November 12, 2010 12:18
China's rapidly growing economy will catch up with that of the United States by 2012, a think tank predicts. The Conference Board on Wednesday said China will emerge as the world's largest economy based on purchasing power parity in two years, overtaking the U.S.
The new "Conference Board Global Economic Outlook" issued Wednesday says although the current scale of the U.S. economy of US$15 trillion based on GDP is much larger than China's US$5 trillion, considering the different price levels of the two countries and taking purchasing power parity as a measure, China can overtake the U.S. in 2012. The think tank predicts it will take over 10 years for China to match the U.S. in terms of GDP.
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