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With China's ascent as the world's second-largest economy, it may just be a matter of time before it eclipses the United States in productivity. But will it evolve to become a high-income, consumption-driven economy like the US? Today, Asian economies are producing more than 30 per cent of world output. China's spectacular transformation in less than two decades, producing an estimated 12 per cent of global output in 2009 is certainly indicative of its strong economic potential, given its high population figures and relatively low labor costs.
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