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COME 21 During the majority of the 20th century the United States has been able to maintain its position as the World economic leader without too much fear of losing the position Recently however the threat of being dethroned as king of the hill has become a major issue Japan whos economy grows constantly is generally regarded as the country that will succeed the United States in this capacity but recent studies have suggested that China is growing faster than any country in the industrialized world at the present time Economist speculate that if future growth rates continue to rise just as dramatically as they have been China will have surpassed Japans economy by the year 2005 and the United States by 2020 Batterson Analyst Murry Weilbaum suggests a number of scenarios for Chinas economic domination in the coming Century In the first scenario Weilbaum sees China completing its move towards a market-based economy and privately run businesses Within the coming decade it overtakes Japan as the largest economy of Asia and by the year 2020 surpasses The United States economy Weilbaum further explains this scenario by suggesting that Hong Kong would be successfully incorporated into the Peoples Republic of China and stronger economic and cultural ties are developed with Taiwan China also reorganizes it has inefficient state owned firms adopts a modern legal system and establishes a commercial banking system Batterson In Weilbaums second scenario China reverts to a fully communist country In this he explains that everything goes wrong After the death of Deng Xiaping the hard liners take control the special economic zones established by Deng would remain with further restricted rights and privileges and no new zones would be created There would be an end to the foreign investment privileges the rich and vibrant economy of Hong Kong would be squeezed and the military power would increase becoming a serious threat to Taiwan Lastly in this scenario New
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