In terms of economic growth, China ranks first in the world and second in total. The Chinese economy is still growing rapidly. Bloomberg published an article titled "Economists Interpretation of the World in 2050" on November 12, authored by Bloomberg Economics Chief Economist Tom Orlik and Bloomberg Economics Economist Bjorn Van Royet . The article stated that China will surpass the United States to become the world's largest economy in 2035. China's rise is only part of a larger transformation that has already begun and will accelerate in the coming decades. The full text is excerpted as follows:

In 1972, the logic of the Cold War prompted American President Nixon to form an incredible alliance with China, returning China to the mainstream of the world economy. In 1991, the disintegration of the Soviet Union contributed to the arrogant "end of history", causing the West to turn a blind eye to China's rise.

Fast forward to 2020, and China has emerged as a major global power. Bloomberg's Economic Department predicts that by 2035, China will surpass the United States to become the world's largest economy, and perhaps the world's most powerful political player.

China's rise is only part of a larger transformation that has already begun and will accelerate in the coming decades.

Bloomberg's Ministry of Economic Affairs used a growth accounting framework-adding the contributions of labor, capital, and productivity-to predict the potential gross domestic product (GDP) of 39 countries from the United States to Ghana from now until 2050. We used these data to map out some major geographic and political changes that will occur in the world economy.

The results indicate that the dramatic period of stability from the end of World War II to the beginning of the 21st century is coming to an end. The economic focus is shifting from the West to the East, from developed economies to emerging markets, and from free markets to state control. This transformation is already subverting global politics, economy and markets. This is just the beginning.

Asia is returning to the center of the global economic stage. At the turn of the century, China had not yet joined the World Trade Organization, and India's potential was buried by the licensing system. At that time, Asia accounted for only 25% of global output, much lower than North America and Europe. Asia’s population currently accounts for more than half of the world’s population, and by 2050, Asia will also contribute more than half of the world’s economic output. North America and Europe will lose out.

Driven mainly by the rise of China and India, the share of emerging markets in global GDP is also soaring. In 2000, emerging markets accounted for about one-fifth of global output. In 2042, emerging markets will surpass developed economies to become the largest contributor to global GDP; by 2050, they will contribute about 60% of global GDP.

What makes people feel more deeply will be the transfer of relative power between countries. According to our forecast, India will surpass Japan to become the world's third largest economy in 2033. In 2035, China will surpass the United States to become the world's largest economy. By 2050, Indonesia may be in the forefront. Three of the world's large economies will be Asian emerging market countries. Editor/Xu Shengpeng