Press Esc to close
Saturday 03 December 2016
News updated at 11:35 AM IST
Weather
Max: 26.9°C
Min : 18°C
In Bengaluru
Rain lightly

China could be world's No.1 economy by 2016

Beijing, March 23, 2013 (IANS/EFE):

China could become the world's largest economy by 2016 if it fully implements a series of regulatory, market, socio-economic and tax reforms, the Organization for Economic Cooperation and Development said.

In the presentation here Friday of its latest Economic Survey of China, the OECD forecast that the Asian giant's economy will grow by 8.5 percent this year and 8.9 percent in 2014, higher than most analysts' expectations.

The main short-term risks to the world's second-largest economy, according to the OECD, are weak external demand and inflation, which has risen since the start of the year.

Economic policy changes, which the OECD deems essential to guarantee sustained growth, are already been carried out by the new government, the organization's secretary-general, Angel Gurria, said.
The country is becoming less and less dependent on exports and consumption has recently been a bigger driver of growth than investment, he added.

These changes, along with several still-pending pro-market reforms, are the main ingredients required for China to make the leap to developed-country status, analysts say.

The OECD report expressed optimism about the political will of China's new leaders, President Xi Jinping and Prime Minister Li Keqiang, to implement the needed reforms.

China's economy grew at a 7.8 percent clip in 2012, its slowest pace in more than a decade, mainly due to the economic problems of the European Union and the US, its two largest trading partners.


Go to Top

Photo Gallery
The sunset in Kalaburgi on Friday...

The sunset in Kalaburgi on Friday...

Cricketer Yuvraj Singh and Hazel Keech during their marriage with Hindu rituals in Goa...

Cricketer Yuvraj Singh and Hazel Keech during their marriage with Hindu rituals in Goa...

Protesters throwing stones on police and CRPF amid tear smoke during a clash after Friday...

Protesters throwing stones on police and CRPF amid tear smoke during a clash after Friday...

A CRPF officer firing teargas shell at protesters throwing stones on them during a clash...

A CRPF officer firing teargas shell at protesters throwing stones on them during a clash...

A man with his son holding Kannada flag during the grand procession of 82nd Kannada Sahitya...

A man with his son holding Kannada flag during the grand procession of 82nd Kannada Sahitya...

Indias first indigenous Aircraft Carrier INS Vikrant which was undocked on completion...

Indias first indigenous Aircraft Carrier INS Vikrant which was undocked on completion...

A plane on board INS Vikramaditya during the Navy week celebrations in Mumbai...

A plane on board INS Vikramaditya during the Navy week celebrations in Mumbai...

A man transports sacks of rice in a horse-drawn cart amid the heavy fog in Allahabad...

A man transports sacks of rice in a horse-drawn cart amid the heavy fog in Allahabad...

Collecot of Nagpur Sachin Kurwe paying his last respect to the mortal remains of Nagrota martyr...

Collecot of Nagpur Sachin Kurwe paying his last respect to the mortal remains of Nagrota martyr...

Greater Flamingos fly over Chandlai Lake in Jaipur on Friday morning...

Greater Flamingos fly over Chandlai Lake in Jaipur on Friday morning...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523