HSBC: China to be world's biggest economy by 2030

[TaiShang]

HSBC: China to be world's biggest economy by 2030

By Zhu Lingqing | chinadaily.com.cn | Updated: 2018-09-26

A night view of the Pudong New Area skyline with the Oriental Pearl TV Tower and other skyscrapers in Pudong, Shanghai, Jan 22, 2017. [Photo/IC]

China will overtake the United States to become the world's biggest economy by 2030, economists at HSBC Holdings Plc predicted in a study published on Tuesday, Bloomberg reported.

The study also forecasts that China will remain the biggest contributor to global economic growth over the next decade.

It predicts China's GDP will increase from $14.1 trillion today to $26 trillion in 2030, while the GDP of the US will grow slowly from $20.4 trillion to $25.2 trillion.

The forecast stands in sharp contrast to the claim made by US President Donald Trump last month that China was no longer on track to surpass the US in a very short period of time. However HSBC's prediction is backed by another made by the International Monetary Fund in July, which also said China could become the world's largest economy by 2030.

The HSBC study also said emerging markets are expected to contribute to 70 percent of global expansion by 2030.

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Good news for developing countries. They will have a greater chance to develop and grow without a bully interfering and meddling with their internal affairs.

@Viva_Viet , good news, bro.

@+4vsgorillas-Apebane , @Raphael , @AndrewJin , @cirr , @powastick

 

[bolo]

Do not count the chicken before they are hatched.

 

[Viva_Viet]

Nazi also believed they would last for thousand years.

So, try to survive in 2023 first, both Cnese mainland and Twese may have to kikl each other in 2023 civil war

 

[bolo]

Nazi also believed they would last for thousand years.

So, try to survive in 2023 first, both Cnese mainland and Twese may have to kikl each other in 2023 civil war

That's a good thing. Maybe Vietnam can join the party and have a menage a trois?

 

[randomradio]

That's a 5.3% average growth.

 

[AndrewJin]

That's a 5.3% average growth.

No matter what kind of annual growth, China is adding entire supa powa economy every 2-3 years.

 

[tower9]

Honestly, it is crazy how long it is taking China to surpass the US considering it has 1.4 billion people.

 

[TaiShang]

Do not count the chicken before they are hatched.

But business like HSBC or institutions like the IMF have to provide data and make predictions. That's normal for them. It is their job.

After all, China's official policy is, "we are a developing country with millions still living under poverty line."

Even though:

China is the largest energy consumer
Largest car market
Largest transportation hub
Largest trade port
Highest sustained economic growth in record
Largest trading nation, etc.

Yet, China needs time and be regarded as developing nation for a long time to come, considering that, just more than 20 years ago China's GDP was smaller than that of India.

 

[randomradio]

No matter what kind of annual growth, China is adding entire supa powa economy every 2-3 years.

That's not impressive. You should have been adding an India every year by now.

But that's what you get for screwing up your population control.

 

[newb3e]

fakenews Modi will make india biggest economy and rule the world from New Dehli!

 

[randomradio]

Honestly, it is crazy how long it is taking China to surpass the US considering it has 1.4 billion people.

Yep. Had it not been for their one child policy, they would have surpassed the US before 2020.

In fact, back in 2008/09, people were talking about a China exceeding the US economy by 2020. Now that's moved to 2030.

And let's not forget that the US has been picking up pace too. The HSBC report considers an average growth rate of 1.7% until 2030, but they will easily grow well above 3% this year.

Yet, China needs time and be regarded as developing nation for a long time to come, considering that, just more than 20 years ago China's GDP was smaller than that of India.

India's currency underwent a massive devaluation in the 80s.

The same happened between 2011 and 2014 also. Had we introduced capital controls, like China, we would have surpassed Germany's GDP this year.

 

[AndrewJin]

Honestly, it is crazy how long it is taking China to surpass the US considering it has 1.4 billion people.

When US offers 10000 dollars worth of appendicitis surgery while in China 100 dollars, there comes the magic fake Murica GDP, the Surgical Strike style self-inflating way.

 

[Viet]

Nazi also believed they would last for thousand years.

So, try to survive in 2023 first, both Cnese mainland and Twese may have to kikl each other in 2023 civil war

True.Adolf Hitler dreamed of 1,000 year Drittes Reich but in opposite he pushed the country into an abyss with millions of deaths and vast destruction of the entire continent. We hope Xi Jinping won’t surprise us.

 

[GeraltofRivia]

China Will Overtake the U.S. in Less Than 15 Years, HSBC Says
By
Simon Kennedy
September 25, 2018, 7:52 AM EDT

China is on course to be the world’s biggest economy by 2030, according to analysis that challenges Donald Trump’s claim that the U.S. is not about to be overtaken.

The forecast was made by economists at HSBC Holdings Plc in a new study of 75 nations published on Tuesday. It also saw the Chinese as remaining the single biggest contributor to global growth over the next decade.

The projections suggest China’s gross domestic product will stand at $26 trillion in 2030, up from $14.1 trillion today. The U.S. meanwhile will see its GDP rise more slowly to $25.2 trillion from $20.4 trillion.

Just last month, Trump said that China was no longer on track to surpass the U.S. “in a very short period of time.” The HSBC prediction does though gel with that of the International Monetary Fund, which said in July that China could become the world’s largest economy by 2030.

Among HSBC’s other estimates, by 2030:

• India will pass Japan and Germany to become the third-largest economy
• Global output could be 40 percent higher than in 2017 as world growth of just below 3 percent looks sustainable
• About 70 percent of global expansion will be from emerging markets
• Austria and Norway will fall out of the top 30 due in part to their small, ageing populations
• Bangladesh will rise 16 positions to 26, while the Philippines will climb 11 slots to 27
• Africa will have more people of working age than China

www.bloomberg.com/amp/news/articles/2018-09-25/hsbc-sees-china-economy-set-to-pass-u-s-as-number-one-by-2030


This cannot be true. China will collapse in 2019.

 

[haidian]

If we get rid of dollar dominance we can have a bigger GDP the next day. Dollar valued GDP should come to the end in the next decade.