China's economy likely to surpass the US by 2035
(Baonghean.vn) - According to international experts, by 2035, China will be able to surpass the US in GDP and become the world's largest economy. In addition, developing countries in general will soon become the main driving force for global economic growth, Global Times reported.
According to RT on April 2, Global Times reported that by around 2035, China will surpass the US in GDP, becoming the world's largest economy. This forecast was recently published by the analysis center, including experts from 5 countries: the US, Russia, Canada, India and China.
The report also pointed out that China's steady and promising growth rate will contribute to the overall development of the global economy. Experts believe that Beijing will maintain strong growth momentum in 2024 and achieve its annual growth target while addressing existing challenges.
According to the Global Times, China is likely to surpass the US if it maintains GDP growth at around 5% in the next few years, and at least 4% in the following years, until 2035. This forecast is built taking into account the increasing exchange rate of the yuan, and the world market is increasingly moving towards using this currency.
China's modernization is built on promoting innovation, deepening reform, and promoting green development through the introduction of high-quality new productive forces.
"To develop new economic growth drivers, China will strive to modernize its industrial system and develop new high-quality productive forces," the Global Times wrote.
Some Western countries have criticized Beijing’s strategy of creating a new, high-quality manufacturing workforce because the West has not focused enough on consumption, Global Times said. They also accuse China of flooding the world market with cheap products, and now even in the high-tech sector. In fact, however, domestic consumption continues to rise, and more and more Chinese are being lifted out of poverty.
According to experts, Chinese investment is much more efficient than American investment. Moreover, China is already a larger economy than the US, in terms of per capita purchasing power.
The experts' report also said that developing countries will become the main driving force for global economic growth, and their high growth rates could help double global GDP in the next decade./.
