Chongyang report: China 'highly probable' to be the largest economy around 2035

Economists from China, the United States and Britain discuss China's high-quality development at the report release ceremony, March 31.

China is highly probable to become the world's largest economy with its GDP surpassing the United States around 2035 on the basis of China's faster economic growth and the increased internationalization of RMB. This is one of the visions from the report China's "Compounding Interest": High-Quality Development and Outlook for 2035 jointly released on March 31 by Chongyang Institute for Financial Studies at Renmin University of China, together with the other four think tanks from the United States, Russia, India and Canada. The report details 10 visions for "China 2035" and China's recent achievements in high-quality development in five major areas, namely new wellbeing, new consumption, new manufacturing, new infrastructure and new services.

Christopher Thomas, nonresident senior fellow at the Brookings Institution, gives a speech.

In his keynote speech, Christopher Thomas, nonresident senior fellow at the Brookings Institution pointed out, "China has a bright future. China has a large population, very large market, very smart and hardworking people. China is well positioned for now in many ways." He suggested "there needs to be a capability upgrade of companies in order to actually be able to use AI and new technologies. Chinese companies need the transition from primarily a hardware derivative model to a software and services technological model. Chinese companies have been fantastic in making stuff in China and need to be very effective at going abroad and selling them to the rest of the world. "