Source: The Diplomatic Insight Published: 2024-08-06

By Muhammad Shariq

Beijing, 6 August 2024 (TDI): China is poised to become world’s largest economy by 2035, with its scientific research and manufacturing capabilities reaching world-class levels across most industries, a report said.

The report, 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’ was released at an international seminar organized at Renmin University of China where national and foreign experts and scholars gathered to envision the China’s trajectory towards 2029 and 2035.

The report highlighted seven key transformations expected in China by 2029 and 2035, with most striking changes taking place in fields of economy, environment, life standard, and national security.

It said economically, by 2029, strategic emerging industries will constitute over 20 percent of China’s Gross Domestic Product (GDP), with more than 40 percent of fortune 500 companies coming from China.

Sergey Glaziev, Vice President of the VEO of Russia, Academician of the Russian Academy of Sciences, said that he was sure that this new era of comprehensive Chinese reforms, which would be based on modernization, will create the core for the new world economic model.

Mohammed Saqib, Secretary General, India China Economic and Cultural Council, said that the global economic landscape will certainly shift. He underlined that this presents both opportunities and challenges for other countries.

It will require a careful cultivation of economic relationships and strategic partnerships, he added.

In terms of quality of life, by 2029, it is expected that China’s Human Development Index will rise to the “very high” category, with average life expectancy surpassing eighty years, Radhika Desai, Professor at the Department of Political Studies, and Director of Geopolitical Economy Research Group, University of Manitoba (GERG), Canada, noted. By 2035, the per capita monthly income is likely to exceed RMB 10,000, she added.

Environmentally, by 2029, China aims to achieve peak carbon emissions earlier than expected, with an annual reduction of more than 400 million tons of greenhouse gas emissions thereafter. By 2035, China will 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.