tirsdag 19. januar 2021

China to seize economic crown from US years early on COVID success

It's a milestone heralding a long-expected pivotal shift in the global balance of power: China passing the U.S. as the world's largest economy. But thanks to its success against the coronavirus pandemic, that year may arrive much quicker than thought, perhaps in 2028.

China has more or less succeeded in containing COVID-19 and has turned its focus back to economic growth, while the U.S. and many other developed countries still struggle to bring the disease under control. Experts believe that China's head start could have a long-term impact on the global economic order and strengthen its standing in a post-coronavirus world.

Chinese gross domestic product grew a real 6.5% on the year for the October-December quarter, the National Bureau of Statistics announced Monday. Full-year growth for 2020 came to 2.3% -- China's worst in 44 years but the only positive showing among the world's leading economies.