OECD: China forecast to overtake U.S. by 2016

[dkf]

(Financial Times) - China is on track for a fourth consecutive decade of rapid growth and will overtake the US as the world's biggest economy in 2016 after accounting for price differences, according to a new report by the OECD.

Having slouched to 7.8 per cent growth last year, its slowest in more than a decade, China's economy will rebound to 8.5 per cent growth this year and 8.9 per cent next, the OECD said.

It forecast that China would average 8 per cent growth in per capita terms during the current decade, provided Beijing can implement a series of economic, financial and regulatory reforms, many of which are already in train.

"There is significant scope for further catch-up in China; China has a strong record with respect to several of the key factors for sustaining growth and is well positioned to emulate the record of earlier stellar Asian performers," the OECD said in its survey of the world's second-biggest economy.

http://www.cnn.com/2013/03/22/business/china-us-oecd-2016/

[AverageJoe90]

1. I don't expect them to be on top for very long, though.

There's so many underlying social problems and economic bubbles that are waiting to pop,, that I can't keep track of them all......Let me put it this way: Either China ditches this Mussolinian economic model and governing style in the next decade, or there will be a collapse in the near future, that's pretty much guaranteed.