Economic power shifting to Asia from the West?
Today, as much as China is the centre of global manufacturing, India has become the international hub for global service industries. India’s IT and outsourcing exports amount to over US$ 50 billion.
Some scholars predict that global power is ‘shifting’ from the West to the East.
China will have to sustain these growth levels for a long period of time (no country, let alone a large one, has grown at more than 8% over such a long period).