China could overtake the US by 2035 and become the world's largest economy
Economy
According to a report by the Chongyang Institute of Financial Studies at the People's University of China, this could happen if China maintains GDP growth at around 5% per year for the next few years or at least sustains growth rates above 4% until 2035.
China's economy could become the world's largest by 2035, displacing the US from the top spot. This is stated in a report on the prospects for the development of the Chinese economy presented by the Chongyang Institute of Financial Studies at the People's University of China.
The report said that if China maintains GDP growth of around 5 per cent per annum over the next few years, or at least maintains a growth rate above 4 per cent until 2035, it is expected that China is likely to surpass the United States to become the world's largest economy by 2035.
Researchers from India, Canada, China, Russia, and the US, jointly preparing the report, noted that the pace of China's economic growth exceeds the pace of US economic growth. The yuan continues to strengthen, and its degree of internationalization is increasing, as indicated in the study.
According to the authors of the study, developing countries will be the main engine of global economic growth in the future, and their rapid growth could double global GDP in the next decade.
By the end of 2023, China's GDP grew by 5.2%, exceeding 126 trillion yuan (around $17.7 trillion). The US GDP grew by 2.5% in 2023, to $26.39 trillion.
The report said that if China maintains GDP growth of around 5 per cent per annum over the next few years, or at least maintains a growth rate above 4 per cent until 2035, it is expected that China is likely to surpass the United States to become the world's largest economy by 2035.
Researchers from India, Canada, China, Russia, and the US, jointly preparing the report, noted that the pace of China's economic growth exceeds the pace of US economic growth. The yuan continues to strengthen, and its degree of internationalization is increasing, as indicated in the study.
According to the authors of the study, developing countries will be the main engine of global economic growth in the future, and their rapid growth could double global GDP in the next decade.
By the end of 2023, China's GDP grew by 5.2%, exceeding 126 trillion yuan (around $17.7 trillion). The US GDP grew by 2.5% in 2023, to $26.39 trillion.
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