China's GDP is expected to exceed that of the United States in 2022, according to a report by Standard Chartered Bank forecasting the global economic outlook in 2030. The report, released on Thursday, said that the success of China's reform holds the key to its economy, which will grow at a rate of 7 percent between 2013 to 2020 and 5.3 percent between 2021 to 2030.
China has unveiled measures to boost its sluggish economy, in the strongest indication yet of the leadership’s concern about the slowdown and one that also underscores a shift in Beijing’s approach to managing its economy.
The “mini stimulus”, though limited in size, could herald more policy moves to prop up growth. The government will eliminate taxes on small businesses, reduce costs for exporters and line up funds for the construction of railways.
China and Russia are to deepen their existing energy industry cooperation after signing a deal to supply oil to China worth $270 billion over the next 25 years.
The deal was signed on Friday between Rosneft and China National Petroleum Corporation,the country's largest State-owned oil and gas producer. The deal will see the supply of 365 million metric tons of oil to China starting from next month, according to media reports.