Beijing: China will surpass the United States as the largest economy in less than 16 years, a Chinese economist has predicted.
Qian Yingyi, the dean of the School of Economics and Management (SEM) of the Tsinghua University, said that China would become the world’s largest economy “almost surely before 2020 in terms of purchasing power parity (PPP)”.
“If the real growth rate difference between China and the United States remains at least five percent and the yuan appreciates at an annual rate of at least two percent relative to the US dollar, then China will overtake the United States in less than 16 years or before 2025,” Xinhua quoted Yingyi, as saying.
Yingyi made the remarks at the 16th World Congress of the International Economic Association (IEA) held at the Tsinghua University in Beijing.
The five-day congress was attended by world-renowned economists, including Joseph E. Stiglitz, Eric Maskin, Masahiko Aoki and Wu Jinglian.