The Center for Economics and Business Research stated that after experiencing a better coronavirus pandemic than the West, China’s economy will be faster than previously expected than the United States.
It said on Saturday that the world’s largest and second-largest economies will have trading volumes in U.S. dollars in 2028, five years ahead of expectations a year ago.
The consulting firm also calculated in its “World Economic Union Table” that China may become a high-income economy as soon as 2023. To further consolidate Asia’s growth potential, India will rise in the rankings at the end of this century and become the third-largest economy. ten years.
Chinese President Xi Jinping said last month that according to the Chinese government’s new five-year plan, China’s economy is likely to double by 2035, which aims to achieve “modern socialism” within 15 years.
According to government data, China was the first economy hit by the pandemic, but it has recovered rapidly. According to the report, this should prompt Western economies to pay more attention to what is happening in Asia.
The report said: “Usually, we compare ourselves with other Western economies and miss the usual best practices, especially in the fast-growing economies in Asia.”