BEIJING: China will overtake the United States economically within six years, an official research institute predicts, and go on to become the world's most important country in three decades more, state media said yesterday.
The findings came from the Nation's Health Report issued by the Chinese Academy of Sciences, the Global Times said, without giving details of the criteria used for the prediction.
China's economy would be larger than that of the US by 2019, it cited the document as saying, and China's "international status" would exceed that of the US by 2049, the 100th anniversary of the founding of the People's Republic.
"National health" was defined as a country's "overall conditions... using resource sufficiency and wealth distribution as the major criteria", the Global Times said, but did not go into specifics.
China ranked as the 11th "healthiest" country out of some 100 nations, it said, just behind Costa Rica, with Sweden in top position.
The official Xinhua news agency said China was given a national health status of "up to standard", though the US, Japan and Britain were deemed "health deficient".
The report could not immediately be independently obtained from the Chinese Academy of Sciences.
China's stunning economic growth rates, increases in military spending and overlapping security interests in the Asia-Pacific region with the US have sparked concerns the countries could find themselves increasingly at odds in coming decades as they jockey for global influence.
But the Global Times, which has close ties to China's ruling Communist Party, said the document's findings were seen by some as overly nationalistic.
"The report is indicative of an anti-US sentiment in Chinese society," Fang Zhouzi, described as a prominent whistleblower on academic fraud, told the paper.
"It casts the US as a potential threat and links the goals of China's national revival to surpassing the US," he added.
Decades of economic reform and openness to foreign investment have propelled China from a poor, overwhelmingly agricultural country to become the world's second-largest economy behind the US.
International analysts widely expect China's economy, given its high growth rates, to overtake the US in terms of gross domestic product, or total size, some time in the first half of this century, though differ on exact timing and criteria.
But they also see the US as likely to remain wealthier on a per capita basis given China's huge population of 1.3 billion, with that of the US currently at about 315 million.
China economy to overtake US by 2019
China economy to overtake US by 2019
GCC chambers plan Gulf Guarantee project to boost intra-regional trade
DAMMAM: The Federation of GCC Chambers, in cooperation with the Customs Union Authority, intends to launch the Gulf Guarantee Project to provide a unified mechanism for exports and trade transactions and to enhance the efficiency of intra-GCC trade, which reached about $146 billion by the end of 2024, Saleh Al-Sharqi, Secretary-General of the federation, told Al-Eqtisadiah.
Al-Sharqi said, on the sidelines of his meeting with media representatives at the federation’s headquarters in Dammam, that the initiative represents a qualitative leap in supporting intra-GCC trade by facilitating transit movement through a single point, contributing to cost reduction, accelerating the flow of goods, and enhancing the reliability of trade operations among Gulf markets.
He explained that the federation recently launched a package of strategic initiatives, including the Tawasul initiative aimed at strengthening communication among Gulf business owners and supporting the building of trade and investment partnerships, in addition to the Gulf Business Facilitation initiative, which seeks to address challenges facing Gulf investors and traders, simplify procedures, and improve the business environment across member states.
He noted that these initiatives fall within an integrated vision to address obstacles hindering investment and intra-regional trade flows by developing regulatory frameworks, activating communication channels between the public and private sectors, and supporting Gulf economic integration in line with the objectives of the Gulf Common Market.
In a related context, the Secretary-General affirmed the direction of GCC countries to leverage artificial intelligence technologies to support trade and investment flows, stressing the importance of establishing a unified Gulf committee for artificial intelligence to coordinate efforts and exchange expertise among member states. He said the federation will support this direction in the coming phase, drawing on leading international experiences, particularly the Chinese experience in this field.
Regarding the recently announced electric railway project between Riyadh and Doha, Al-Sharqi revealed that technical and advisory committees are working to complete the necessary studies for the project, confirming that it will positively impact passenger and freight movement between the two countries, enhance Gulf logistical integration, and support regional supply chains.
On investment opportunities available to Gulf nationals in the Syrian market, he said the federation is coordinating with private sector representatives in Syria to overcome obstacles that may face the flow of Gulf investments, in addition to working to provide adequate guarantees to protect these investments and ensure a stable and attractive investment environment.
In response to a question from Al-Eqtisadiah about the impact of tariffs imposed by the US on imports of iron, steel, and aluminum, he said that economic and technical committees in GCC countries are continuously monitoring the repercussions of these tariffs on the Gulf private sector, assessing their effects, and taking the necessary measures to protect it from any potential negative impacts.
Al-Sharqi also pointed to the launch of two specialized committees in the transport and logistics sectors and in real estate activities, given their pivotal role and active contribution to Gulf gross domestic product, stressing that developing these two sectors is a fundamental pillar for enhancing economic diversification and increasing the competitiveness of GCC economies.
He added that during the past year the federation held more than 40 meetings and official engagements with Gulf and international entities, participated in nine regional and international events to strengthen the presence of the Gulf private sector on the global stage, and signed 12 agreements and memoranda of understanding with Gulf, regional, and international entities to open new horizons for economic and investment cooperation.
During the same year, the federation launched four digital platforms to support the Gulf private sector, bringing the total number of its digital platforms to eight serving the business community across member states.
The Secretary-General affirmed that the federation will continue working with relevant economic entities to unify procedures and regulations, reduce non-tariff barriers, and accelerate mutual recognition of products and standard specifications, in a way that enhances the competitiveness of the Gulf economy and supports the growth of intra-GCC trade.
