How the Chinese are taking over the world
China is poised to become the biggest economy in the world by 2019, according to new research from Bloomberg Intelligence.
The Chinese government is investing billions of dollars to become an economic power in the next decade, with its government spending an average of more than $400 billion annually.
The country’s total economic output will reach $1.7 trillion in 2019, the researchers estimated.
That’s up nearly 60% from 2016 and well ahead of the $1 trillion mark set by the United States, according a Bloomberg analysis of data from the International Monetary Fund.
China’s economy is also expected to grow faster than the United Kingdom and the United Nations combined by 2020, according the Bloomberg analysis.
China has been trying to catch up to the United $tates for the past decade, when it had the second-largest economy in world behind only the United Arab Emirates, according Bloomberg Intelligence’s analysts.
China, which has spent more than 1 trillion yuan ($1.6 trillion) on government programs and infrastructure, has made significant gains in its efforts to become a major economy, the analysts said.
China surpassed the United Sates as the world’s No. 2 economy in 2020 and surpassed the world as the second largest economy in 2019.
However, China’s growth in the first quarter was only slightly slower than the second quarter, the report said.
Chinese growth in 2020 was about 8.5%, compared with 9.6% in the second and 9.8% in 2017.
The IMF said that China’s economic growth was likely to reach a peak of about 9% by 2022, while that figure was forecast to be even higher in 2023.
The growth of China is driven by massive government investment and a steady flow of foreign direct investment, while domestic demand is booming and domestic infrastructure has improved greatly,” Madani said.”
It’s not just the size, but how it is.
The growth of China is driven by massive government investment and a steady flow of foreign direct investment, while domestic demand is booming and domestic infrastructure has improved greatly,” Madani said.