What will be the economy of China in 2030?

It is estimated that, by 2030, China will overtake the U.S. as the world’s largest economy, with a GDP of 33.7 trillion dollars, compared to 30.5 trillion dollars; this margin of more than three trillion is predicted to increase to almost 13 trillion over the subsequent five year period.

What is the economic future of China?

China remains one of the world’s fastest-growing economies. GDP is projected to expand 8\% this year, as growth rebounds from the pandemic-hit 2.3\% rate last year. Next year, however, growth is expected to ease to 5.5\%.

How has China’s economy changed in the last 10 years?

From 2008 to 2010, China’s real GDP growth averaged 9.7\%. However, the rate of GDP growth declined slowed for the next six consecutive years, falling from 10.6\% in 2010 to 6.7\% in 2016. Real GDP ticked up to 6.8\% in 2017, but slowed to 6.6\% in 2018, (although it rose to 6.8\% in 2017).

Will the Chinese economy overtake the US?

But an overwhelming majority of economists—not to mention experts at the World Bank, the International Monetary Fund, and most large global investment banks—expect China to surpass the U.S. as the world’s largest economy in current GDP terms by the early 2030s.

What is the future of the economy?

The economy has entered a period of supercharged growth, and instead of fizzling, it could potentially remain stronger than it was during the pre-pandemic era into 2023. Economists now expect the second quarter to grow at a pace of 10\%, and growth for 2021 is expected to be north of 6.5\%.

Is China’s economy growing or declining?

China’s economic growth has slowed as a major energy crisis hits production, dragging down industrial activity. The economy only grew 4.9\% in the third quarter, missing expectations for a 5.2\% expansion, according to a Reuters poll of analysts. That’s a sharp drop from a 7.9\% expansion in the second quarter.

How was China’s economy in the past?

China has been the fastest growing economy in the world since the 1980s, with an average annual growth rate of 10\% from 1978 to 2005, based on government statistics. Since the end of the Maoist period in 1978, China has been transitioning from a state dominated planned socialist economy to a mixed economy.

How will consumption shape China’s economy in the next 10 years?

Indeed, China’s economy will rely on consumption to grow, and the consumers spurring that growth will be richer, older and more heterogeneous than they are today. Based on our research conducted in collaboration with the World Economic Forum, we see 10 big trends that will define consumption in China in the next 10 years.

Will China’s economy continue to grow in 2019?

The economy is expected to continue to soften in 2019, with consensus forecasts expecting GDP growth to land somewhere between 6.0 and 6.2 percent this year. Yes, China’s economic engine is cooling down, yet it continues to rack up one of the fastest rates of economic growth in the world.

What is driving China’s economy today?

In this first edition of China Brief, we take a quick look at some of the key drivers shaping China’s economy today. 1. Growth is slowing—but China is still adding the equivalent of Australia every year Economic activity weakened in 2018: Official statistics placed real GDP growth at 6.6 percent in 2018, the lowest rate since 1990.

What does China’s economic boom mean for your business?

It all will have huge implications for multinational and domestic businesses alike. Indeed, China’s economy will rely on consumption to grow, and the consumers spurring that growth will be richer, older and more heterogeneous than they are today.