"China will surpass the US to become the world's largest economy"

According to THX, the global industrial data and analysis company IHS based in Colorado (USA) recently stated that China will become the world's largest economy by 2024 because the Asian power's consumer spending is estimated to quadruple in the 2013-2024 period..

In a press release published in London (UK) on September 5, IHS said that with an estimated nominal Gross Domestic Product (GDP) of 28,250 billion USD in 2024, China will surpass the US's figure of 27,310 billion USD, becoming the world's number 1 economy. China's GDP will account for 20% of global GDP in 2025, an increase of 8% compared to 2013.

Chinese export cargo ship. (Source: Business Week)

IHS also predicts that China’s consumer spending will grow at an average annual rate of 7.7%, becoming a key driver of global demand and growth. In other words, China’s total consumer spending will increase from $3 trillion today to $11 trillion by 2024.

However, in a report based on purchasing power parity (PPP) published in April 2014, the International Comparison Program (ICP) said that China will surpass the US and become the world's largest economy sooner than expected, at the earliest this year./.

According to VNA