The U.S. will remain richer than China for the next 50 years or more - economist

CNBC reports that Simon Baptist, global chief economist at the Economist Intelligence Unit said that the U.S. will remain wealthier than China for the next 50 years or more — long after the Asian economy is expected to overtake the U.S. to become the world’s largest.  

“I think it’s very unlikely that ... China will get to U.S. levels of GDP per capita — that’s our measure of wealth — for at least the next 50 years if ever,” Baptist told CNBC.

The latest International Monetary Fund data available showed China’s GDP per capita was forecast to be $10,582.10 in 2020 — roughly six times smaller than $63,051.40 in the U.S.

Baptist’s comments followed Joe Biden’s first official press conference since taking office, during which the U.S. president said he will not let China become “the leading country” globally.

Baptist said China will become “the other very large power” alongside the U.S. on the global stage. Which of the two is more powerful depends on where they wield that power, he added.

“I think in Asia, it probably will be very difficult for the U.S. to remain the most powerful country through the 2030s, but they’re going to remain evenly matched for quite a long time,” said Baptist.