Press Esc to close
Tuesday 09 February 2016
News updated at 3:25 PM IST
Weather
Max: 32°C
Min : 18°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
Devotees gather to take holy dip at Har ki Pauri on the occasion of Somvati Amavasaya...

Devotees gather to take holy dip at Har ki Pauri on the occasion of Somvati Amavasaya...

A view after heavy snowfall in Kufri near Shimla...

A view after heavy snowfall in Kufri near Shimla...

Assam Chief Minister Tarun Gogoi dressed as Lord Ram during the Nagaon Bhaona Samaroh...

Assam Chief Minister Tarun Gogoi dressed as Lord Ram during the Nagaon Bhaona Samaroh...

Pakistani Squash team poses with their medals at the 12th South Asian Games...

Pakistani Squash team poses with their medals at the 12th South Asian Games...

Indian tennis players pose for photographs with their medals...

Indian tennis players pose for photographs with their medals...

Weightlifter Pradeep Singh of India after winning gold in 94 kg wrestling...

Weightlifter Pradeep Singh of India after winning gold in 94 kg wrestling...

Gold medal winner Rajani of India poses after 69 kg wrestling event...

Gold medal winner Rajani of India poses after 69 kg wrestling event...

Gold medal winner Vikas Thakur (C)during medal presentation ceremony of 85 kgs weightlifting...

Gold medal winner Vikas Thakur (C)during medal presentation ceremony of 85 kgs weightlifting...

American warship Antietam in Visakhapatnam...

American warship Antietam in Visakhapatnam...

Delhi Dabang(Red) and Bengal Warriors(Blue) players in action during Pro Kabaddi season 3...

Delhi Dabang(Red) and Bengal Warriors(Blue) players in action during Pro Kabaddi season 3...

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