Press Esc to close
Saturday 02 July 2016
News updated at 3:45 AM IST
Weather
Max: 28°C
Min : 20°C
In Bengaluru
Partially cloudy

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
Dark clouds over the Golden Temple in Amritsar on Friday...

Dark clouds over the Golden Temple in Amritsar on Friday...

Thomas Shannon, US Under Secretary of State for Political Affairs prays besides Mother's tomb...

Thomas Shannon, US Under Secretary of State for Political Affairs prays besides Mother's tomb...

An eagle on the premises of the Government Ayurveda College and Hospital in Mysuru on Friday...

An eagle on the premises of the Government Ayurveda College and Hospital in Mysuru on Friday...

Bollywood actors Kalki Koechlin and Imaran Khan during the special screening of short film...

Bollywood actors Kalki Koechlin and Imaran Khan during the special screening of short film...

Muslims offering last Friday prayers in front of Tipu Sultan Mosque in Kolkata during the holy...

Muslims offering last Friday prayers in front of Tipu Sultan Mosque in Kolkata during the holy...

People climb stairs at Agrasen ki Baoli in New Delhi...

People climb stairs at Agrasen ki Baoli in New Delhi...

A priest performs worship near Light Combat Aircraft (LCA) Tejas during a ceremony...

A priest performs worship near Light Combat Aircraft (LCA) Tejas during a ceremony...

Police personnel with the bikes after the launch of 'Rapid Rural Police Response System' at Punjab..

Police personnel with the bikes after the launch of 'Rapid Rural Police Response System' at Punjab..

Thomas Shannon, US Under Secretary of State for Political Affaira visits the country's oldest...

Thomas Shannon, US Under Secretary of State for Political Affaira visits the country's oldest...

A peocock flies at the Rajbhavan in Mumbai on Friday...

A peocock flies at the Rajbhavan in Mumbai on Friday...

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