Another sign is that the “Asian century” has arrived, and this year China is running ahead of the eurozone economy.
China’s gross domestic product is expected to reach about $13.2 trillion in 2018, according to data compiled by bloomberg, with more than 19 countries using the euro totaling $12.8 trillion. In 2017, the euro team outpaced China by less than $200 billion.
David Mann, global chief economist at Standard Chartered Bank in Singapore, said: “it will exceed and continue to exist. “It’s a function of the economic system, the institutional infrastructure, the education and the hard infrastructure — all of which are in favor in Asia.”
, according to data compiled by bloomberg Asia, including Japan and India’s power, and rapidly emerging emerging countries – such as the Philippines and Indonesia in 2016 from the economies of north and South America. And the average growth rate in Asia will be a boon to this huge gap for years.
At a meeting of the National People’s Congress in Beijing, President xi jinping’s ability to maintain steady growth has doubled and lifted his rule. Due to its low wages, xi jinping, trying to from the past, the combination of higher export model in a more balanced, the increase in domestic spending played a bigger role, the world’s second-largest economy is slowing.
To this end, China faces many challenges. It will have to manage ballooning debt, financial markets need to be open to global investors, and governments will have to adapt to a rapidly ageing population. The United Nations estimates that by 2030 a quarter of the population will be more than 60.
Mann expects China to grow at least 6 percent for the rest of the century, and to maintain 5 percent to 5.5 percent of the total by 2020. He said it was hard to say that growth in the eurozone would be more than 2 per cent over the next few decades.
How quickly does China’s economy catch up with the us?
Bank of America Merrill Lynch global economist Aditya Bhave, says although it is not easy to compare growth figures in a lot of time, but a recent clouded over the Chinese economy in Western Europe’s best guesses about the middle of the 19th century. The Maddison project at the university of groningen in the Netherlands was completed.
Mann says China’s rising trajectory will help put the global economy in most of the time in the history of persistent state of the past 150 years is western economies than eastern countries.
Nomura holdings of Singapore emerging market economy director Rob Subbaraman said: “the rise of China as an economic power quickly to – remember it was in the 19th century, the world’s largest economies – has a huge impact.
“China’s impact on global financial markets and commodities is no longer trivial. But according to Subbaraman, the size of the economy also creates economic tensions in terms of market share of trade and investment, as well as foreign policy tensions.