China's 'to overtake' US as 'world's biggest economy' in 2016, report says
London, Mar 23 : According to a report, China is set to overtake the US as the world's biggest economy in 2016 with an acceleration in its growth.
The Organisation for Economic Co-operation and Development (OECD) report said that although there has been a slowdown in the aggressive expansion of the Chinese economy, it predicted the growth should average eight percent in this decade, the Telegraph reports.
According to the report, China's economy could expand by 8.5 percent this year and by 8.9 percent in 2014 at current rates of investment and reform, adding that the country looks to be in a good position to overtake US by 2016.
The OECD report's positive prediction was fueled by an optimistic outlook for investment spending in the world's second-biggest economy.
However, the think tank urged China to follow through pledges to force state companies to compete in more open markets and ease movement of migrants into cities so that it can keep a strong economic growth.