HSBC: China to become world's largest economy by 2050

17:02, March 21, 2011      

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China will overtake the United States to become the world's largest economy by 2050, said Stuart Gulliver, chief executive of HSBC, during the annual meeting of the China Development Forum 2011 on March 21.

Gulliver said that HSBC predicts that there will be dramatic changes in the global economic structure by 2050, when the combined size of the emerging markets will pass that of developed markets. In fact, 19 out of the 30 largest economies in 2050 will be today's emerging economies, and China will overtake the United States to become the world's largest economy.

Gulliver added that the financial market will continue the roles it has played in China's economic development over the past 30 years.

He said when it comes to the future of the world economy, the disasters in Japan must be mentioned. In the short term, Japan will suffer losses from the disasters, pushing prices of commodities, such as oil and natural gas. The impact of the disasters in Japan will afterwards spread around the world.

Japan has a relatively high savings rate according to international standards, and also its sophisticated financial and capital markets, such as the insurance, stock and bond markets, will all help to stabilize the Japanese economy. This also implies the essential roles played by a sophisticated financial market in a country's economic growth as well as its capacity to cope with disasters.

By Zhang Hongyu, People’s Daily Online

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