Press Esc to close
Tuesday 27 June 2017
News updated at 3:50 PM IST

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

Beijing, March 23, 2013 (IANS/EFE): 16:56 IST
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
A black kite flies past during Sunrise in New Delhi...

A black kite flies past during Sunrise in New Delhi...

Bollywood actress Kajol with Soundarya and Dhanush during the trailer launch of film VIP 2...

Bollywood actress Kajol with Soundarya and Dhanush during the trailer launch of film VIP 2...

Pakistani women greet each others after the Eid al-Fitr prayers...

Pakistani women greet each others after the Eid al-Fitr prayers...

A Barbary lion cub, stands next to its father 'Schroeder' at the zoo in Neuwied, Germany...

A Barbary lion cub, stands next to its father 'Schroeder' at the zoo in Neuwied, Germany...

Winners of 8th Men Mega Mr. North East and 15th Miss North East 2017, Mary Khemlang (Center)...

Winners of 8th Men Mega Mr. North East and 15th Miss North East 2017, Mary Khemlang (Center)...

Bollywood actors Huma Qureshi and Dhanush during the trailer launch of film VIP 2 Lalkar...

Bollywood actors Huma Qureshi and Dhanush during the trailer launch of film VIP 2 Lalkar...

Muslims offering namaz at historical Taj Mahal on the occasion of Eid-ul-Fitr...

Muslims offering namaz at historical Taj Mahal on the occasion of Eid-ul-Fitr...

Obama and his family arrived last week on the resort island for a vacation...

Obama and his family arrived last week on the resort island for a vacation...

Smoke rises from the ground by charred trees near the access to the Cuesta Maneli beach...

Smoke rises from the ground by charred trees near the access to the Cuesta Maneli beach...

President Pranab Mukherjee receiving Eid greetings from various groups of people...

President Pranab Mukherjee receiving Eid greetings from various groups of people...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.