22 Mar '13, 9pm

By 2016, China's economy will overtake the US' and be the world's largest: Report

By 2016, China's economy will overtake the US' and be the world's largest: Report

BEIJING — China’s economy will expand by 8.5 per cent this year and 8.9 per cent in the next, putting it on track to overtake the United States as the world’s biggest economy in 2016 after accounting for price differences, the Organisation for Economic Co-operation and Development (OECD) said yesterday. The assessment, in the OECD’s new Economic Survey of China unveiled in Beijing, was one of the most upbeat of China’s prospects by a major multilateral institution. China’s own official growth target for this year is 7.5 per cent and 7 per cent on average in the five-year plan that runs to 2015. The 161-page survey, the first such report from the Paris-based OECD since 2010, was particularly optimistic about the outlook for investment spending in the world’s No 2 economy. The survey pointed to substantial deficits in rail and road capacity relative to other major economies ...

Full article: http://www.todayonline.com/business/china-overtake-us-2016

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