Two men kneel at the statue of the Bund Bull in Shanghai on December 21.
Photographer: Qilai Shen / Bloomberg
Photographer: Qilai Shen / Bloomberg
According to the Center for Economics and Business Research, the Chinese economy will overtake the US faster than previously expected, after the coronavirus pandemic has weathered better than the West.
The largest and second-largest economy in the world is on track to trade in dollars by 2028, five years earlier than expected a year ago, it said Saturday.
In its World Economic League Table, the consultancy also calculated that China could become a high-income economy by 2023. To further bolster Asia’s growing power, India will rise in the rankings and become the No. 3 economy at the end of the century.
| Ranking (of 193 countries) | 2020 | 2030 | 2035 |
|---|---|---|---|
| U.S | 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 “very possible” that his economy could have doubled 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 blow, but has recovered quickly, according to government data. That should prompt Western economies to pay much more attention to what is happening in Asia, according to the report.
“We tend to compare ourselves to other Western economies and miss what is often best practice, especially in the fast-growing economies in Asia,” he said.