Last Updated on December 27, 2020
A formidable economic consultancy firm in the UK is predicting that China will best the United States as the world’s largest economy before 2030. They cite China’s “outperformance” of the US through the COVID event that paralyzed the world economy.
The Centre for Economics & Business Research (CBER), a London-based firm, said it is predicting the value of China’s economy – when measured in US Dollars – to surpass that of the United States by 2028.
CBER did not address China’s continued manipulation of monetary exchange rates and currency values between the yen and the dollar. This market-manipulating activity on the part of the Chinese has been a central focus of President Trump’s policies toward the Communist nation.
The Communist Chinese government is exploiting a totalitarian hybrid Communist-Capitalist economic model that takes advantage of the Capitalist markets while fueling its economic engine with a Communist-controlled workforce and economic sector within the nation.
Analysis: China expected to surpass U.S. economy in 2028 https://t.co/Uk3pdjF2qC
— Microsoft News (@microsoftnews) December 26, 2020
The Communist Chinese government has also been accused of employing slave-labor in the exploitation of its Uyghur population. Human rights groups have determined that the Communist Chinese government has ordered as many as 3 million Uyghur people into the newly built concentration/work camps in Xinjaing.
In CBER’s annual examination of growth prospects for 193 countries, they cited China’s quick recovery from the effects of the COVID pandemic. CBER predicted China’s economy would grow by 2 percent in 2020, as the one major global economy to expand.
Throughout the COVID global event, China has been less than forthcoming about the virus’s effect on the Chinese people. Contamination and death rates are unreliable and it is unclear whether the Communist Chinese government is artificially inflating numbers on a variety of issues.
With the US economy expected to contract by 5 percent in 2020 – mostly due to politically motivated closures of businesses in the run-up to the November 3, 2020 General Election, CBER predicts China will narrow the economic gap with the US.
Globally, gross domestic product is expected to decline by 4.4 percent this year. It will represent the most significant one-year decline since the second world war, which makes the CBER’s economic claims about China all the more suspect.
The UK consultancy claims China’s share of global GDP has increased from 3.6 percent in 2000 to 17.8 percent in 2019 and will continue to grow.
Regardless, the standard of living for the non-elites in China will remain that of a Third-World communist nation, incomparable to the standards of living in the US and western European countries. In the US in 2020, the average per capita income is just over $63,000. China’s per capita income is expected to reach an all-time high of $12,536 by 2023; income that exists at the whim of the Communist Party controlled government in that Asian nation.