Q If Xi delivers on growth-boosting reforms, and his US counterpart President Joe Biden is unable to push through his proposals for renewing infrastructure and expanding the workforce, forecasts from Bloomberg Economics suggest China could grab the top spot – held by the US for well over a century – as soon as 2031. When will China rule the world? Maybe never - AFR 6 July 2021 Not on Biden’s Watch “That’s not going to happen on my watch,” Biden said when he was asked about China’s ambition to take the global top spot. “Because the United States is going to continue to grow.” For the U.S., as for China, the path to faster growth lies through expanding the workforce, upgrading the capital stock and innovating on technology. Biden’s infrastructure and family plans represent trillion-dollar down-payments on doing just that. By lifting U.S. growth onto a faster track, they could delay China’s ascendency. Drawing all these strands together, Bloomberg Economics has constructed scenarios for the outcome of the U.S.–China economic race. If everything goes right for China—from domestic reforms to international relations – then it could start the next decade neck-and-neck with the U.S.—and then accelerate into the distance.
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If Xi delivers on growth-boosting reforms, and his US counterpart President Joe Biden is unable to push through his proposals for renewing infrastructure and expanding the workforce, forecasts from Bloomberg Economics suggest China could grab the top spot – held by the US for well over a century – as soon as 2031.
When will China rule the world? Maybe never - AFR 6 July 2021
Not on Biden’s Watch
“That’s not going to happen on my watch,” Biden said when he was asked about China’s ambition to take the global top spot. “Because the United States is going to continue to grow.”
For the U.S., as for China, the path to faster growth lies through expanding the workforce, upgrading the capital stock and innovating on technology. Biden’s infrastructure and family plans represent trillion-dollar down-payments on doing just that. By lifting U.S. growth onto a faster track, they could delay China’s ascendency.
Drawing all these strands together, Bloomberg Economics has constructed scenarios for the outcome of the U.S.–China economic race.
If everything goes right for China—from domestic reforms to international relations – then it could start the next decade neck-and-neck with the U.S.—and then accelerate into the distance.