So Long, US: China Could 'Eventually Become World’s Number One Economy' – Expert

On Monday, the Bank of China projected a year-on-year growth rate of 4.8 percent for the country's gross domestic product (GDP).

The Chinese People’s Republic (PRC) will most likely overtake the US as the world's top economy by 2035, if China maintains gross domestic product (GDP) growth of about 5% annually in the next few years, according to a report released by an international think tank.

This standpoint is based on China's "faster economic growth than the US, as well as the continuous appreciation of the yuan and its increased internationalization, and the long-term bullish outlook for the yuan against the US dollar," the report pointed out.

"I think it will happen eventually. China will be the [world’s] number one economy," Thomas W. Pauken II, the author of US vs China: From Trade War to Reciprocal Deal, consultant on Asia-Pacific affairs and a geopolitical commentator, told Sputnik.

Weighing in on reports that China’s manufacturing activity expanded in March for the first time since September, Pauken praised the PRC as "a strong manufacturing base."

"What's going on is that the inflation rates are not surging as high as they used to. So things are becoming cheaper again. And when there's a lower cost of living for a lot of households, they can start buying again. So since China is a top exporter, this is actually a good sign for the global economy, not just for the PRC," the expert stressed.

He also lauded the Chinese government for taking "some steps to create some stimulus" for economic recovery.

"The government is taking the downturn in the economy more seriously, and they're starting to spend more money and then that has a big impact on the rest of the Chinese economy and other companies, because when the government starts spending a lot of money in China, that also helps a lot of the other companies that have contracts or have some type of projects with the government. And then it just creates cycles of wealth," Pauken explained.

The author also noted that currently, China "has much more trade" with the countries of Southeast Asia, the Middle East, Latin America and Africa, as well as the Global South.

"So basically China is placed into a situation where it’s going to have to focus more on other regions for the Chinese economy to rebound and have growth and to help other countries lift their economies as well. […] So, we're going to see more of China, probably focusing with its BRI [Belt and Road Initiative] to boost and increase trade and investments with many nations that are in the emerging markets," he underlined.

In the meantime, China's National Bureau of Statistics reported that the Asian giant's official manufacturing purchasing managers index rose to 50.8 in March from 49.1 in February.

Bruce Pang, the chief economist for Greater China at Jones Lang LaSalle Inc., stated to the Bloomberg News agency that this increase is a clear indication that "the world’s second-largest economy is stabilizing."