Rise of China is inevitable: Emergence of global economic power
by Zafar Hussain
BEIJING, July 1 (China Economic Net) – China’s rise in global economic power is a new reality. China is an economic force that is driving the global economy. The world needs to look at China's economic and social progress for forwarding guidance.
Shan Saeed, Global chief economist Juwai IQI, Malaysia told CEN in an exclusive interview that on the auspicious occasion of the 100th anniversary of CPC, he congratulated the efforts of the party that have one theme- carrying about the great rejuvenation of the 1.4 billion Chinese nation.
Shan said he has been following the Chinese economy since 2000, China has made remarkable progress in the areas of the economic, social, and technological landscape.
"China has lifted more than 800 million people out of poverty in the last 35 years and 100 million people in the last 5 years under the strategic leadership of President Xi Jinping. Under President Xi, China has moved at a very fast pace and the whole world is looking towards China for global leadership and diplomatic brinkmanship".
He further said that macroeconomic stability has been the hallmark of Chinese economic growth in the last 43 years. China has zero poverty and has more billionaires in Beijing than in New York, adding that China’s military strength of PLA comes from her economic power which is based on 4 key variables, Human development, Infrastructure development, Technological development, Policy framework development.
Shan mentioned that the Chinese yuan has made colossal strides in terms of global recognition.
"I still remember when I was invited in New York on Jan 7-2011 to speak about Chinese yuan—-currency for the emerging markets. The supine audience did not believe in my insights and only my Nobel laureate professor late Gary Becker from Uni of Chicago Booth, USA liked my deep insights about the currency", he added.
He told CEN that today global investors are very keen to welcome the commencement of digital yuan in the financial markets and monetary landscape and China has made a rapid transformation in the field of AI and 5G since 2013. In 2025, there will be 1.2 billion 5G users, and a third would be coming from China.
"Technology has made economic outlook effective and sturdy. This has led to economic progression at a faster rate, increasing productivity and bolstering the living standards of Chinese people. This has brought about economic and social benefits for all masses at the macro level, making China the second-largest economy in the world with GDP size of $16 trillion", Shan stated.
In his opinion, China will become the largest economy of the world by 2025 with a GDP size of $23 trillion, leaving the USA in second place. The rise of China is inevitable, welcome to the new global power.