China is projected to become the world’s largest economy, with its GDP surpassing that of the United States, by 2035. Two underlying reasons here are the country’s faster economic growth and its more internationalized currency.
The ambitious forecast is one of the 10 predictions outlined for China over the coming decade in a research report titled China’s “Compounding Interest”: High-Quality Development and Outlook for 2035.
The report was jointly released by the Chongyang Institute for Financial Studies at Renmin University of China, along with four other think tanks from the United States, Russia, India and Canada, during a symposium on March 31.
In recent years, China has achieved notable feats in high-quality economic and social development. These achievements are “a manifestation of China’s ‘compounding interest’,” the report read.
