China is already the worlds largest economy in terms of raw output (PPP terms).
China is already the worlds largest consumer market.
There’s a reasonable chance it exceeds USA in nominal GDP it if it grows at 5+% till 2030. This year they grew at 8.5 %
Given that they are hitting a demographic cliff in a few years, it is not so guaranteed anymore. It will be an interesting next couple of decades for China.
> This year they grew at 8.5 %
A lot of that is real estate, the same real estate that speculators are banking on will sell to poor farmers for a million dollars when they re-locate to cities (and the same farmers who aren't having that many kids anymore...).
Demographic doom is frequently cited for China but I rarely hear about the doom of Europe which has worse demographics. Demographics can be topped up using immigration. Without immigration the US would also be in demographic decline.
The US GDP grew 5.7% last year.
> China is already the worlds largest consumer market.
No it isn’t.
To be fair that's only because it bounced back from the covid impacts in the previous year.It had been hovering around the 2.5% mark for the previous decade.
On the other hand no economist believes the figures that come out of China, they are far too consistent.
