F-22Raptor
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- Jun 18, 2014
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China's economy, once believed to be breathing down the neck of the United States, is losing steam relative to its geopolitical rival.
The World Bank now estimates the world's second-largest economy, as represented in Beijing's official reports, was two-thirds the size of Washington's last year, down from 70 percent the previous year and 76 percent in 2021.
The country's recovery from its yearslong anti-virus policies during the COVID-19 pandemic undershot some analysts' expectations, marred by months of rolling lockdowns, a real estate market on the ropes and declining foreign direct investment.
To eventually supplant the U.S. as the No. 1 economic powerhouse, experts said China needed to maintain a minimum annual GDPgrowth of 5 percent.
China, after reporting double-digit growth for the first two decades this century, likely met that 5 percent threshold last year, according to leading financial institutions like the International Monetary Fund. However, it is forecast to register a modest 4.6 percent in 2024.
Economic analysts previously observed that Chinese leader Xi Jinping's report to the Communist Party's national congress in 2022 included less bullish benchmarks, which he laid out in per capita income rather than in overall GDP—a departure from the lofty goal, announced two years prior, of doubling both GDP and GDP per capita within a decade and a half.
Beijing appears to be "quietly abandoning its ambition" to overtake the U.S. as the world's top economy, Chicago-based economic analyst Houze Song said at the time.
www.newsweek.com
The World Bank now estimates the world's second-largest economy, as represented in Beijing's official reports, was two-thirds the size of Washington's last year, down from 70 percent the previous year and 76 percent in 2021.
The country's recovery from its yearslong anti-virus policies during the COVID-19 pandemic undershot some analysts' expectations, marred by months of rolling lockdowns, a real estate market on the ropes and declining foreign direct investment.
To eventually supplant the U.S. as the No. 1 economic powerhouse, experts said China needed to maintain a minimum annual GDPgrowth of 5 percent.
China, after reporting double-digit growth for the first two decades this century, likely met that 5 percent threshold last year, according to leading financial institutions like the International Monetary Fund. However, it is forecast to register a modest 4.6 percent in 2024.
Economic analysts previously observed that Chinese leader Xi Jinping's report to the Communist Party's national congress in 2022 included less bullish benchmarks, which he laid out in per capita income rather than in overall GDP—a departure from the lofty goal, announced two years prior, of doubling both GDP and GDP per capita within a decade and a half.
Beijing appears to be "quietly abandoning its ambition" to overtake the U.S. as the world's top economy, Chicago-based economic analyst Houze Song said at the time.
Dire economic trend is a huge blow to Xi's China
The gap between the first and second-largest economies threatens to widen as China struggles with "economic long COVID."
www.newsweek.com
