China's Economy Set to Overtake U.S. Earlier Due to Covid Fallout
(Bloomberg) - After weathering the coronavirus pandemic better than the West, the Chinese economy will overtake the US faster than previously thought, according to the Center for Economics and Business Research.
The world's largest and second-largest economies are on track to exchange dollars in 2028, five years earlier than expected a year ago, it said on Saturday.
In its World Economic League table, the consulting firm also calculated that China could become a high-income economy as early as 2023. India will further cement the growing power of Asia and by the end of the year the # 3 ranking of economies will improve the decade.
Chinese President Xi Jinping said last month that it was "entirely possible" for its economy to double by 2035 under his government's new five-year plan, which aims to achieve "modern socialism" in 15 years.
China was the first economy to suffer a pandemic strike, but has recovered rapidly, according to the government. This should lead western economies to pay much more attention to what is happening in Asia, the report said.
"Typically, we compare ourselves to other Western economies and miss the best practices, especially in the fast-growing economies in Asia," it said.
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