Two men kneel next to the Bund Bull statue in Shanghai on December 21.
Photographer: Qilai Shen / Bloomberg
Photographer: Qilai Shen / Bloomberg
The Chinese economy is expected to overtake the US faster than previously anticipated, after overcoming the coronavirus pandemic better than the West, according to the Center for Economic and Business Research.
The world’s largest and second-largest economy is about to trade places in dollars in 2028, five years earlier than expected a year ago, it said on Saturday.
In the World Economic League table, the consultancy also calculated that China could become a high-income economy immediately after 2023. By further cementing Asia’s growing power, India is set to become the No. 1 economy. decade.
| Ranking (from 193 countries) | 2020 | 2030 | 2035 |
|---|---|---|---|
| US | 1 | 2 | 2 |
| China | 2 | 1 | 1 |
| Japan | 3 | 4 | 4 |
| Germany | 4 | 5 | 5 |
| UK | 5 | 6 | 6 |
| India | 6 | 3 | 3 |
| France | 7 | 7 | 7 |
Chinese President Xi Jinping said last month that it was “fully possible” for his economy to double in size by 2035 under his government’s new five-year plan, which aims to achieve “modern socialism” in 15 years.
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China was the first economy to suffer a pandemic, but recovered quickly, according to government data. This should lead Western economies to pay much more attention to what is happening in Asia, according to the report.
“We usually compare ourselves to other Western economies and lose what is often best practice, especially in the fast-growing economies of Asia,” he said.