China to be world's 2nd largest eco
China could surpass Japan by around 2018 to become the world's second largest economy, only to be trailed by the United States, Chinese experts say.
By PTI |
ZHENGZHOU: Despite suffering from some structural deficiencies, China could surpass Japan by around 2018 to become the world's second largest economy, only to be trailed by the United States, Chinese experts say.
This was the common consensus of China's influential mainstream economists who brainstormed during the weekend at Tianheng Island in east China's Shandong Province.
Experts said the economic outlook was conditional on whether the country could swiftly adjust itself to ever-evolving domestic and global circumstances.
The members of Beijing-based China Economist 50 Forum gathered to debate the country's "big development topics of strategic importance" in the coming 10 years, ahead of the 17th Congress of the ruling Communist Party of China, scheduled for autumn.
Some experts said they believed that China faced obstacles, including environmental problems and resource constraints, rising labour costs, imbalanced foreign trade, economic restructuring and an incomplete social security network.
Even "moral degradation" has been taken as "daunting challenge", the experts said, apparently referring to growing official corruption and nepotism.
Despite the challenges, one prediction is that China is on the way to becoming a world-class economic power only after the United States by around 2018.
At that time, China's per capita gross domestic product is expected to surge from the current 1,870 dollars to about 6,000 US dollars, a benchmark between middle- and upper-developed countries.
This was the common consensus of China's influential mainstream economists who brainstormed during the weekend at Tianheng Island in east China's Shandong Province.
Experts said the economic outlook was conditional on whether the country could swiftly adjust itself to ever-evolving domestic and global circumstances.
The members of Beijing-based China Economist 50 Forum gathered to debate the country's "big development topics of strategic importance" in the coming 10 years, ahead of the 17th Congress of the ruling Communist Party of China, scheduled for autumn.
Some experts said they believed that China faced obstacles, including environmental problems and resource constraints, rising labour costs, imbalanced foreign trade, economic restructuring and an incomplete social security network.
Even "moral degradation" has been taken as "daunting challenge", the experts said, apparently referring to growing official corruption and nepotism.
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Despite the challenges, one prediction is that China is on the way to becoming a world-class economic power only after the United States by around 2018.
At that time, China's per capita gross domestic product is expected to surge from the current 1,870 dollars to about 6,000 US dollars, a benchmark between middle- and upper-developed countries.
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