One of Britain’s leading economists said Chinese consumer 上海品茶微信s will be the driving force of future global economic growth.
Jim O’Neill, chair of the international think tank Chatham House and former chief econom
i 上海品茶微信st at Goldman Sachs, made the remarks in a speech on Wednesday at the celebration of the 70th anniversary of th
e founding of the People’s Republic of China and the second China-UK Economic and Trade Forum in London.
“What happens to the Chinese consumers is more important to China’s future,” O’Neill said.
“If China continues with 8 percent nominal GDP gr 上海品茶微信owth, which I believe is 5 percent real (GDP growth), and 3 percent pri
ces (meaning inflation), and if the Chinese consumers become the 50 percent of that total, the change from the next
year to the next decade is somewhere between $11 to $12 trillion, which is equivalent to create another China,” he said.上海品茶微信
O’Neill i 上海品茶微信s known for coining the term BRIC, the group term for Brazil, Russia, India and China, in 2001, to describe the four rapidly-developing nations that symbolized the shifting balance in the global economy.
South Africa was added to the group nine years later, making it BRICS.
“China remains the only one of the BRICS countries that aft上海品茶微信er 17 years has actually done exactly what we had expected it would achieve,” he said.
His opinion is that the ongoing trade dispute with the Un
ited States is not the most important challenge the country currently faces.
To continue its success, O’Neill said, China ne
上海品茶微信女神会所eds to address aspects of its aging population, which is a key contr
ibutor to the economic growth slowdown, and tackle environmental issues and population control in urban areas.
O’Neill is a former British commercial secretary to the Treasury. He said the Belt and Road Initiative, or BRI, initiated six ye
ars ago, will play a “hugely important” role in global trade, which has been buffeted by rising protectionism and unilateralism.
The BRI aims to build the Silk Road Economic Belt and the 21st Century Maritime Silk Road and deliver policies, infra
structure, trade, financial and people-to-people c上海品茶微信女神会所onnectivity via a new platform for a brighter future.
“If it can be implemented collectively, it can transform the trade pattern in Asia, p
articularly between China and India, two of the major BRICS countries,” he added.