Source: Emirates News Agency Published: 2024-08-07

By Rola AlGhoul

BEIJING, 7th August, 2024 (WAM) -- China is set to become the world's largest economy by 2035, with its scientific research and manufacturing capabilities achieving world-class status across most industries, according to a report released at an international seminar at Renmin University of China.

The report, unveiled on Monday, is titled “Decisive Battle: The Progress of China's Comprehensively Deepening Reform and High-Standard Opening Up in the New Era and Prospects for 2029 and 2035,”

As reported by China Economic Net, the event brought together experts and scholars from around the world to discuss China's future trajectory.

The report outlined seven key transformations expected in China by 2029 and 2035, with significant changes anticipated in the economy, living standards, environment, and national security.

Economically, the report projects that by 2029, strategic emerging industries will account for over 20% of China's GDP, with more than 40% of Fortune 500 companies originating from China.

Sergey Glaziev, Vice President of the VEO of Russia and Academician of the Russian Academy of Sciences, stated, “This new era of Chinese reforms, which are comprehensive and modernised, will create the foundation for a new global economic model.”

Mohammed Saqib, Secretary-General of the India China Economic and Cultural Council (ICEC), noted that the shift in the global economic landscape presents both opportunities and challenges for other nations. 'It will require careful cultivation of economic relationships and strategic partnerships,' he added.

Radhika Desai, Professor at the University of Manitoba and Director of the Geopolitical Economy Research Group (GERG), questioned, 'What is the point of development if it does not lead to massive increases in the standards of living for ordinary people?' The report projects that by 2029, China's Human Development Index will reach the 'very high' category, with average life expectancy exceeding 80 years. By 2035, the per capita monthly income is expected to surpass RMB 10,000.

Environmentally, China aims to peak carbon emissions earlier than expected by 2029, with an annual reduction of over 400 million tons of greenhouse gas emissions thereafter. By 2035, China plans to establish a green, low-carbon, and circular industrial system, becoming one of the countries with the lowest energy consumption per unit of GDP and carbon emission intensity.

In terms of national security, the report predicts that by 2029, China will be recognised for its comprehensive security achievements, including a manned lunar landing and the production of over 100 large aircraft annually.

By 2035, China plans to increase annual aircraft production to 500, build ten new overseas support bases, and conduct 200-300 space launches per year.