China Outruns US in Economic Competition – German Newspaper

China has become the strongest economic power in Asia and the most important trading partner for the neighboring countries, Die Zeit wrote.

China’s rapid economic growth has made it the strongest economic power in Asia and the most important trading partner for its neighbors, the German newspaper wrote.

While the US has military superiority, it has lost its economic position, especially in the Asian region. Most countries, for which the United States was the No. 1 trading partner, have switched over to Beijing who is determined to win the tough competition in the economic field.

According to the newspaper, China continues to systematically expand its economic power. The country is expected to create a "new Silk Road" over Southeast and Central Asia to Europe, by sea and land. Together with the other BRICS countries (Brazil, Russia, India and South Africa) it also has established a new development bank.

However, Beijing's most spectacular project is the Asian Infrastructure Investment Bank (AIIB), which includes 57 countries from all over the world so far, the article said.

Washington views the AIIB as a serious competitor to World Bank and International Monetary Fund, in which the Western countries are still setting the tone. The US tried to prevent European countries from joining the new financial project, but failed. The number of AIIB allies, including key European countries, is rapidly growing despite US attempts to block the institution.