Two men knelt near the Bund Bull statue in Shanghai on December 21st.
Photographer: Qilai Shen / Bloomberg
Photographer: Qilai Shen / Bloomberg
The Chinese economy is expected to outperform the U.S. faster than previously expected after experiencing better coronavirus pandemic weather than the West, according to the Center for Economics and Business Research.
The world’s largest and second-largest economies are set to trade places in dollar terms in 2028, five years earlier than expected a year ago, he said Saturday.
In the World Economic League Index, the consultation also outlined that China could become a high-income economy as early as 2023. By consolidating further growth in Asia, the -India expects to move up the rankings to become the No. 3 economy by the end of the decade.
| Rating (of 193 countries) | 2020 | 2030 | 2035 |
|---|---|---|---|
| US | 1 | 2 | 2 |
| China | 2 | 1 | 1 |
| Japan | 3 | 4 | 4 |
| Germany | 4 | 5 | 5 |
| RA | 5 | 6 | 6 |
| India | 6 | 3 | 3 |
| France | 7 | 7 | 7 |
Chinese President Xi Jinping said last month that it was “fully capable” of its economy doubling in size by 2035 under his government’s new Five-Year Plan, which aims to ” -today ”in 15 years.
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China was the first economy to suffer a disastrous blow, but it has recovered quickly, according to government data. That should encourage Western economies to pay more attention to what is happening in Asia, according to the report.
“We tend to compare ourselves to other Western economies and miss out on what is often best practice, especially in emerging economies. fast in Asia, ”he said.