China set for No 1 spot by 2030

The World Bank’s chief economist said on Wednesday that China’s economy will probably become the world’s biggest by 2030, when it will be twice the size of the United States, if measured in terms of purchasing power parity (PPP).

“China could maintain GDP growth of 8 percent over the next 20 years, which will make it the world’s biggest economy,” said Justin Lin, senior vice-president and chief economist at the bank. He added that by 2030 the Chinese economy may be approximately the same size as that of the US at market exchange rates in terms of nominal GDP.

Lin made the remarks at the China Economic Development Forum in Hong Kong.

In 2010, China overtook Japan to become the world’s second-largest economy. It has set a target of 8 percent for GDP growth for this year. The country is also aiming to record average annual GDP growth of 7 percent in each of the next five years.

Lin said that by 2030, the country’s per capita income, measured in terms of PPP, may reach 50 percent of the per capita income in the US.

Read more at China set for No 1 spot by 2030

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