China's economy may never overtake the US as Beijing sets more cautious growth target, Rockefeller International chairman says
China's economy is facing headwinds that will keep growth low, and according to Rockefeller International Chairman, Ruchir Sharma, it may never surpass the US economy.
"If you look at the biggest drivers of growth in China, it's now shrinking population, low productivity, and the fact that it's facing much stiffer competition on the export front with the US leading the charge in terms of restrictions and other sanctions," Sharma said., without implying much in terms of fiscal stimulus. It also set a goal of 3% for consumer price index, and a 5.5% jobless rate for city-based citizens.
A more realistic economic target, in Sharma's view, is half of China's target, and that low level of growth could linger well beyond this year.
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