The Chinese Economy in the New Era

The “New Era,” a term introduced by President Xi Jinping, may also be identified as the Xi Era, during which China will be transformed from a moderately well-off to a strong and wealthy nation. In the new era, the Chinese Government will undertake to deepen economic reform, widen economic opening, and enhance the quality of economic growth. It is also expected to ensure shared prosperity for all and reduce systemic risks to the economy. Our projections show that by 2020, Chinese real GDP per capita, in 2017 prices, will exceed US$10,000, an economic development milestone. By 2031, Chinese real GDP will surpass U.S. real GDP (US$29.4 trillion versus US$29.3 trillion), making China the largest economy in the world. However, Chinese real GDP per capita will still lag behind the U.S. significantly, amounting to only one-quarter of that of the U.S. By 2050, Chinese real GDP will reach US$82.6 trillion, compared to US$51.4 trillion for the U.S. However, in terms of real GDP per capita, China will still lag significantly behind, at US$53,000, slightly less than the current level of U.S real GDP per capita, compared to US$134,000 for the U.S