And GDP parity with America is still decades away
on which it becomes the world’s biggest economy. The gap between American and Chinese GDP will be over $8trn in 2023, according to some forecasts. That is a bigger number than last year. According to the latest projections by EIU, our sister organisation, China may have to wait until the 2040s to overtake America.
Productivity offers far greater scope for improvement. For all its eye-catching technological feats, China is still a catch-up economy determined to assimilate knowledge from the rest of the world. American efforts to decouple from China will hurt, but not halt, its progress. China’s lagging firms also have much to learn from the country’s own leading enterprises. China’s state-owned enterprises, for example, have a lower return on assets than their private counterparts.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Prince Harry 'misses family more than ever' this summer after moving to AmericaThe Duke of Sussex and his wife, Meghan Markle, stepped down from Royal duties in 2020, with the couple moving to America.
Read more »
Gunman who massacred 11 people in America's worst antisemitic attack given death penaltyA gunman who killed 11 people at a synagogue in the worst antisemitic attack in US history has been sentenced to death.
Read more »
Young striker heading to America on loanWatford’s 19-year-old Colombian striker Jorge Cabezas Hurtado is to be loaned to MLS side New York Red Bulls.
Read more »
Meet America’s most profitable law firmSet up in 1965, Wachtell is America’s pre-eminent boardroom adviser. Bosses tapped the firm to counsel on transactions worth $100bn in the first half of this year, and paid handsomely for the privilege
Read more »
Meet America’s disguised property investorsThey do not live in the homes they have bet on. Can they live with the bets they have made?
Read more »
America’s firefighters mostly do not fight firesSome of them are a bit lost
Read more »