China reminds me of the USA at the turn of the 20th century.
The USA was growing very quickly as they moved from a predominantly agricultural economy to a manufacturing economy.
The wealth creation led to the USA surpassing old Europe in national wealth and by the end of the second World War the USA was able to embark on grand schemes like the Marshall plan.
The thing is that the growth in US manufacturing was primarily to meet internal demand and secondarily to export.
This is what I foresee for China. The internal demand has a very, very, very long way to grow. Export driven growth is currently jaw-dropping but as the internal demand grows due to gentrification and consumerism within the country, I woulds say the most exciting growth is yet to come. Look at Japan since the end of WW2 for an idea of what can happen on a smaller scale, multiply by 10 or 12 for China.
I am talking 50 years here, not the next 2 or 3. I can see a long, long period of economic health for Australia even if there are relative blips in the interim.
All this before we even look at the other three players in the BRIC growth, Brazil, Russia and India.
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