China still needs time to develop

As one of the largest economies in the world, China is being asked by the international community to take a more and more active role in world affairs, ranging from contributing to stabilizing the post-financial crisis global economy to cutting greenhouse gas emission.

Sometimes, Western approach toward China is contradictory or driven by political agenda. For example, in 2005 Chinese oil company CNOOC was prevented by the US government from acquiring Unocal, on grounds of national security. But, during the peak of the global financial crisis, when money was needed urgently, China was allowed - even invited - to acquire a significant stake in Morgan Stanley. Simply put, the Western world now demands that China's entry into the small circle of powerful economies be accompanied by an increased responsibility in world matters.

The question that follows naturally is: "Is China really a global economic power or still a developing nation?" As it is often the case when dealing with China, the answer is: 'it depends'. Luckily, statistics speak for themselves and below I give some basic figures that show the dual characteristics of the Chinese economy.