China and the United States are currently the two largest economies globally. DOK UNAIR’s photo
Since the United States took over from Great Britain in the 1870s, the United States now faces an equally great economic competitor.
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Even according to reports from VOA, China is predicted to overtake the United States economy in the next few decades. This has been predicted by some analysts.
China’s GDP is forecast to grow 5.7% per year until 2025, then 4.7% annually until 2030. According to estimates by the UK Center for Economics and Business Research (CEBR) that China, which is now ranked second in the world, will overtake the US economy ranked second. 1 in 2030.
Launching from belfercenter.org, China has grown rapidly over the past four decades at an average rate of four times that of the US.
When measured at market exchange rates since 2000, China’s GDP has jumped from USD 1.2 trillion to USD 17.7 trillion.
A paper written by Graham Allison noted that China has become the world’s manufacturing workshop, seizing the number 1 trading partner of most countries in the world and establishing itself as the most important link in the world’s critical global supply chain.
This is also in accordance with data released by statisticstimes.com, the US is at the top nominally, while China is at the top in PPP (Purchasing Power Parity) since 2017 after overtaking the US.
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