The Asian Development Bank and Fitch, an international rating agency, released reports on December 10, respectively, which raised China’s economic growth expectations for this year and next year.
On the same day, the latest report of the Japan Economic Research Center believes that China’s economy will continue to perform strongly in the future.
Asian Development Bank
Increase China’s growth expectations this year
The Asian Development Bank released an updated report on the Asian Development Prospects 2020 on December 10, which raised China’s economic growth forecast this year to 2.1% from the previously forecast of 1.8%.
The report said that China’s economic recovery was faster than expected. China’s GDP grew 4.9% year-on-year in the third quarter of this year, and China’s economy achieved positive growth of 0.7% in the first three quarters. China’s catering, hotel and other services are also gradually catching up with the pace of the overall economic recovery.
The Asian Development Bank predicts that China’s economy will grow by 7.7% in 2021.
The report analyzes that due to China’s faster-than-expected economic recovery, the economic growth rate in East Asia is expected to reach 1.6% in 2020 and maintain economic growth rate of 7.0% in 2021.
Yasuyuki Sawada, chief economist of the Asian Development Bank, said that the growth prospects of Asian developing economies are also improving. East Asia has basically effectively controlled the spread of the epidemic, and the transportation industry will gradually return to pre-epidemic levels, while the recovery of tourism will lag behind.
Increase China’s growth forecast for next year
Fitch, one of the world’s three largest credit rating agencies, released a report on December 10th local time on the website of the U.S. Consumer News and Business Channel (CNBC) to raise China’s GDP growth forecast for next year to 8% from 7.7% forecast in September.
According to Fitch, data from recent months show that Chinese consumption has recovered significantly, and the catering industry has recovered significantly.
Fitch predicts that global economic growth will shrink by 3.7% this year. In September, Fitch predicted that the figure was 4.4%.
For next year’s global economy, Fitch predicts that the global economic environment is expected to improve in the second half of 2021, with global GDP growing by 5.3% in 2021.
Asian giants rise strongly from the COVID-19 epidemic
On December 10, the Nikkei Asia Review website quoted the latest research results of the Japan Economic Research Center (JCER) as saying that China, an Asian giant, has emerged strongly from the COVID-19 epidemic.
On the same day, the Japan Economic Research Center released the title “Asia in the impact of the coronavirus epidemic: which countries are rising?” Report. The report believes that whether it regards the epidemic as a short-term event or examines the long-term impact of the epidemic on globalization, urbanization and innovation in the next 15 years, China’s rapid success in effectively controlling the epidemic will help its economic aggregate be expected to surpass the United States in 2028 or 2029.
The report predicts that China’s economy will continue to grow at a rate of about 3% in 2035, while the economic growth rate of the United States will remain at about 1% in 2035.
The report believes that China will become a high-income country in 2023 and its per capita income will reach $28,000 in 2035.