Quick and sustainable growth: European and Chinese developments

Olaf Pollmann ()
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Olaf Pollmann: SCENSO Civil and Environmental Engineer Sankt Augustin, Germany

Society and Economy, 2012, vol. 34, issue 1, 3-11

Abstract: China is the second biggest trading nation in the world — number one as trade exporter and number two as trade importer. Behind the USA, China has the second strongest economy with a gross domestic product of almost 5 trillion USD in 2009. Despite the global financial crisis the Chinese economy was and is still drastically growing with three main focus areas: increase in labor costs; increasing demand for qualified labor; and a high grade of technology. Linked to the future 12th five-year-plan, China is going to spend 1.5 billion dollars in key-technologies like nuclear power, high speed railway systems, aerospace, energy efficiency, environmental friendly technologies, biotechnologies and information technology. China is trying to change its status from distributor to a leading high-tech provider with high potential. This implicitly means a higher consumption of natural resources and more highly qualified employees. However, the shortage of natural resources poses a great question. Prognoses say that we will need two Earths to cover our steadily rising resource consumption in 2030. To provide this, the economy has to work much more efficiently and regarding climate and resource protection even a total change is necessary. Due to this, Europe’s and China’s future will need a common economic and ecologic strategy to fulfill international requirements of sustainable growth within balanced natural circumstances.

Keywords: sustainable growth; resource management; future technologies; China (search for similar items in EconPapers)
JEL-codes: F43 F59 O31 O44 (search for similar items in EconPapers)
Date: 2012
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