One of China’s leading investment banks expects the national economy to surpass that of the USA’s in size before the end of the decade, abetted by “systemic advantages.”
Yang Minghui (杨明辉), head of CITIC Securities, said that the investment bank forecasts that China will surpass the United States to become the world’s largest economy at some point around 2028.
Yang made the remarks on 1 June at the CITIC Securities 2021 Capital Markets Forum held in Nanjing.
CITIC Securities also expects China’s per capita GDP to reach that of a mid-tier developed nation by 2035, as long as China maintains average per annum GDP growth of 4.8% over the next 15 years.
According to Yang the “Chinese system has obvious advantages,” including “huge market space and a complete set of industry types,” which means that it “fully has the conditions to achieve this target.”