Two men kneel near the Bund Bull statue in Shanghai on 21 December.
Photographer: Qilai Shen / Bloomberg
Photographer: Qilai Shen / Bloomberg
The Chinese economy is expected to overtake the US faster than previously forecast, after resisting the coronavirus pandemic better than that of the West, according to the Center for Economic and Business Research.
The world’s largest and second economies are in the process of switching places in terms of dollars in 2028, five years earlier than expected a year ago, he said on Saturday.
In its World Economic League Table, the consultancy also calculated that China could become a high-income economy as early as 2023. Further consolidating Asia’s growing power, India must rise in the ranking to become the third economy in the end of the decade.
| Ranking (of 193 countries) | 2020 | 2030 | 2035 |
|---|---|---|---|
| WE | 1 | two | two |
| China | two | 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 is “entirely 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 coup, but it recovered quickly, according to government data. This should prompt Western economies to pay much more attention to what is happening in Asia, according to the report.
“Typically, we compare ourselves with other Western economies and lose what is often best practice, especially in the rapidly growing economies in Asia,” the document said.