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28 Feb, 2021 07:30

China’s economy could double in size by 2035, eclipsing US along the way – Bank of America

China’s economy could double in size by 2035, eclipsing US along the way – Bank of America

In terms of post-Covid recovery, China is one of the fastest growing economies in the world and has a good chance to double its GDP by 2035, according to Helen Qiao, head of Asia economics at Bank of America Global Research.

She told CNBC that some reform measures would help China get there. The doubling of China’s GDP would require an average annual growth of 4.7 percent for the next 15 years. “We think China would be able to achieve it,” Qiao said.

The economist predicted that, in addition to doubling its gross domestic product, the Asian nation will surpass the United States as the world’s largest economy in around 2027 to 2028.

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The Chinese economy expanded by 2.3 percent last year, official data showed. The International Monetary Fund (IMF) has said China will grow 8.1 percent this year. Meanwhile, the United States contracted by 3.5 percent in 2020, according to the latest government estimates. The IMF expects the US economy to grow by 5.1 percent this year.

In a report published earlier this month, Qiao addressed the common concerns – such as aging population, high debt-to-GDP ratio, and the country’s investment-led growth model – that could prevent China from reaching its 2035 economic goals. Those concerns will slow, but not derail, China’s overall growth trajectory, Qiao said.

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