China’s GDP grew at an annualized rate of 5.8% in the second quarter of this year, according to data from the China Purchasing Managers Association (CPMA).
That’s a massive jump of nearly 30 percentage points from the year before, and is well above the 6.6% growth reported in the first quarter of 2017.
This year’s data confirms the growing dominance of the Chinese economy in the global economy.
Chinese gross domestic product grew at 5.7% in 2018, while that of the United States slowed to 1.8%.
The CPMA reported that the world’s fastest growing economy in terms of GDP grew by a staggering 2.3% in 2020.
That’s an unprecedented growth rate of nearly 50%.
In fact, China’s economy is now more than twice as large as the US’s, and it is projected to grow at a much faster pace than the European Union.
The growth of the economy has been fuelled by rising investment, which has seen the stock market rise by over 300% since the beginning of the year.
It is now expected to reach the $3 trillion mark this year.
This has led to the creation of a $1.3 trillion wealth fund by 2020.
It will help ensure that China does not fall behind in the race to become the most wealthy nation on earth.
China’s wealth growth is so strong, in fact, that some analysts have begun to question whether China will overtake the US as the world leader in wealth management.
The Economist noted that the CPMA report did not include a wealth index for the Chinese market.
Instead, the report focused on the extent to which China’s “real wealth” has grown.
It included a wealth report from the US National Bureau of Economic Research that showed that the share of the country’s wealth held by the top 1% has doubled over the past three years.
The CPMM has been able to do so because of a combination of factors, including the massive depreciation of the yuan, the rise of real estate in China and the increasing importance of private companies.
The rise of Chinese private firms has been a key driver of the rise in wealth.
The Economist noted, “Private firms, whose value has risen by more than 80% in real terms over the last five years, account for over 80% of all private wealth in China.”
However, the growth of private wealth has been accompanied by a significant slowdown in economic growth.
According to the CPMM, the country grew by just 0.2% in 2017, and by just 2.6%, in 2020, a reduction of just over 6%.
The CPMA’s figures, however, did not account for the huge jump in the Chinese population, which was responsible for the bulk of the increase in the growth in private wealth.
According to the latest figures from the National Bureau for Statistics, China will be the richest nation in the world by 2020 if the trend continues.