International Financial Institution Predicting China's Economy among the World's Top 3 within 10 Years

2004-02-20

Wilson, senior global economist with the US-based investment bank Goldman Sachs, said while attending the “World 2004 China Annual Meeting” that the global economic center is shifting toward Asia. China's economy will outperform the major developed economies in the world in the following decade and is expected to outperform the US by around 2041 with a 25-fold increase in per capita income.

According to the GS survey, China's GDP growth rate in the coming decades will drop from the current 8% or 9% but still be kept at a relatively high level. At the same time, the four growing economies of China, Brazil, Russia and India are expected to outperform the world's 6 major developed countries in the coming 40 years.

Wilson maintained the world's economic power is now slanted toward Asia. A regional network is currently in formation. Despite the fact that some developed countries regard such changes as threats to them, they will still benefit from the opportunities. The rising of Asia and China will offer enormous opportunities to the whole world, said Wilson, “the mode of trade will finally decide who will be the winner and the loser.”