In 2016 China will be the 1st World Economy

April, 2013

China is emerging as a real world economic power, to the point that according to the provisions of the Organization for Economic Cooperation and Development, OECD, it will become the first economy already in 2016.

The specialized economic press has released the OECD estimates about the economic future of China. The simulations carried out by the Organisation for Economic Cooperation and Development suggest that China can remain at an average growth of 8% until at least 2020, providing for the Dragon the first place among the world's economies already in 2016. The Paris-based organization provides that the gross domestic product of China will grow by 8,5 and 8% in 2013, 9% in 2014. China grew in 2012 by 7.8%, recording the more modest increase in the last thirteen years.
“It is impressive the fact that China has managed to maintain high growth rates even when many countries were facing tough times.”

Bruce Kasman

Chief economist at JPMorgan Chase

The Optimism of the OECD is in contrast with the predictions made by other international organizations. While recognizing that the ascent of China has been incredibly fast - in fact, about ten years ago, China was the seventh largest economy in the world, then overtook Germany in 2007 and won the third place - in other organizations, the gap between China and the United States, to date the first economy, would still be large and such that it requires at least an additional ten years so that Beijing may reach and, therefore, overcome Washington. The Chinese economy - specifies the OECD study - has weathered the crisis better than virtually any OECD country and is now well placed to enjoy the fourth decade of progress and better standards of life. The same report points out, however, the persistence of "different risks" related to the "fragile" global context, to internal imbalances and excesses in the "extra-budgetary funds" in the public and private sectors, drawing attention to the need for reforms in these areas.