China poised to become world’s largest economy by 2035; forecast global experts

China Economic Net

Beijing: A report, titled ‘Decisive Battle: The Progress of China’s Comprehensively Deepening Reform and High-Standard Opening Up in the New Era and Prospects for 2029 and 2035’ was released at an international seminar held at Renmin University of China where experts and scholars from home and abroad gathered to envision the country’s trajectory towards 2029 and 2035.

According to the report, “By 2035, China is poised to become the world’s largest economy, with its scientific research and manufacturing capabilities reaching world-class levels across most industries.” It outlined seven key transformations expected in China by 2029 and 2035, with most striking changes taking place in fields of economy, life standard, environment, and national security.

It said economically, by 2029, strategic emerging industries will constitute over 20% of China’s Gross Domestic Product (GDP), with more than 40% of fortune 500 companies coming from China.

“I am sure that this new era of Chinese reforms, which a comprehensive and deepening and will be based on modernization, will create the core for the new world economic mode,” Sergey Glaziev, Vice President of the VEO of Russia, Academician of the Russian Academy of Sciences, told CEN.

“The global economic landscape will certainly shift,” noted Mohammed Saqib, Secretary General, India China Economic and Cultural Council (ICEC), India. He highlighted that this presents both opportunities and challenges for other nations. “It will need a careful cultivation of economic relationships and strategic partnerships,” he added.

“What is the point of engaging in development if it does not lead to massive increases in the standards of living of the ordinary people?” Radhika Desai, Professor at the Department of Political Studies, and Director of Geopolitical Economy Research Group, University of Manitoba (GERG), Canada, raised a question. In terms of quality of life, by 2029, it is projected that China’s Human Development Index will rise to the “very high” category, with average life expectancy surpassing 80 years. By 2035, the per capita monthly income is expected to exceed RMB 10,000.

Environmentally, by 2029, China aims to achieve peak carbon emissions earlier than expected, with an annual reduction of over 400 million tons of greenhouse gas emissions thereafter. By 2035, China will form a green, low-carbon, and circular industrial system, becoming one of the countries with the lowest energy consumption per unit of GDP and carbon emission intensity.

In terms of national security, by 2029, China will be recognized as the country with the highest degree of comprehensive security, achieving milestones such as a manned lunar landing and producing over 100 large aircraft annually. By 2035, China will increase its annual large aircraft production to 500, build ten new overseas support bases, and conduct 200-300 space launches per year.

Hosted by Renmin University and organized by the Chongyang Institute for Financial Studies, the event saw collaboration from the Free Economic Society of Russia (VEO of Russia), the Geopolitical Economy Research Group at the University of Manitoba (GERG), and the India China Economic and Cultural Council (ICEC).