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Countries can't "own" other countries - but they can own production factors, which would mean that their actual GDP is smaler than ther GNP, making them able to enjoy a higher living standard than they could actually have with their current GDP.|
I hope China will not only increase it's GDP, but also increase it's GNP in the future, which means investing in other countries. Currently, foreign nations own half the production factors in China, which means Chinese are actually working for others. Of every Yuan earned in China, half stays in China, the other half goes abroad - and that's a bad thing, as many Chinese stay poor like this.
If now China can also invest abroad, buy foreign production factors, buy it's own production factors back and provide capital to foreign markets, this misery will end and Chinese economy will finally reap what it sowed.But it's still a long way to go there - currently, ordinary Chinese can't buy considerable amounts of foreign currencies, which is why the government is still the main entity in China that's investing abroad - and governments are always less efficient than people, due to their mere size and their political constraints.