China stands a good chance of doubling the size of its economy by 2035 — and surpassing the U.S. as the world’s largest economy along the way, said an economist from the Bank of America.
As China seeks to become an advanced nation, Chinese President Xi Jinping said in November that it was possible to double the country’s gross domestic product and per capita income by 2035.
Doubling of China’s GDP requires an average annual growth of 4.7% for the next 15 years — which some observers said may be hard to achieve. But Helen Qiao, head of Asia economics at BofA Global Research, said some reform measures would help China get there.
“We think China would be able to achieve it,” she told CNBC’s “Street Signs Asia” on Friday. In addition to doubling its GDP, the Asian economic giant would surpass the U.S. as the world’s largest economy around 2027 to 2028, predicted Qiao.
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