China has been embroiled in a bitter trade war with outgoing US President Donald Trump. At the same time, China has shown the most skill in dealing with Corona last year. Corona is thought to have originated in Wuhan, Hubei Province, China. However, the country has returned to the fastest growing trend among the major economies.The United States, on the other hand, is said to have made a mess of Corona. Corona has so far killed about five lakh people in the country. The idea was that China would soon overtake the United States in terms of economic growth.
However, the Economist Intelligence Unit, the research and analysis division of the trade magazine The Economist, does not seem to have a strong idea.They say it will take China at least another 50 years to overtake the United States. Simon Baptist, the company's chief economist, made the remarks in an interview with CNBC.Baptist said China's (potential) per capita income for the International Monetary Fund in 2020 was 10,582. The per capita income of the United States is about six times, হাজার 83,051. With that, the president of the United States has changed. New President Joe Biden is not as whimsical as the former president. "I will not allow any country to overtake the United States," he told a news conference.China is a strong competitor, they may have the goal of becoming the richest country, but it does not seem to be the case in my lifetime. '
Economist Baptist predicts that China will be a source of concern for the United States in the Asian market, even if it cannot overtake the United States as a rich country in the world. According to him, China is a big power in the world market. But who has more power, it will depend on how the two countries will use their power. The economist predicts that by 2030, the entire Asian market will be occupied by China.On the other hand, President Joe Biden is also aware of the loss of influence in Asia. He has given priority to Asian countries in his foreign policy. The administration has hired multiple Asian experts. In addition, Biden is in regular contact with leaders of emerging economies such as Japan, India and Australia. However, relations with China have not improved in that way yet. The two countries have insulted each other in a recent high-level meeting.China had hoped to overtake the US economy by 2034.
Their argument is strong enough. At this time of the Corona epidemic, China has been able to return to growth very quickly. According to the US Bureau of Economic Analysis, China's GDP growth last year was 2.3 percent.Where the US GDP has shrunk by 3.5 percent compared to the previous year.
While Baptist's 50-year theory has made the US administration optimistic, Helen Kiao, a lead researcher at the Bank of America's Asian economics division, is not optimistic.He told CNBC that China's economy would overtake the United States by 2026-28. Kiao is based entirely on per capita GDP. He said that since China has a large population, the per capita income is small when the total domestic income is divided by the population. This does not mean that China lags behind the United States in the economy.