A new study from the Carnegie Endowment for International Peace forecasts that the Chinese economy will be larger than the U.S. by 2035.
That forecast doesn’t surprise me one bit, but the most important nugget of information in the study was the realization that the key to China’s growth is its own domestic consumption and not international exports.
“Because its success in recent decades has not been export-led but driven by domestic demand, its rapid growth can continue well into the 21st century.”
Anybody worried that a U.S. recession will kill the China growth story is just dead wrong.
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