Source: abc.az. Published: 2024-04-01

By 2035, China's economy may become the largest in the world, displacing the U.S. from the 1st place.

ABC.AZ informs with reference to TASS that this is stated in the report on the prospects for development of the Chinese economy, presented by the Chongyang Institute of Financial Studies at the People's University of China.

'If China maintains GDP growth of about 5% per year over the next few years, or at least maintains growth rates above 4% until 2035, then China is expected to likely surpass the U.S. by 2035 and become the world's largest economy,' the report says.

Researchers from India, Canada, China, Russia and the U.S., who jointly prepared the report, noted that China's economic growth is outpacing the growth rate of the U.S. economy. The yuan continues to strengthen, and the degree of its internationalization is increasing, according to the study.

'Developing countries will become the main engine of global economic growth in the future, and their rapid growth could double global GDP in the next decade,' the authors of the study believe.

By the end of 2023, China's GDP grew by 5.2%, and the economy exceeded 126 trillion yuans (about $17.7 trillion). U.S. GDP in 2023 grew by 2.5% to $26.39 trillion.