The Chinese Century - China Overtakes the U. S. as World's Largest Economy
The International Monetary Fund (IMF) recently released the latest results for the world economy. And when you measure national economic output in "real" terms of goods and services, China will this year produce $17.6 trillion - compared with $17.4 trillion for the U. S., Market Watch reports. The U. S. had the world's highest economy since 1872. In 2000, the U. S. A. produced nearly three times as much as the Chinese. China now accounts for 16.5% of the global economy when measured in real purchasing-power terms, compared with 16.3% for the U. S. China's Gross Domestic Product (GDP)....
Related News
The Agricultural Bank of China, one of the Big Four Chinese Banks, has begun notifying its Bitcoin Exchange clients of upcoming changes to policy. The other 3 “Big Four” banks in China are: The Industrial and Commercial Bank of China, China Construction Bank, and Bank of China. By market capitalization, the Industrial and Commercial Bank of China is the largest bank in the entire world, according to Relbanks 2013 statistics on largest banks in the world. The Agricultural Bank of China is the 6th largest bank in the world by the same measure, outstripping all American Banks besides Wells....
Bitcoin trading has taken China, the world's second largest economy, by storm as Goldman Sachs reported that 80% of the industry trading volumes are in renminbi. After all, an increasing share of the Chinese middle class is pursuing alternative investments, apart from property and equities. According to Bobby Lee, CEO of the world's largest bitcoin exchange BTCChina, Chinese users who like to gamble enjoy the strong volatility in bitcoin prices. For many, buying low and selling high offers the opportunity to make quick profits. Chinese Bitcoin Trading. In addition, Lee also views the rise....
The bitcoin story in China sounds like a mini-metaphor for the Chinese economy itself: while the rest of the world was looking elsewhere, its citizens worked to acquire vast amounts of new wealth before bursting into the headlines only recently as a superpower. As of this November, China is home to the world's largest-volume bitcoin exchange (BTC China), some of the largest mining operations, and could well be leading the global rise of bitcoin. It was in May that China surpassed all other countries with 84,000 bitcoin wallet downloads, a world record few noticed. Then came a half hour....
The huge growth in Bitcoin has almost everything to do with the Chinese's recent interest in the digital currency. According to Bitnodes, it looks like China has overtaken Germany in having the second most Bitcoin nodes in the world, with just over 12,000 being the estimate. China trails behind the United States, which has close to 33,000 nodes at this time - so they've still got some catching up to do. Bitcoin nodes are critical parts of the Bitcoin network. These nodes are typically run by ordinary people or mining groups and are responsible for updating the ledger (block chain) with the....
This article is not the first time that I have covered the Chinese Bitcoin economy. Four months ago, China saw its first major interaction with the Bitcoin community when the One Foundation, the largest independent charity in China, started accepting Bitcoin donations for a disaster relief campaign, and received 230 BTC (then $30,000) within two days. Two weeks after that, China became the first country to overtake the US in BitcoinQt client downloads, and keeps a position of second place to this day. China also has an online discount store accepting bitcoins, a high level of Bitcoin....