China was predicted to dominate the United States economically for 10 years. This was written by the American Bloomberg agency against the background of the speech of Chinese President Xi Jinping at the opening of the fifth plenum of the Central Committee of the Communist Party of China.
As part of the meeting, he presented to the meeting participants the draft of the 14th five-year plan for socio-economic development (2021-2025). Since the plenum is traditionally held in a closed format, the details of the plan will be announced later. However, China is expected to focus on technological innovation and environmental improvements.
As the agency writes, if in the coming years the growth rate of Chinese GDP remains at the same level, then the economy of China, which currently ranks second in the world, will overtake the economy of the United States, the current leader of the rating, within a decade.
From January to September 2020, the Chinese economy gained 0.7 percent despite the coronavirus pandemic. The International Monetary Fund (IMF) previously named China the only largest economy in the world to grow by the end of 2020. It is expected that this year, the Chinese GDP will add 1.2 percent, and in 2021 it will grow by 8.2 percent.