One of Britain’s leading economists said Chinese consumer 上海品茶微信s will be the driving force of future global economic growth.
Jim O’Neill, chair of the international think tank Chatham House and former chief econom
i 上海品茶微信st at Goldman Sachs, made the remarks in a speech on Wednesday at the celebration of the 70th anniversary of th
e founding of the People’s Republic of China and the second China-UK Economic and Trade Forum in London.
“What happens to the Chinese consumers is more important to China’s future,” O’Neill said.
“If China continues with 8 percent nominal GDP gr 上海品茶微信owth, which I believe is 5 percent real (GDP growth), and 3 percent pri
ces (meaning inflation), and if the Chinese consumers become the 50 percent of that total, the change from the next
year to the next decade is somewhere between $11 to $12 trillion, which is equivalent to create another China,” he said.上海品茶微信
O’Neill i 上海品茶微信s known for coining the term BRIC, the group term for Brazil, Russia, India and China, in 2001, to describe the four rapidly-developing nations that symbolized the shifting balance in the global economy.
South Africa was added to the group nine years later, making it BRICS.