China is still on course to overtake the United States as the world’s largest economy in the next decade, as the global balance of power pivots towards Asia and America pursues a string of “self-defeating” policies, a prominent academic has said.
While the Chinese economy is undergoing a structural transition, the current challenges facing the US are more severe, according to Li Cheng, the founding director of the University of Hong Kong’s Centre on Contemporary China and the World.
The US is likely to remain mired in “self-defeating” conflicts – from culture wars to the global trade war launched by US President Donald Trump – for years to come, said Li, who was speaking at the Boao Forum for Asia, an annual gathering of political and business leaders in southern China’s Hainan province, on Tuesday.
“China’s Cultural Revolution lasted 10 years – I think probably this also [might take] 10 years,” he said, referring to American domestic instability.
Hostility towards globalisation is particularly prevalent in the US, despite the fact that trade is not the most significant factor in economic development, according to Li, who previously served as director of the Washington-based Brookings Institution’s John L. Thornton China Centre.