China's economy set to overtake USA earlier due to virus fallout…

China’s economy set to overtake USA earlier due to virus fallout…

China’s Economy Set to Overtake U.S. Earlier Due to Covid Fallout Read full article December 26, 2020, 8:05 AM · 1 min read
(Bloomberg) — The Chinese economy is set to overtake the U.S. faster than previously anticipated after weathering the coronavirus pandemic better than the West, according to the Centre for Economics and Business Research.
The world’s biggest and second-biggest economies are on course to trade places in dollar terms in 2028, five years earlier than expected a year ago, it said on Saturday.
In its World Economic League Table, the consultancy also calculated that China could become a high-income economy as soon as 2023. Further cementing Asia’s growing might, India is set to move up the rankings to become the No. 3 economy at the end of the decade.
Chinese President Xi Jinping said last month it was “entirely possible” for his economy to double in size by 2035 under his government’s new Five-Year Plan, which aims to achieve “modern socialism” in 15 years.
China was the first economy to suffer a pandemic blow, but has recovered swiftly, according to government data. That should prompt Western economies to pay much more attention to what is happening in Asia, according to the report.
“Typically, we compare ourselves with other Western economies and miss out on what often is best practice, especially in the rapidly growing economies in Asia,” it said.
For more articles like this, please visit us at
Subscribe now to stay ahead with the most trusted business news source.
©2020 Bloomberg L.P. This is what fundamentals and technicals say about Qualcomm stock now amid a truce with Apple, 5G leadership, and the coronavirus outbreak. 2d ago How much will you get — and when? And what about President Trump’s opposition? 17h ago MarketWatch I’m 63, my husband is 70, we’ll have $90,000 a year in retirement — how can we claim our Social Security benefits? It will certainly be something to celebrate, and that you’ve already figured out what your retirement income will be is a great start. Americans qualify for survivor benefits in a few scenarios, including if they are a widow or widower age 60 or older; a divorced spouse from a marriage that lasted 10 years and who did not remarry before age 60; or a widow or widower at any age caring for the deceased’s child under age 16. Spousal benefits can be very confusing, said Kate Gregory, a financial planner and president of Gregory Advisors Inc. As a spouse, you’re entitled to 50% of your husband’s primary insurance benefit that he’d receive at his Full Retirement Age (FRA, which in his case is 66 years old), but he has to have filed for his benefits before you can do so. 15h ago Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. So what are the best stocks to buy now or put on a watchlist? 13h ago CoinDesk Year to date bitcoin is up more than 270%. 5h ago MarketWatch I’m 52, won’t live past 80 and have $1.6 million. ‘I am tired of both the rat race and workplace politics.’ Should I retire? I can easily live on a $60,000 budget (including taxes) but often it is less than that. Health insurance is probably one of the most crucial — if not the most crucial — consideration you’ll need to make before you leave your job. 14h ago MarketWatch I’m 65, have $500,000 in cash, no ‘impressive’ work résumé and am terrified of investing — can I retire? Now the bad news: – Other than anticipated Social Security (approximately $1,300/month if I wait until full retirement age, $1,200/month if I retire at 65), I have no pension or other income streams. – I don’t have an impressive work résumé that could lead to lucrative employment in retirement. Is there some way I can make $500,000 in savings last, especially given the abysmally low interest rate environment? 12h ago Beijing is targeting the e-commerce giant and its co-founder. Regulators are likely to go after other companies too. 20h ago Supercharged Nio stock taps demand for electric cars. Here is what the fundamentals and technical analysis say about buying Nio shares now. 2d ago Apple Is One of Barron’s Top Stock Picks for the New Year. Here’s Why. FEATURE This article is an excerpt from Barron’s 10 favorite stocks for 2021. To see the full list, click here. (AAPL) has been a juggernaut in 2020. Its shares have climbed 74%, to a recent $128, on its way to a world-leading $2. 1d ago As investors look ahead to an uncertain year, one thing stock analysts appear to be certain about is that we’re in for more market volatility in 2021. 23h ago There are six types of retirees — which are you? New retirees are like recent college graduates — they’re on their own after years of the same routine, and they have to find a new path to follow. This type of retiree ventures into the unknown, taking on a new job they’ve never done before. 11h ago Investor’s Business Daily As the stock market rally pauses, Apple stands out, while Microsoft shapes up. Elon Musk said Tesla deliveries are near a “historic milestone.” 9h ago Lockheed Martin stock is forming a base as the defense giant acquires a top developer of space and missile technology. 2d ago In the past, it has paid to buy Berkshire after bad stretches, even the 1974-75 bear market and the 1999 tech bubble. 2h ago Ohio Teachers Pension Fund Bought GM, Alibaba And Sold Tesla, Apple in Q3 The State Teachers Retirement System of Ohio, or STRS Ohio, offloaded some Tesla Inc (NASDAQ: TSLA) and Apple Inc (NASDAQ: AAPL) shares and snapped up more of General Motors Company (NYSE: GM) and Alibaba Group Holding Ltd- ADR (NYSE: BABA) in the third quarter, Barron’s reported.What Happened: According to Barron’s, the pension sold 864,478 Apple shares in the third quarter (after a 4-for-1 split in August), which brought its total down to 9.8 million. The public pension fund is one of the largest in the U.S., with $80.9 billion in managed assets.The financial news outlet rates Apple among its top 10 stocks for 2021 on the back of high expectations for 5G phone sales, while reserving skepticism over the company’s reported electric vehicle plans.STRS Ohio also brought its holdings of Tesla shares down to 316,583 after selling 41,987 shares (also following a 5-for-1 split in August).Meanwhile the fund bought 750,442 GM shares, bringing its total to 2.8 million.And it raised its total number of Alibaba American depositary receipts to 205,434 with the purchase of 46,700 ADRs.YTD Performance: As of the end of trading this week, the share prices of these four companies were all up this calendar year: * Apple is up 75.75%. * Tesla is up 669.05%. * GM is up 11.24%. * Alibaba is up 1.01%.Source image: Unsplash.comSee more from Benzinga * Click here for options trades from Benzinga * German Court Rules Tesla Must Stop Cutting Down Trees At Parts Of Berlin Gigafactory Site * Tesla To Shut Down Fremont Lines For Models S, X From Dec. 24 To Jan. 11(C) 2020 Benzinga does not provide investment advice. All rights reserved. 14h ago

Read More…

Leave a Reply

Your email address will not be published. Required fields are marked *

18 − nine =