A study released Tuesday by a U.S. research group concluded that China’s economy will overtake that of the U.S. by 2035. The report, by economist Albert Keidel of the Carnegie Endowment for International Peace, also announced that China’s economy will be twice the size of the U.S. economy by 2050. Under current market estimates, China’s GDP now stands at about $3 trillion, compared to the U.S.’s $14 trillion, reports Rob Lever of AFP. Keidel, a former World Bank economist and U.S. Treasury official, predicts that
China’s financial clout will spill into every conceivable dimension of international relations… [the United States] will have an important secondary influence, like Europe, but it will need to compromise, and its sphere for unilateral action will be increasingly curtailed.
Keidel also added that the Communist Party posed possibly “the greatest barrier to sustained rapid economic expansion” for China.
Photo by keso.