Even though President Donald Trump recently closed a new trade deal with China, calling it an important step for fair and reciprocal trade, global experts believe that China will take the global economy by storm.
According to a new UBS survey, more than 50% of global investors see China as the world’s biggest superpower, snatching the crown from the US by 2030. Every region, except the United States, agrees with that sentiment.
The head of America’s investment strategy at UBS Global Wealth Management, Michael Crook, said that economic growth is more dispersed than ever; it has changed the geopolitics and the way country leaders pick allies across the world. Additionally, this change made an impact on US business owners as well as overseas investors.
Meanwhile, Trump may have shown signals that he wasn’t afraid of losing against China. Recent reports revealed that the Sleeping Giant’s economy slowed down with an annual growth rate of 6.1% in 2019. Also, President Xi Jinping placed financial experts in the country’s poor provinces to boost economic prospects.
Back in 2017, the Chinese president shared his vision of turning China into a great modern socialist nation. When that happens, Chinese people will enjoy greater well-being and happiness and the country will emerge much stronger from a global perspective.