|Chinese economy could double in size by 2035, and surpass the U.S. along the way|
|Author: CSEBA / SEEbiz / CNBC|
|27th February 2021|
|NEW YORK - Chinese President Xi Jinping said last November that it was possible to double the country’s gross domestic product by 2035.|
Some observers said that may be hard to achieve, but Helen Qiao, head of Asia economics at BofA Global Research, said some reform measures would help China to get there.
In addition to doubling its economic size, China would surpass the U.S. as the world’s largest economy around 2027-2028, added Qiao.
China stands a good chance of doubling the size of its economy by 2035 — and surpassing the U.S. as the world’s largest economy along the way, said an economist from the Bank of America.
As China seeks to become an advanced nation, Chinese President Xi Jinping said in November that it was possible to double the country’s gross domestic product and per capita income by 2035.
Doubling of China’s GDP requires an average annual growth of 4.7% for the next 15 years — which some observers said may be hard to achieve. But Helen Qiao, head of Asia economics at BofA Global Research, said some reform measures would help China get there.
“We think China would be able to achieve it,” she told CNBC’s “Street Signs Asia” on Friday.
In addition to doubling its GDP, the Asian economic giant would surpass the U.S. as the world’s largest economy around 2027 to 2028, predicted Qiao.
China was one of the few economies globally that grew in 2020 despite the challenges posed by the Covid-19 pandemic. Official data showed the Chinese economy expanding by 2.3% last year, and the International Monetary Fund has forecast an 8.1% growth for China this year.
Meanwhile, the U.S. economy contracted by 3.5% in 2020, latest government estimates showed. The IMF said the U.S. economy could grow by 5.1% this year.