Press Esc to close

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

More from this section
Most trending stories
Photo Gallery
Girls taking selfie in front of Gateway of India replica, it is made by Institute of Baking...

Girls taking selfie in front of Gateway of India replica, it is made by Institute of Baking...

Commissioning of Scorpene Class Submarine INS Kalvari at the Naval Dockyard in Mumbai...

Commissioning of Scorpene Class Submarine INS Kalvari at the Naval Dockyard in Mumbai...

Prime Minister Narendra Modi shows his finger marked with indelible ink, as he leaves...

Prime Minister Narendra Modi shows his finger marked with indelible ink, as he leaves...

Congress president-elect Rahul Gandhi meets with the families of fishermen affected by Cyclone...

Congress president-elect Rahul Gandhi meets with the families of fishermen affected by Cyclone...

Uttar Pradesh Chief Minister Yogi Adityanath and Samajwadi Party leader Azam Khan on their way...

Uttar Pradesh Chief Minister Yogi Adityanath and Samajwadi Party leader Azam Khan on their way...

An Indian army paratrooper jumps from a plane carrying an Indian national flag...

An Indian army paratrooper jumps from a plane carrying an Indian national flag...

Women waiting in a queue to cast their votes during the second phase of Assembly elections...

Women waiting in a queue to cast their votes during the second phase of Assembly elections...

Indian Youth Congress workers shout slogans while being detained by the police during a protest...

Indian Youth Congress workers shout slogans while being detained by the police during a protest...

Ghulam Nabi Azad, Derek O'Brien, Anand Sharma, Mallikarjun Kharge, Farooq Abdullah and others...

Ghulam Nabi Azad, Derek O'Brien, Anand Sharma, Mallikarjun Kharge, Farooq Abdullah and others...

Pope Francis receives a credential letter from Sibi George, new Ambassador of India to Holy See...

Pope Francis receives a credential letter from Sibi George, new Ambassador of India to Holy See...

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.