|
Until the middle of the 19th century, Asia was the economic centre of the world. After the Opium War and the Indian Revolution, it was replaced by Europe and the US. Since the beginning of the financial crisis, the pendulum is swinging back to Asia once again. By 2050, its GDP share is projected to amount for 52% of the world’s economic power. During her visit to China at the beginning of the year 2012, German Chancellor Angela Merkel’s request for financial support for the European rescue package was rejected by the Chinese government. China, long being ill-reputed as a low cost country with questionable human rights and a flourishing imitation industry, has been catching up rapidly. Ailing Europe has become its main target market and thus, the Chancellor‘s appeal for help was not in...
|