China confidently overtakes America as the world's No. 1 economy by 2032.
The report by the Chinese government forecasts that the trade dispute between this country and the US will be strained in the next five years. "Without excluding the US, we will do everything we can to contain China," the report said.
According to the South China Morning Post on September 2, the report was made by researchers at the Center for Research and Development. The Center for Research and Development is an agency under the State Council - the Chinese Government.
The content of the report shows the confidence of Chinese policymakers, in which the development and rise of this country are "unstoppable".
Chen Changsheng, head of the research team wrote the report, said the trade dispute between China and the US will continue in the next five years.
"It cannot be ruled out that the US will use all possible methods to curb China's growth, including imposing financial sanctions on Chinese companies," said a paragraph in problem statement.
According to Chen's team, the US has many ways to prevent China from moving forward, from confiscating bonds Beijing has bought from the US, forcing other countries to impose technology embargoes on China. Quoc, even excluding China from the US dollar payment system.
"However, those things will not be able to prevent China's economic rise," the report stressed.
China's national gross domestic product per capita could rise to $ 14,000 by 2024, pushing the country out of the "middle income trap" to enter the "high income" category. The size of China's economy will overtake the European Union in 2027 and surpass the US by 2032, the report states.
Chinese researchers estimate that the country's share in the global economy will reach 18.1 percent by 2025, up from 16.2 percent in 2019. Meanwhile, the share of the US will down from 24.1 percent to 21.9 percent over the same period.
Chen is one of the economists who attended a socio-economic symposium hosted by Chinese President Xi Jinping last week.
