(Finn, 41) China is predicted to become a global power and in the coming polarization of the world there would be triple set of polarization, of the U.S. And the west, China and India being the three big countries that would matter in the world. (Virmani, 208) Japan finds no place in the scale of the magnitude of the countries operations. The projection of China's GDP is a good indicator of what would come. The projections show that while the GDP was 7.1 as per Goldman Sachs for 2006-2010 the future prediction by the same agency for 2029-30 was 41. That is a great leap that was predicted. (Finn, 42)

However after globalization the Yuan was being paired in Forex. In January 2009 the treasury secretary of U.S., Tim Geithner, made a statement that China has been manipulating its currency, the Yuan -- and this according to him and other economists say that China is set to change the values of its currency. The outburst came after the Yuan strengthened against the dollar -- to eight Yuan to the dollar back in 2005 which since then pushed up the value of Chinese exports overseas. (Wearden, 8)

Fazle Rashid later on April 16 the same year 2009, reported that the U.S. treasury department stated that China is not manipulating its currency and the same Timothy Geithner in a volt face stated that China has maintained a realistic exchange rate for Yuan. (Rashid, 11) in spite of such controversies, the growth of China and its clout on the world is here to stay.

To conclude, it can be said that in the case of Japan, the growth of Japan after the First World War and until the Second World War was based on industrialization and expansion....

After the Second World war it concentrated on reconstruction and consolidating the Asian and overseas markets. It depended on the input and purchase from other countries for growth. This worked well during the cold war and until the U.S.S.R. collapsed. There after globalization and open economy and the emergence of bigger Asian countries like China and India took away not only its raw materials but the economic clout it enjoys. China is climbing to become the world leader.
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Rashid, Fazle. China not manipulating currency. Financial Express, 16 April, 2009,

pp: 11-12.

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Virmani, Arvind. Propelling India from Socialist Stagnation to Global Power: Growth

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