Not only that China is prospering as it took the second largest GDP ranking by the World Bank in 2020, the country is closing the gap with the US in industries, for example, in AI and weapons.1 Nikkei Asia reports that China has more AI cited research studies and surpasses the number of academia papers published in the US, which was a frontrunner of the field in recent years. 2
The technology development occurs hand in hand with the prosperous economy, Ichisada Miyazaki says. 3 And, we are an observer of the history repeating itself.
He pointed out that Renaissance of Song dynasty has economically prospered by the fuel revolution around the 10C. The development of technique consuming coal for developing steal and copper have promoted the production of agricultural tools, various devices, and weapons. These were exported in West Asia trade pouring bulk of silver to the country.
Also, Western industrial revolution took place by the profits coming from the slavery trade and opium trade. Enormous money was invested into steam engine industry to initiate the industrial revolution and made impact on transportation and capital economy, transforming the developing countries to become industrialized societies.
1. Financial Times, October, 23, Asian Edition.
3. History of China, Version 1, Ichisada Miyazaki, P.92.
