China: The next global superpower or a flash in the pan? Economic Overview: Is China's Current Economy Sustainable?I. China is a country whose economic growth is increasing and is expected to continue growing in the years to come. Past data. Current data. Future If China continues on its current economic path, it has the potential to become a very powerful country II. Over the past five years, China's GDP has grown 8% annually. Datai. In 1978 and 1998, gross domestic product or GDP per capita grew at an incredible rate of 8 percent per year. a performance that made China the fastest growing economy in the world during this periodb. What does the data meanc. How does this show what is happening nowIII. What is happening in China right now? What does the economy do? In 2002, the Chinese Communist Party announced its goal of quadrupling per capita income by 2020.ii. Starting from 2000 income levels, this would require a growth rate of 7.2 percent per year in per capita income or close to 8.0 percent of GDPiii.b. What is China doing to promote economic growth? China has significantly increased the percentage of its workforce receiving a college education, and continued growth in this investment in human capital could account for a large portion of the desired growth rate. How they can bring about future changesIV. China's economic future.a. Possible problems. If China develops as a simulation setting, energy consumption will most likely exceed supply. In this case, China's growth as well as that of the rest of the world will stagnate. Insufficient resources, an irrational economic structure and an over-reliance on foreign trade and government investment could put the EU in the middle of the paper. Retrieved April 12, 2006, from http://www.nber.org/books/ease16/iwamoto12-14-05comment-on-kotlikoff.pdf.Rodgers, Y. (January 2006). Asia's race to conquer post-MFA markets: an overview of labor standards, their compliance and their impacts on competitiveness. Retrieved April 12, 2006 from http://www.econ.utah.edu/activities/papers/2006_02.pdfStriving for Sustainable Growth. (February 27, 2004). China Daily. Retrieved April 9, 2006 from http://www.china.org.cn/english/BAT/88647.htm World Bank (2006). Statistics retrieved April 3, 2006 from the World Development Indicators (WDI) database World Factbooks Rank Order-GDP. (nd). Retrieved April 3, 2006 from http://www.cia.gov/cia/publications/factbook/rankorder/2001rank.htmlTable OneSource: Data compiled from the World Development Indicators databaseTable TwoSource: Data collected from from W