China 'to be world's biggest economy by 2025'
My Comments:
This is a newsd article by the British newspaper Telegraph. Interesting and thought-provoking.
Western media and scholars keep preducting China's reclaiming its ancient position as No. 1 economy.
If true, this phenomenon is an inspiration for all Asia and for all developing nations.
Here's the report below:
China is set to become the world's largest economy by 2025, a report claimed on Monday, while figures showed that the country's services sector slipped in October.
China's services industry, which covers everything from banks, restaurants to internet firms, has weathered the global slowdown much better than the factory sector.
Research by Frost & Sullivan suggested that China is set to become the largest economy in the world by 2025 with a nominal gross domestic product - which is GDP that has not been adjusted for inflation - value of $38 trillion.
Frost & Sullivan identified 10 trends that will accelerate China's economic growth to around 16pc by 2020. These included urbanisation, a larger working age population and investment in broadband.
"By 2025, an estimated 921m people or 65.4pc of China's population, will live in cities, which is about 2.6 times of the United States' total population", says Archana Amarnath at Frost & Sullivan.
She added that the growth in Chinese mega cities will supplement Asia's growing role as the world's financial centre.
The report came as a private survey of China's growing services sector slipped in October, with weaker-than-expected new orders injecting a note of caution after three previous PMI surveys for October showed the world's second largest economy regaining momentum.
