialized power. It will not be the center of the world, as many like to forecast for China, it will simply be one of the advanced countries.

China now faces one of the most destructive problems that all the developing countries have which is corruption. It is dangerous because it slows down the country’s development and is very difficult to be deterred. Despite all the difficulties that China faces on its crossroads of the development, it has great pragmatic leaders are capable of taking the country up to the new level. China has a great potential to construct modern economy by the 50’s of this century. It will surely become one of the most important countries in the world. It is obvious even now that China will become the largest trading country in the world. Due to its partners China has a great opportunity to become one of the financial leaders of the world. If China stays on the same track of its development and keeps up with its speed it will surely become a very modern and greatly confident country.

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